Electric Car vs Gas Costs: Which Truly Saves You The Most Money?
With hopes that you will make the switch consumers need to do the math and see what works best for them and their budgets and not be pressured into what may or may not work for you. What are the costs? Many are debating between electric and gas costs and that rages on because you really need to make a wise choice but which one will save you. The most money overall lets take a look at the numbers and theres plenty to think about. Welcome back to car coach reports, im lauren fix! If this is your first time here we give you more than car reviews and first looks of new vehicles. We give you car smarts, because knowledge is power, make sure to subscribe and click that little bell for notifications. So you dont miss anything when you compare the cost comparison between gas and electric. There are six factors that can fluctuate but are critical for you doing. The math most evs still have higher than average starting prices and discouraging plenty of cost conscious buyers, but the cost of regular gasoline powered cars dont have any tax credits, and then there are factors like auto insurance, general maintenance and resale value to consider – and you also Have to weigh the cost of filling up the tank at the gas pump versus charging in a dv charger, either at home or at a public charging station heres how everything breaks down the purchase price of the average electric vehicle is about five thousand dollars, thats considerably Higher than the average four door sedan, which runs around thirty five thousand dollars according to kelly blue book tax credits and gas savings, can save you money.
However, its going to take a few years to make up that potential. Twenty thousand dollar difference, but there are plenty of lower cost evs like the nissan leaf, the kia soul, the hyundai kona or the chevy volt ev. The average ev is much more expensive and evs still demand a larger financial commitment than gasoline powered cars. Now the average cost of a home, charger and installation is around two thousand dollars. Tax credits can help lower the price of an ev. The average federal tax credit through rebates vary from state to state and by brand, ranging from twenty five hundred dollars to seventy. Five hundred dollars and plug in hybrids offer lower rebates and, of course, theres no rebate for gas or diesel vehicles. Insurance is a big factor to consider. The average cost of an electric car is 23 percent more expensive to insure because the car itself and the parts cost more to repair and replace, while gasoline powered vehicles cost less to repair if theres a collision, the cost of fuel as the price of gasoline rises. So does the cost of electricity and the average fuel cost does fluctuate, as the government is not helping lower gasoline prices, but as of today about eleven hundred and twenty dollars a year? Is the cost of gasoline? Well, the annual cost to operate an electric vehicle through the cost can differ depending upon where you are is about 485 a year, and if you have a home charger, its the best way to save a few dollars and save on those fees.
What about maintenance? Well, youre going to hear people say: theres, no maintenance on electric vehicles. That is not true. If there are moving parts, there is maintenance and theres less moving parts on electric vehicle, but the annual cost is around 900 a year and around 1200 a year for a gas or diesel vehicle. Remember the tires wear out quickly on electric vehicles heres the bottom line, the average length of time drivers keep a vehicle is about six years, with an average yearly cost of about thirty three hundred dollars for electric vehicles and thirty nine hundred dollars for gasoline powered vehicles. But what are those totals? Well, when you total up all the factors, its seventy one thousand seven hundred and seventy dollars for evs over six years or fifty eight thousand six hundred and sixty four dollars for gasoline powered vehicles over six years now, youre never going to make up the initial expense Difference over the lifetime of that vehicle and the expense of an electric vehicle can add up, but so can it on a gasoline powered vehicle spending. Tens of thousands of dollars in any vehicle is a big decision for most people, so its worth digging deeper into the true overall cost of each vehicle and considering looking at some of the lower cost vehicles might be an option for you, no matter which kind of Car you end up with. We have plenty of tips on our website and also in my book, laurenfixs guide, to loving your car and more ways to save money, check out our website and the rest of our channel.
If you got value from this video make sure to like and subscribe for more videos like this one, if you have additional questions about electric vehicles or comments, because you always do put them down in the comments down below and ill be happy to answer any of Your questions im also answering questions on my social media. All platforms at laurenfix check out our website carcoachreports.com. We have content in english and spanish and im also hosting a podcast total car score its available on all platforms where we talk to people behind the scenes and to see how this industry ticks so that you have car smarts.