Electric cars are rising in popularity right now. From TV commercials to car dealers developing better technology, electric vehicles are starting to be the next wave of what people are driving. One added factor in their rise in popularity is sticker shock at the pump. Gas prices are reaching an all-time high which has drivers investigating the money saving options of driving an electric car.
Electric cars, also referred to as battery electric vehicles (BEV), use a large battery pack to power an electric motor. They don’t require gas, but run on electric charging from a wall outlet or charging equipment called Electric Vehicle Supply Equipment (EVSE). You can work with your utility company to install a wall outlet in your garage or use charging stations. Most electric cars have a driving range of 200 miles before they need a recharge.
Because they don’t run on gas, there are a variety of reasons to start driving one.
The main reason to start driving electric is lower fuel costs. Since these cars don’t run on gas, you’ll be saving by eliminating that stop for gas every week or so. On average, an electric car costs $0.05 per mile to run vs. $ 0.15 per mile to run a gas-powered car. While it may not seem like much per mile, this cost can add up to about $ 4,000 in fuel per year.
Maintenance costs of an Electric car
Electric car owners not only save money on gas, they can also save on maintenance costs. Electric cars have fewer moving parts and don’t require oil changes, new spark plugs, or fuel filters. They also use regenerative braking – where the car uses the electric motor to decelerate the vehicle, which can extend the lifespan of your brakes. These lower overall maintenance costs will lead to increased savings for the life of your car.
Cleaner for the environment
Electric cars are more energy efficient and cleaner for the environment. Since they don’t run on gas, and have no tail pipe – they don’t emit any exhaust fumes which reduces local air pollution. As far as energy efficiency goes, electric vehicles are 85-90% energy efficient vs. the 17-21% efficiency of a gas-powered engine.
Rebates and tax credits
Did you know that electric vehicle owners may qualify for tax credits and rebates? There is a federal tax credit for electric battery vehicles depending on the battery capacity. The Clean Vehicle Rebate Project (CVRP) also provides rebate savings for eligible electric vehicles.
Electric car & Higher performance
Electric vehicles can be fun to drive. They have quick acceleration, and produce peak torque from a standstill. Most drivers report great handling as the battery pack is positioned in the center of the car, which decreases the car’s center of gravity and produces more stability.
Better resale value
Electric vehicles boast a better resale value than other cars which make it a great investment when it’s time to sell. If you’re looking for a more affordable option, there may be some great deals on a 2nd hand electric vehicle.
One additional question you may have is about hybrid vehicles and how they compare. Hybrids are similar to electric vehicles in that they both use an electric motor. However, hybrids combine an electric motor with a gas engine to help you save. You’ll still pay at the pump, but notice more time between fill ups because it helps you go further on one fill up.
If you’re ready to take the leap into electric, these 6 reasons are some of the great benefits you’ll experience no matter where you drive your new car.