There’s a lot to love about electric cars. From the smooth and quiet ride to the instant torque and acceleration. Then there is the fact that you are lowering your carbon footprint dramatically when you drive one. Especially if you live in a large metropolis, you can feel good about not adding to the air pollution around you.
Looking at a Tesla Map you can see that there are charging stations just about everywhere so recharging is as convenient as getting gas is in a traditional car.
And if you aren’t filling the tank with gas then it makes sense that they save you money. Or do they? Sure, you save a lot on gas but can that offset some of the other costs? And gas is at historic lows right now so the savings are not as apparent as they were a few years ago.
Electric cars have pros and cons but you do need to look at it realistically to understand if it is worth it to own an EV.
In this article, we will go over some of the things to keep in mind when it comes to electric vehicles and money savings.
High initial cost
Though prices have been falling over the last few years, the cost of electric cars is still higher than the average traditional car in the same class. Almost across the board the EV models cost more.
Since they have no emissions, many governments are trying to encourage people to buy them by offering generous tax cuts. There was a federal tax cut of $7,500 and then whatever local incentives which definitely brings the cost down.
Do the tax breaks bring the price down to be competitive with a gas powered car? Unfortunately, the costs are still going to be higher.
Even leasing costs more even though it is cheaper to get behind the wheel when leasing as opposed to buying. And this is a good option if you want to make sure that the latest tech that emerges every year doesn’t leave you behind in an outdated car.
No paying for gas
Gas prices are at a low not seen in a couple of decades. Right now that means that there isn’t as big a savings on gas as there had been. Although, it is likely a temporary thing. Gas prices are highly dependent on a number of moving parts that are difficult to understand. Which means that we could see those spikes of a few dollars per gallon once again.
And when it does spike, there is almost always a surge in electric car sales along with it. Now, this is one case where electric cars are much cheaper. It doesn’t matter how much you are paying for electricity in your area and how low the gas prices are. Charging is much cheaper than paying for gas.
When gas prices go back up, then you will be even happier than ever that you have an electric car.
The one issue that ends up negating some of the savings on gas is that you have to buy a charging station for your home in almost every case. Unless of course you have a charging station at your work. This can cost a few thousand dollars so your gas savings won’t pay for the installation for a few years.
No oil changes, no filters to change and no wear and tear on engine parts means that maintaining your electric vehicle is very cheap.
Brakes are even more resistant to wear and tear as the engine slows itself down so you don’t need the brakes as much. Similar to how a manual transmission works.
There is one potential caveat to all of this, however. Most batteries are guaranteed for the first 100,000 miles of the car. After that, if a battery stops charging then you will be spending thousands to replace it. Now, this is not very likely to happen quickly after the 100,000 comes and goes, but it does also depend on the model of the car.
For instance, air cooled batteries don’t last as long as liquid cooled batteries. In any case, you should expect your batteries to last quite a while.
Another way that maintenance costs less, is that diagnostics can be done remotely. Your car likely has the computer linked to your dealer and will send reports to their server. When something looks amiss it will send an alert. If there is nothing reported as looking like it requires some maintenance, then you aren’t bringing your car in for routine checkups which save money and time.