5 Key Signs Switching To an EV Will Save You Money
Written by
J. Arky
Edited by
Rebekah Evans
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There’s a lot of reasons to buy a new car, but what are some of the indicators that it is time to change over to an electric vehicle (EV) rather than buying a traditional gas-fueled car? Turns out, there are plenty of clues, most of which include how much money you are spending at the shop and how many miles you are racking up on the road.
Here are five key signs switching to an EV will save you money.
Amount of Driving
When considering whether or not to switch to an EV, the first thing to consider is how much you drive, according to Justin Fischer, EV automotive analyst and expert at CarEdge.
“The more you drive, the more you can save with an EV,” Fischer said. “This is especially true for urban commuters, who stand to benefit from greater fuel savings in stop-and-go traffic. For drivers who either spend excessive time in traffic, or drive at least 10,000 miles per year, an EV will save you much more money, making it more likely that the math will work out in your favor.”
Charging Locations
Fischer highlighted that another key consideration is where you’ll be charging your electric vehicle.
“If you’ll be able to charge at home or work, it’s very likely that you’ll save money with an EV,” Fischer explained, adding that public fast charging is expensive, with prices ranging from 35 cents per kiloWatt-hour (kWh) to north of 65 cents per kWh. “Per mile driven, public charging is often more expensive than gas, depending on your local gas prices.”
Maintenance Costs
If your car is prone to needing repairs and costly maintenance, an EV’s maintenance costs provide even more savings, according to Joe Giranda, director of sales and marketing at CFR Classic.
“Over three years, an owner could save between $500 to $700 by not having to pay for oil changes, transmission servicing and exhaust repairs,” Giranda explained. “EVs stay longer on the road with fewer maintenance requirements, fewer moving parts, and the absence of a combustion engine.”
Societal Benefits
Government incentives and rebates can lower the upfront cost of EVs pointed out Rei Vardi, CEO and founder of Eon, sustainability-focused platform for EV car-sharing and rental space
“Consumers are also increasingly motivated by sustainability, and driving electric is one of the most impactful choices for reducing personal carbon emissions,” Vardi added.
Flexible Usage
Even with shifting incentives and rising costs, Vardi noted that many drivers are realizing that owning a car outright isn’t the only way to drive electric.
“Renting (or subscribing, through a service like Eon) removes the long-term financial risk of battery depreciation, tariffs or maintenance surprises,” Vardi explained. “People can experience all the benefits and cost-savings of EV driving without locking themselves into a purchase during an uncertain market. Flexibility is becoming its own form of savings.”
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