8 Ways Owners Of Electric Vehicles Save Money

8 Ways Owners Of Electric Vehicles Save Money

Ready to ditch the oil burner for something electric? If you’re in the market for a new automobile, you may be wondering if it’s worth swapping your gas-fueled car for an electric vehicle.  

Well, we did some digging and found eight ways owners of electric vehicles are raking in lower costs. 

Long-term Savings

Though electric vehicles can have a higher upfront cost compared to gasoline cars, the long-term savings in fuel and maintenance costs can make up for it over the vehicle's lifetime.

And, as new models are introduced, the used-EV is sure to expand providing a more affordable option worth looking into. 

Lower Fuel Costs 

Depending on the size and efficiency, charging an electric vehicle can cost significantly less than filling up a gasoline car with the same mileage range.

On average, it costs between $0.30- $0.60 kWh to charge an electric vehicle while gas typically runs $4/gallon. Depending on the size of your vehicle, it could cost between $11 to $40 to fully charge. 

Plus, there’s tons of options when it comes to powering an EV that help bank extra savings such as charge level, off-peak prices, and not to mention at-home charging, which could possibly end up saving you about $700 - $1000 per year on fuel prices alone.

Reduced Maintenance Costs

Electric vehicles have fewer moving parts and require less maintenance than internal combustion engine vehicles. There are no oil changes, and the regenerative braking systems in EVs help preserve brake life, reducing the need for brake maintenance.

Tax Incentives

Many governments offer tax incentives and rebates to promote the adoption of electric vehicles. These incentives can significantly reduce the initial purchase price of an EV.

Lower Operating Costs

EVs are generally more energy-efficient than gasoline cars, which means they can travel more miles per unit of energy. This results in lower overall operating costs for electric vehicle owners.

Reduced Emissions Fines

In some regions, there are strict regulations on vehicle emissions. Gasoline cars that exceed emission limits may face fines. Electric vehicles, which produce zero tailpipe emissions, can help drivers avoid such fines.

Cheaper Charging at Off-Peak Times

Some electric utilities offer special rates for EV owners, allowing them to charge their vehicles at a lower cost during off-peak hours, further reducing the cost of charging.

Less Dependent on Oil Price Fluctuations

Gasoline prices can fluctuate significantly due to geopolitical factors and supply and demand dynamics. Electric vehicle owners are less affected by these fluctuations as they rely on electricity, which has a more stable price.

Are You Considering Electric For Your Future Drive? 

It’s not easy to understand all the influencing factors and specific information needed in order to make an informed decision on whether or not to jump from a gas-powered car to an EV. 

That’s why we started this series on our blog, and we hope to clear up any confusion you may have. Keep checking back, we’ve got the rundown on all things EV coming out every week. And, don’t hesitate to request a topic or ask a question!