With gas prices starting to climb, now may be the time to save money by switching to an alternatively powered vehicle. On the surface, EVs aren't as cheap as their gasoline-powered counterparts. Sure, initial sticker prices can be high, but what you spend at the pump brings an EV's total ownership cost down significantly. So much so that in some cases, EVs offer a cheaper lifetime cost of ownership than their conventional counterparts.
Savings on fuel costs: On average, EV owners who do most of their fueling at home save around $800 to $1,000 a year on fuel costs over gas-powered equivalents.
Charging on electricity instead of paying for gas has its benefits, and even by factoring in the initial cost of an electric vehicle (EV), the numbers vary little with home charging. In some regions, such as the Midwest, EVs can even provide an advantage over their gas counterparts in terms of both upfront and long-term costs.
Savings on maintenance and repair: It costs about half as much for repairs and maintenance of an EV as compared to a traditional car.
Depreciation: Although most EVs are significantly more expensive than their traditional gasoline-powered counterparts, new research shows that they're holding their value as well as or better than their gas-guzzling counterparts -- something drivers will appreciate. As the number of EV models increases, not all of them will depreciate at the same rate. Class, features, and manufacturer reputation all play an important role in determining how much a used EV will be worth.
Perks of charging at home: Charging at home is typically the most cost-effective way to power an electric vehicle. Since most drivers charge their cars every night, it provides them with a constant stream of electricity that can be drawn at little or no cost. EVs can also be charged during off-peak hours—such as early in the morning before many other people turn on lights, computers, and other devices that draw electricity.
Car buyers are excited about electric vehicles (EVs) — but there are still obstacles to overcome before these vehicles become truly mainstream. The vehicles themselves need to get cheaper, and charging needs to become easier.
