We are constantly on the move, whether it is to work, for pleasure, or to see friends or family. This means that many of us own a car so that we can travel quickly and easily. Many of us like the idea of having an electric vehicle but worry that it will cost us more. Surprisingly, when the total cost of owning an electric vehicle (including purchase price, fuel expenses, and maintenance costs) is considered, electric vehicles come out ahead. So, how might electric vehicles help us save money?
Electric Vehicles Are Less Expensive to Fill Up
One important cost associated with vehicles is the cost of filling up their gas tanks or charging up their batteries. This is where electric vehicles have a clear advantage. Charging at an EVgo station makes sense because we can get our electricity at between 25 and 35 cents per kWh, which means that most electric cars can be charged for $10 to $30. Very few of us can say we pay less than $10 for a fill up. A typical EV user who conducts most of their fueling at home could expect to save $800 to $1,000 per year on fuel costs alone compared to an identical gasoline-powered car.
In addition, the cost of electricity is more stable than the price of gasoline, which means we can better budget what it will cost to fill up our car. We will also have a better idea of how often we will need to fill our car up. Finally, electric motors are far more efficient than gasoline ones. Over 85% of the energy passed via an electric motor is turned into movement. That value is roughly 40% for a gasoline engine. Even if the cost of electricity and gasoline were completely equal, an electric automobile would be less expensive to own than a gasoline car. This means that electric vehicles save us money by being cheaper to keep charged than it costs to fill up our gas tank.
Electric Vehicles Are Less Expensive to Maintain
Electric vehicles don’t require tune-ups, oil changes, and other types of routine maintenance. This means that, over the life of the car, maintenance and repair expenses for electric vehicles can be as much as half those for gasoline-powered vehicles. This is because gasoline-powered vehicles both require regular fluid changes and have more mechanical parts that can need repairs. Furthermore, any faults with electric vehicles are more likely to be discovered early on, whereas issues with traditional vehicles are often found much later, when they are more serious and more expensive to repair. This means that electric vehicles save us money by being cheaper to maintain, which can really add up over the lifetime of a car.
Electric Vehicles Are a Great Long-Term Value
Depending on the type of vehicle purchased, electric vehicle customers can receive up to $7,500 in federal tax credits. In addition, more than a dozen states also offer incentives, including California, Delaware, Minnesota, and Oregon. When federal and state subsidies are combined, an electric automobile may end up costing less than a gas-powered car in some states.
In addition, according to several experts, insurance prices for electric and gas-powered vehicles are comparable. Sometimes electric vehicles appear to be more expensive to insure, but this is only because they are generally more expensive to begin with. This means that, while purchasing a car is always a large investment, it is a possibility for many of us.
Finally, given that most current electric car models can now drive more than 200 miles on a single full charge, their long-term value is on par with or better than their traditional gasoline-powered counterparts. This means that electric vehicles save us money by being a good long-term value when compared to gasoline-powered vehicles.
With subsidies, the cost gap between buying a standard car and an electric vehicle is decreasing all the time. Furthermore, electric vehicles are less expensive to charge and maintain than gasoline-powered automobiles. This means that if we invest a bit more up front, we will save money in the long run.. If we want to be myfinancesg wise when buying a new car, an electric vehicle is the way to go.