The cost of an electric car is often thought to be a major drawback. After all, the sticker price of these eco-friendly vehicles is significantly more than that of a gas-burning automobile. However, when you look at the big picture and consider operating costs over time, it turns out that investing in an electric car can actually save you money. Here are six reasons why purchasing an electric vehicle will cost you less in the long run.
Tax Rebates and Grants for Electric Cars
If you buy an electric car, you might be able to reduce the amount you pay in taxes. In some areas, EV drivers can receive a tax deduction of up to $7,500. In addition, some cities offer EV owners a break on the cost of parking and road tolls. Before purchasing a new car, make sure you check with your local government to find out if you qualify for any tax breaks.
Lower Maintenance Costs
One of the biggest expenses for any car owner is the cost of maintenance. However, the maintenance costs for electric cars are significantly lower than those incurred by drivers of traditional vehicles. There are several reasons for this. One is that the engines used in EVs are significantly less messy than those used in internal combustion engines. Most of the components in an EV don’t need to be lubricated. This keeps maintenance costs down because you don’t have to do any oil changes or regularly change the transmission fluid. As a result, maintenance costs are significantly lower in the long run.
No Oil Changes or Scheduled Rotations
Another major cost for car owners is the need for a periodic oil change. However, this is not a typical expense for EV drivers. Unlike internal combustion engines, electric motors don’t need any oil. In fact, oil would actually damage the motor of an EV and should never be used. Because there is no need for oil changes, EV owners don’t have to worry about periodic maintenance. There are no oil changes, no scheduled rotations, and no spark plug replacements.
Electricity is Cheaper Than Gas
Most people know that electricity is less expensive than gas, but they don’t always realize that this is reflected in the cost of ownership. Since you will be spending less on electricity to charge your EV than on gas to fuel a conventional car, you will save money in the long run. If you drive an EV with a 35-kilowatt-hour battery, you will pay about $2 to $3 to fully charge the battery. Driving an equivalent gasoline-powered car 10,000 miles per year will cost $3,500 in fuel. If you drive a hybrid (which gets better fuel economy), you will spend about $2,600 per year on fuel.
EVs Have Fewer Moving Parts and Last Longer
Drivers of electric vehicles also enjoy lower maintenance costs because of the lower number of moving parts in an EV. A gas-powered car has about 200 moving parts and an average life expectancy of about 200,000 miles, while an EV has around 50 moving parts and a life expectancy of 300,000 miles. Additionally, EVs are designed to be much more reliable than traditional cars, so they are less likely to break down. This means that you will have to spend less money on maintenance and repairs over time.
EV Proving Ground: Networking & Innovation Benefits
Another reason why electric cars cost less in the long run is because they are a proving ground for new technologies. While it is possible to make a gas-powered car that is fully autonomous, the costs would be prohibitive. Since electric vehicles are less expensive to produce, they provide an ideal platform for the development of autonomous technologies. Electric vehicles are also ideal for testing innovations such as car-sharing networks, ride-hailing services, and subscription-based transportation services. Networks like these are expected to become increasingly popular in the coming years, making EVs even more cost-effective.
Finally, electric cars are more than just a cheaper way to get from point A to point B. They are paving the way for a cleaner, more sustainable future. Driving an electric car is the easiest way for the average person to reduce their carbon footprint, and EVs are getting cleaner every year. As electric cars become more popular, the cost of production will go down. More people will also be using charging stations, which will reduce the cost of installation. Make sure you’re on board the electric car revolution by purchasing one of these eco-friendly vehicles.