Are electric cars really worth the initial investment? If you’ve been asking yourself this same question, you’re not alone. With rising prices everywhere you look, including those fill ups at the pump, drivers everywhere are looking for ways to save money and spend less on gas. One solution that is growing in popularity is investing in an electric car. If you’ve been thinking about going electric, you may have questions about whether an electric car is really worth the investment.
What are electric cars and how do they work
Before we get into 6 reasons why they may be worth the investment, it’s a good idea to start with the essentials. Electric cars, commonly referred to as Battery Electric Vehicles (BEV) use a large battery pack to power an electric motor. These cars are not powered by gas, but must be plugged into a wall outlet or charging equipment called Electric Vehicle Supply Equipment (EVSE) to run. Typically charged vehicles will give the car a driving range of 200 miles.
Electric cars are not to be confused with hybrid vehicles which combine an electric motor with a gas engine. These cars are powered by gas allowing the electric motor to supplement the gas engine. You’ll still experience sticker shock when you go to fill her up, but each fill up will go farther when combined with that electric motor. So what are the benefits to owning an electric car? Here are 6 reasons electric cars are worth the investment.
Lower running costs
You’ve probably already figured this one out, but electric cars cost less to run. Because you’ll be skipping the fill ups at the pump, you’ll pay less out of pocket to drive to work and run errands. On average, electric cars cost $0.05 per mile to run compared to gas-powered vehicles that cost $0.15 per mile to run. Over time, most electric car owners can save up to $ 4,000 per year by making the switch.
Less maintenance for an electric car
Not only will you save money by skipping the gas station, you’ll also save on maintenance costs. With fewer moving parts, electric vehicles don’t require oil changes, new spark plugs, or fuel filters. One additional feature to electric cars is regenerative braking, which uses the electric motor to decelerate the vehicle. This feature extends the lifespan of your brake pads saving you from frequent trips to your mechanic to replace them.
Rebates and tax credits
Did you know that electric vehicles may be eligible for even greater savings? There is a federal tax credit on electric battery vehicles depending on the battery capacity. In addition, the Clean Vehicle Rebate Project (CVRP) provides rebate savings for eligible vehicles.
Electric vehicles are more energy efficient than their gas-powered counterparts. Electric cars are 85-90% energy efficient compared to gas-powered cars which are 17-21% energy efficient. They also have no tailpipe so they don’t emit any exhaust gasses which reduces local air pollution.
In today’s market, electric cars have a higher resale. In the long run, that translates to less depreciation. Bargain shoppers looking for a 2nd hand electric vehicle may be able to find a more affordable option with all the benefits of a new electric car.
Better performance from an Electric Car
Most owners of electric vehicles report better performance which makes them fun to drive. They feature quick acceleration and produce peak torque from a stand still. Because the battery pack is positioned in the center of the car, these cars have superior weight distribution and stability.
If you’ve been looking for a way to save money as gas prices continue to go up, an electric vehicle may be your next step. Still have some questions about electric vehicles? Our team is ready to help answer your questions so you can make an informed decision.