Cost of Ownership: EV vs. Gas Truck in Memphis
When comparing the Ford F-150 Lightning to a traditional gas-powered F-150, the sticker price is only half the story. To understand the real financial impact, you must look at your monthly operating costs, local utility rates, and long-term maintenance differences.
Is it cheaper to own an EV or a gas truck?
Over a 5-year period, an electric truck is generally cheaper to operate than a gas truck, primarily due to fuel and maintenance savings.
While an EV may have a higher initial purchase price, charging a truck at home using Memphis Light, Gas and Water (MLGW) rates costs substantially less per mile than buying gasoline. Additionally, EVs eliminate the need for oil changes, spark plug replacements, and transmission fluid services, significantly lowering annual maintenance costs.
Fuel Costs: Memphis Gas Prices vs. MLGW Charging
The biggest and most immediate savings an EV owner experiences is avoiding the gas station. Let's compare the cost to drive 1,000 miles in Shelby County.
Gas-Powered F-150
- Average MPG: ~20 MPG combined
- Fuel Required for 1k miles: 50 gallons
- Cost at $3.00/gallon: $150.00
- Annual Fuel Cost (15k miles): ~$2,250
F-150 Lightning
- Average Efficiency: ~2.0 miles per kWh
- Energy Required for 1k miles: 500 kWh
- Cost at MLGW Home Rate (~$0.11/kWh): $55.00
- Annual Charging Cost (15k miles): ~$825
Maintenance: The Hidden Savings of EVs
Gas engines contain hundreds of moving parts subjected to extreme heat and friction. Electric motors have essentially one moving part. This drastically changes your maintenance schedule and budget.
| Service Item | Gas Truck | EV Truck |
|---|---|---|
| Oil & Filter Changes | Every 5,000 - 10,000 miles | Never |
| Transmission Service | Every 60,000 - 150,000 miles | Never |
| Spark Plugs & Belts | Required replacements | None exist |
| Brake Pads | Standard wear (Replace ~50k miles) | Minimal wear (Regenerative braking does the work) |
| Tires | Standard replacement | Often wear faster due to EV torque and weight |
Over 100,000 miles, an F-150 Lightning owner will primarily pay for tire rotations, wiper blades, cabin air filters, and eventually new tires.
Incentives and the Final Equation
When calculating your total cost of ownership, you must factor in federal incentives. Many F-150 Lightning models qualify for up to a $7,500 Federal EV Tax Credit.
When you apply this credit at the point of sale (which lowers your financed amount) and combine it with $1,400+ in annual fuel savings and slashed maintenance bills, the F-150 Lightning often becomes less expensive month-to-month than a comparably equipped gas truck.
Frequently Asked Questions
Does EV insurance cost more than gas truck insurance?
EVs can sometimes carry slightly higher insurance premiums due to the specialized nature of collision repairs and battery replacement costs. We recommend getting a quote for both an F-150 EcoBoost and a Lightning from your provider to see your exact rate difference.
How much does it cost to replace the F-150 Lightning battery?
Out-of-pocket battery replacement is extremely rare and very expensive. However, Ford covers the EV high-voltage battery and associated electrical components with an 8-year/100,000-mile warranty, protecting you from these costs for the foreseeable future.
Do I have to pay for public charging?
Yes. Public Level 2 and DC Fast Chargers charge per kWh or per minute, and rates are set by the network operator (like Electrify America or ChargePoint). Public charging is generally more expensive than your residential electricity rate.
Will towing kill my EV savings?
Towing heavy loads significantly reduces the range of an EV (often by 50% or more), which means you will have to charge more often. If you tow long distances daily, a gas or hybrid F-150 is still the more cost-effective and practical choice. If you only tow locally around Memphis, the Lightning remains highly cost-effective.