IN GENERAL, electric vehicles are more cost-effective since there are no engines to check regularly and fewer parts prone to wear and tear. Though you need to pay a large amount upfront, electric vehicles can save you money in the long run.
Famous EV models continue to capture the public’s interest. Even more practical models like Hyundai Kona are also embracing the popularity of the rise of EVs. With the rise in gas prices, using an EV is now becoming economical and practical. The affordability of an EV depends on the make and model.
People are thinking of buying EVs to reduce the cost that comes with repairs and maintenance. For a deeper purpose, they also want to stop relying on fossil fuels for their vehicles to work. If you’re wondering if you can really save money from EV, here are the financial benefits of owning one.
Electricity is Cheaper Than Gas
The cost of electricity is lower than gas costs. In addition to this, it has a more stable pricing than fuels. It does not go up as fast as fuel’s price.
In Tesla Model 3, it only costs approximately $0.03 per mile, while on a fuel-powered vehicle, it can take up to $0.06 per mile to drive. In addition to this, EV owners may install a solar-powered EV charger. In this case, there is no need to worry about electricity bills soaring up. You can take advantage of the electricity you can get from sunlight.
An EV’s operation costs almost only half of a vehicle that uses an internal combustion engine to run. The gas prices also vary by area. If its prices continue to rise, the more you save on using an EV.
In addition to this, the utility rates also differ during peak and off-peak hours. Many EV owners are taking advantage of the off-peak hours, that’s why they charge their vehicles during night time. This goes the same on charging points that are available to the public. Payments for charging are much lower during off-peak hours.
Maintenance Costs Are Lower
When deciding on buying an EV, it is important to take note of your usage. If you use a car frequently, then you are most likely saving more money than using a fuel-powered vehicle.
EVs also have fewer moving parts compared to its counterpart. It mainly use an electric motor and battery to run. Unlike in an internal combustion engine vehicle, there is regular oil to change, valves to clean, and replacement of gaskets. An older fuel-powered vehicle also requires huge engine maintenance which can also cost a lot of money.
However, you also need to spend money to keep your EV working properly. But compared to a fuel-operated vehicle, the main point of maintenance is only the car battery. As you know, an EV only runs if its batteries have charge.
As an EV gets old, its battery will start to wear out. The distance that its energy can cover will reduce gradually. But this doesn’t mean that batteries should be maintained regularly. Typically, an EV’s battery can provide stable driving of up to 100,000 miles.
Warranties are provided by car manufacturers when people buys a brand-new EV. These warranties are available in five or seven years. Usually, it covers maintenance every 24 months or a specific mileage.
Many countries are now adapting to the use of electric vehicles and its benefit to the environment. To encourage more people to use an EV, some states offer tax rebates and exemptions. Owners of EVs can save up to £40,000 on vehicle tax.
Some countries do not require EV owners to pay for vehicle taxes. If you own a hybrid car, you only need to pay a minimal fee, depending on the CO2 emission of your vehicle. In London, there are certain areas where you need to pay a daily congestion charge if you are driving in areas covered by Congestion Charge Zone (CCZ). But if you are using an EV you are not required to pay for it.
The UK government in cooperation with Office for Zero Emission Vehicles (OZEV) also grants people discounts when purchasing a new low-emission vehicle. Car manufacturers are provided with the Plug-In Car Grant which are passed on to their customers as discounts. Even the installation of charging stations at home is assisted by the government agency. The office also helps a business to have its own EV charging station for their customers.