I Own an EV: Why It’s a Better Investment Than Gas-Powered Cars
Written by
Heather Taylor
Edited by
Levi Leidy
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Do you own an electric vehicle? In May 2023, GOBankingRates polled 1,045 Americans on questions regarding EVs. In the next five years, 37% of overall respondents said they were likely to buy an EV. Separately, 13% said an EV would be the next car they purchase.
What are some of the financial benefits of EV ownership? To find out, GOBankingRates spoke with two professionals who made the switch from gas-powered vehicles to EVs and shared how much they are saving each year. Here’s why they say it’s a better investment than gas-powered cars.
“I’m saving around $1,000 each year.”
Vered DeLeeuw, founder of Healthy Recipes Blog, has owned a Tesla since 2018. DeLeeuw said making the switch to an EV seemed like the right thing to do for the environment.
“I liked the idea of a green-energy car,” said DeLeeuw. Other appealing aspects of EVs DeLeeuw likes, specifically in Tesla vehicles, are the clean-lined minimalistic layout, free over-the-air updates and keycard access.
On a yearly basis, DeLeeuw estimates she is saving around $1,000 as an EV owner. She also enjoys the benefit of being able to charge her car in the garage instead of going to a gas station.
“We save $200 a month on gas.”
Amie Clark, BSW and senior care advocate at AgingToday, has owned a Tesla Y since February 2023.
This is the first EV owned by their family. “We have been wanting to purchase an EV for some time now,” said Clark. “The federal tax credit, plus the state of Oregon incentive, was the final push to get us to commit.”
Since making the purchase, Clark has noticed a $50 to $70 increase in the family electric bill compared to the same time last year. However, Clark said this bill was $20 to $30 higher month over month even in the months leading up to the EV purchase.
Each month, Clark said the family is saving at least $200 on gas. “I haven’t visited a gas station or service station since February, and that feels like a win-win to me.”
Gas savings aside, Clark — like DeLeeuw — also enjoys the over-the-air software updates provided by Tesla. Clark said when the family bought the car it didn’t have steering wheel heating. A few weeks later after an update, their EV now has a heated steering wheel. As a bonus, Clark said she can turn it on from her phone to heat the car and steering wheel to her desired temperature before leaving in the morning.
The cherry on top of all these financial benefits, for Clark, is how much fun she has driving an EV.
“The torque is amazing and the responsiveness of the vehicle leaves much to be desired in our ICE vehicles (which are rarely driven now),” she said. “Our EV is the most fun vehicle I have ever owned.”
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