Are Electric Cars More Affordable?

Gas prices are rising, and the latest studies show that EVs are now three to six times less expensive to own than the average gas-powered vehicle. You might find this surprising, especially when you compare just the sticker price of both models. Electric vehicles are still more expensive than many conventional cars based on MSRP value; however, where electric vehicles really shine is that they offer drivers a number of benefits that build up over time. 

One such example is just in fuel price. If you’re driving a conventional car with a 21-gallon tank, if you have to fill up your tank every month at 4 dollars a gallon around Kettering, you’re spending over a thousand dollars a year in just gas alone! Below you’ll find a number of benefits that can come from owning an electric vehicle. 

Economic Advantages of Buying an Electric Vehicle

One of the most wonderful benefits of investing in an electric vehicle is the fuel efficiency paired with the impact on the environment. Fully electric vehicles do not release emissions and use electricity, solar power, and water sources as renewable power sources. We hope to make you feel good about your investment as you are taking steps to reduce your carbon footprint.

Cost Advantages of Buying an Electric Vehicle

The other big benefit of choosing an electric vehicle is its cost-effectiveness when it comes to service. You also are less likely to spend exorbitant amounts of money on gasoline or repairs at a Springboro repair shop. It’s important to have a birds-eye view when it comes to an investment like this because while electric vehicles usually have a higher price tag, long-term investments are astronomical. For example, you can defer those costs with up to $7,500 in tax incentives, and you will have to pay less for fuel where a regular gallon of gas costs $3 or 4 while an electric e-gallon costs $1.41. 

The cost of maintenance is also greatly reduced given that you are not dealing with a combustion engine, so you won’t have to pay more for oil changes, engine check-ups, transmission fluid flushes, and more. Once you install a standard electric vehicle charging station with a national average of $465 to $1,126, you’ll be able to enjoy an average lifetime maintenance cost of $4,600 compared to a gasoline vehicle’s average lifetime maintenance cost of $9,200. That is roughly a $5,000 difference to enjoy for yourself!

Cost Comparison: Maintenance

If you choose an EV, it’s far from inconceivable that you could cut your vehicle’s total lifetime maintenance costs in half. This is one of the most exciting benefits associated with electric cars for drivers around Oakwood.

Different gas-powered vehicles cost very different amounts to maintain, and so there’s always room for variation—but the following factors ensure that most electric cars cost far less to maintain than their gas-powered counterparts:

• No Oil Changes: We’ve already mentioned that electric cars don’t receive oil changes, but it’s worth emphasizing a second time. Electric cars will need to have their tires rotated twice per year, and other fluids like coolant will need to be changed on occasion, but cutting out oil changes may still save you hundreds of dollars per year.
• Fewer Moving Parts: Electric cars have fewer moving parts in their propulsion system—which means fewer breakable pieces—and they don’t require spark plugs, engine air filters, catalytic converters, or emissions systems. EVs also use regenerative braking to recover energy without wearing down the brakes, so your replacement appointments will be fewer and farther between.

Are You Ready to Make the Switch to an EV?

Are you ready to enjoy the dramatic savings offered by modern electric vehicles? Find out more about the new vehicle specials at Voss Village Cadillac for additional ways to save on the upfront cost of a new EV, or speak directly to our service center if you have any further questions about EV service costs.