Do Electric Cars Save You Money?

When it comes to purchasing a new car, there are so many things to take into consideration: buy or lease? New or used? How does one model compare to another? Also, when it comes to long-term considerations and how the wallet is impacted, do electric cars really save you money? The short answer is yes, but it goes much further than just saving money at the gas pump.

With thousands of options out there, it’s no wonder that buying a car can result in stress. And with electric vehicles hitting the market in droves, it adds an extra layer to the process if you’re purchasing for personal use or your company’s fleet.

If you’re considering buying a vehicle, it’s important to factor in the long-term cost and benefits of the model, which includes maintenance and the cost to keep it fueled or charged.

When it comes to keeping the car running, the cost to charge an electric vehicle far outweighs traditional gas. But how much money do you save with electric cars? Consumer Reports found that EVs can save on average $800* in the first year (or 15k miles) compared to traditional 2- and 4-door cars. These savings only increase versus SUVs (average of $1,000 savings) and trucks (average of $1,300). Over the lifetime of the vehicle (around 200,000 miles), owners can save an average of $9,000 versus internal combustion engine (ICE) cars, $11,000 versus SUVs and a whopping $15,000 versus trucks on gas.

One of the big reasons for the cost discrepancy is that, not only is electricity less expensive than gas, those who own EVs for personal use and fleets often charge their vehicles during “off-peak” hours — overnight and on weekends when there is less demand for electricity. The cost during off-peak hours depends on your location, but the price typically drops when you choose to use electricity for appliances and vehicles between 10 p.m. and 8 a.m.

Maintenance is an important requirement for any vehicle if you’re hoping to get long-term use out of the car. For gas-powered vehicles, regular oil changes are needed every 3-6 months typically to ensure parts stay lubricated to reduce friction. Because electric vehicles don’t have the same parts, they don’t require oil changes. Additionally, they contain fewer moving mechanical parts in general, therefore requiring less lubrication maintenance, and because they use antifreeze for their AC cooling systems, AC-recharging isn’t necessary.

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