SCI

[김도원, 진태영] Revisiting the total cost of ownership incorporating inconvenience costs

영문초록: This study evaluates the cost competitiveness of environmentally friendly vehicles―Battery Electric Vehicles
(BEV) and Hydrogen Fuel Cell Vehicles (FCEV)―using a refined Total Cost of Ownership (TCO) framework that
reflects the inconvenience costs faced by South Korean consumers. Addressing the urgent need for decarbonization in the transportation sector, heavily reliant on fossil fuels, this research focuses on enhancing the share of
eco-friendly vehicles. We analyze the cost competitiveness from the consumer's perspective and derive policy
implications. Our findings indicate that both BEV and FCEV are cost-competitive with conventional vehicles
under incentive conditions, benefitting from technological advancements that reduce purchase costs. However,
their competitiveness remains sensitive to fossil fuel prices, electric charging costs, and hydrogen fuel prices.
Notably, the primary components of inconvenience costs differ significantly between BEVs and FCEVs. While
high vehicle prices currently hinder the adoption of eco-friendly vehicles, direct fiscal support can mitigate these
initial cost barriers. As vehicle costs decline, policy measures should shift focus toward addressing the persistent
high inconvenience costs. Effective policy tools could include reducing direct incentives while enhancing the
electric vehicle charging infrastructure and expanding hydrogen fuel stations, serving as more impactful indirect
fiscal support.