Electric cars are becoming more and more popular, as people become more environmentally conscious and seek to reduce their carbon footprint. Plus, the increasing costs of gasoline are making more people want to convert their vehicles to electric.

There are many benefits of owning an electric car, but one big question is whether or not these cars actually save you money in the long run. Do they really help your bank account? Do they have a lower total cost of ownership than gasoline-powered cars? Is it worth the expense to replace your existing vehicle with an EV model?

The short answer is yes. Electric cars can save you money! The US Department of Energy estimates that the cost of EV ownership will cost less than a gas-powered vehicle after 15 years.

But how exactly do electric cars lower your costs of car ownership? In this blog post, we will take a look at how electric cars can save you money. We will discuss two ways that owning an EV can save you money compared to a gas-powered vehicle.

Charging an Electric Car Is About Half as Expensive as Gas

With electric vehicles, one of the primary advantages is the gas savings you’re going to enjoy. Because an EV does not need gas to run, you’re saving a lot of money on fuel expenses. However, there are some questions regarding the costs of charging an electric vehicle.

Is charging an EV really cheaper? How much savings will you get when charging an EV compared to buying gas? These are valid questions because charging an EV still has some cost implications. However, these charging costs are much lower than gasoline prices.

According to an analysis of the 2020 Consumer Reports study, you can save an average of $800 to $1,000 on fuel alone every year. This figure coincides with the findings from a study conducted by the US Department of Energy’s National Renewable Energy and Idaho National Laboratory stating that the fuel costs savings of EV owners amount to $14,500 over 15 years.

If you want to compare the cost of fueling an average gasoline-powered vehicle and the cost of charging an average electric vehicle, the Consumer Reports study also found that charging an EV is cheaper by almost half.

For the first 100,000 miles, fueling a gas vehicle will cost you around $4,417 while charging an EV will only cost $1,967. The lifetime cost of charging an EV is only $6,276, which is around half the price of fuel costs for a gas car at $12,285.

These comparisons clearly show that charging an EV is cheaper than fueling a gas-powered vehicle. Take note that you can even save more if you have access to a home charging unit. While you will need to set up a home charging unit, this will save you time and money in having to stop at public EV charging stations.

You Will Save Around 40% on Maintenance Costs With an EV

Do you know that a typical internal combustion engine in a gas-powered vehicle has around 200 moving parts? This means that you will have more parts that are susceptible to wear and tear. This results in higher maintenance costs as compared to an electric vehicle which only has around 20 moving parts.

In addition, gas-powered vehicles also require periodic oil changes and other maintenance services that electric cars do not need. The savings you will enjoy on maintenance costs can really add up in the long run.

A report from the Argonne National Laboratory estimates that electric vehicles are about 40% less expensive to repair and maintain compared to traditional gasoline-powered cars with combustion engines. That’s because EVs do not have parts like spark plugs, timing belts, motor oil, and oxygen sensors.

With fewer parts, the chances of an EV having problems are also lower. EV owners can save time and money because they won’t need to go to a mechanic for repair and maintenance of car parts.

Contact Us Today to Learn More About Electric Vehicles

As your hometown dealer, our friendly staff at Rusty Wallace Chevrolet are always happy to help you learn more about electric vehicles. Do not hesitate to contact us so we can answer all your questions and set up a test drive for the EV model that interests you.