From a financial perspective, using an electric vehicle isn’t completely stress-free. Because even if you aren’t paying for it at the pump, electricity isn’t free.
Is it cheaper to use an electric vehicle over a gas vehicle? Yes, it is. But that’s not all; there are several other excellent benefits of electric vehicles, like lower maintenance costs.
We understand it can be challenging to do the assessment all by yourself. So, here we have a complete solution about whether or not an electric vehicle is cheaper than a gas vehicle.
- 1 Is It Cheaper To Use an Electric Vehicle Over a Gas-Powered One?
- 2 Summary
- 3 Frequently Asked Questions
Is It Cheaper To Use an Electric Vehicle Over a Gas-Powered One?
So have you ever looked at the cost of an electric vehicle and told yourself that it looks super expensive! Did you drop the idea of buying it? But wait, there’s more than just the initial cost involved here.
The following sections will get the complete breakdown of how it is cheaper to use electric vehicles than gas vehicles. And if you’re a busy bee, just skip to the summary.
Let’s get back to business. A general-powered car will cost you anywhere between $1000- $3000. But an electric one will cost you between $30,000 to $40,000. So the cheapest one will be anywhere around $27,000. A whopping difference, right!
But it is cheaper to use an electric car than a gas-powered one. So you’re calling me mad or crazy. Maybe shouting, what are you telling me? But wait, there’s more than what’s just right in front of your eyes.
Electric Cars: Expensive to Buy, Easy to Own!
Take an example to understand this. Do you know how compound interest works? If yes, then start investing! This isn’t an ad for stocks, but technically electric cars can be an investment too! Mind-blown, right? Wait, let me explain first.
Look, you bought a gas-powered car for, say, $300. Great, you nailed it, right? But, no, you need to fuel it every alternate day or even each day sometimes. So the month passes by, and the handles are jammed. Look how troublesome, now you are making trips to the car service station.
Fun, right? Not at all! I know how it feels too. But wait, we haven’t considered any of the oiling and period checks and transmissions. Also, the wear and tear of the parts is a total headache. The average cost to maintain a gas card per year will be $1500 or more.
Getting my point, now? You must have started to feel how it is cheaper to use electric cars over gas-powered ones. You must have a look at this comparison to gain more clarity.
Electricity Cost Vs. Fuel Cost
We all know that gasoline costs much more than electricity. The average fuel cost in your car for a month is anywhere from $30 to $60 or even more, whereas the monthly electricity charges will range from $20 to $40. Not much of a difference, but it is a big difference when you need to pay this every single month.
Let’s assume you pay $40 for gasoline, so it is a fair estimation that if you get yourself an electric car, you will still drive the same number of miles you used to drive, so maybe your electric charges per month will be $25. Now, see, you say $5 per month and $12×5= $60 per year. Yet not much, then, calculate it for ten years, and you saved $600.
Remember, this is just an estimate, and you will save more.
Another point is that the battery doesn’t get used too early and as often as the gas gets used. So, you are saving there too. Now, look at the next section, and you will know for yourself how cheap it is.
Electric Vehicle Management Vs. Gas-Powered Ones
These benchmarks can help you get a good idea of the actual deed.
- Service Needed – Electric cars require much less service than gas-powered and ICE ones. This means you save money that would have been left in the pockets of your car service providers.
- Oiling – A fuel needs to be oiled constantly, but electricity doesn’t have this issue. Isn’t it better to switch to an advanced vehicle?
- Extra Costs – Sometimes, some parts get damaged even after a repair for your conventional cars, but it is less likely to happen to an electric car.
Is it cheaper to use an electric vehicle over a gas one? Absolutely. Now, you know why using an electric car is a wise financial decision. It may look like you’re getting into debt, but instead, you’re saving for yourself. Great, right? Then, go ahead, use the perks.
- How Do Electric Vehicles Compare Over the Life of The Vehicle?
- What Is the Electric Monthly Cost for A Vehicle?
- How Long Do Electric Vehicle Batteries Last?
Frequently Asked Questions
Why is it cheaper to charge your car than to fuel it?
This is because gasoline is much more expensive than the other gas charges.
Why switch to electric cars?
Electric cars offer numerous benefits. They are environment-friendly, cheap to maintain, and fun. So, enough reasons for you to switch!