People Like EVs for a Reason
Electric vehicles are the future. They’re attractive, efficient, and environmentally friendly. One big drawback is the upfront cost, which is around $50,000 on average. However, over time, an EV could save you more than $10,000; here are key reasons why.
Reduced Fuel Costs
The reduced cost of fuel is the main way drivers save money by choosing EVs. On average, it costs around $485 per year to charge an electric car, compared to almost $1,120 for gasoline. With a saving of over $600 each year, it’s far more cost-effective to run an EV.
Environmental Incentives
In a bid to combat harmful vehicle emissions, the US government is encouraging people to choose EVs. According to the Department of Energy, drivers of new electric cars could receive up to $7,500 in tax credits. Some states also have additional environmental financial incentives.
Cheaper Repairs
Another great benefit of having an electric car is that they are generally cheaper to repair than gas-powered cars. This is because they have fewer moving parts, which makes them easier to service than vehicles with internal combustion engines, potentially saving drivers big money.
Efficient Car Parts
Another reason why EV drivers save more money running their cars than those with gasoline vehicles is their efficiency. Electric cars have fewer parts, and the parts they do have are typically better quality. This makes them less likely to break and spring costly repairs on their owners.
Less Maintenance
Maintenance can be a bottomless money pit for many drivers, but this isn’t such a big problem for those with EVs! There’s no need to pay for things like oil changes, spark plug and timing belt replacements, and new fuel filters because they’re not needed.
Free Charging Options
Though most EV charging stations still cost money, there are several free options that can save drivers decent amounts of money. You can find them on sites like PlugShare, Electrify America, and ChargePoint, which advertise free charging locations in local areas.
Solar Recharges
Solar panels are becoming a more popular choice for homes, and they provide plenty of electricity for free EV charging. Not only will you be able to generate your own electricity, but you’ll also be able to save it for other purposes.
Better Fuel Economy
In a fight based on fuel economy, EVs win hands-down. Most electric cars can drive between 200 and 300 miles on a single charge. Coupled with cheaper fueling prices, EVs are much more cost-effective than gasoline cars because they cost less and need to be refueled less frequently.
Luxury EVs Hold Value
Though some mass-market electric cars are liable to depreciate, this isn’t typically the case for EVs from luxury brands like BMW and Tesla. If you keep them in good condition, they have excellent resale value, making them strong financial assets that will pay out in the future.
Greater Hybrid Options
Though hybrids are only half electric, there are plenty of great options available for those who want a more efficient and environmentally-friendly car. Hybrids save you money the same way that fully electric cars do: with improved fuel economy, lower maintenance costs, and better efficiency.
