People are always complaining about the cost of gas, but it’s the devil they know. The cost associated with fueling an all-electric car, whether good or bad, is not as widely known. But it is time to shine the light on one of the auto industry’s best kept secrets.
There are a few economic and political reasons the price of oil increases, but that’s for another blog. As far as EVs are concerned, the price of gas is higher and more volatile than the price of electricity which is stable and inexpensive. According to the Office of Energy Efficiency & Renewable Energy, the cost to fuel a vehicle with electricity compared to a similar vehicle with gasoline is half the price. Yes, you read that correctly…HALF.
With less parts required to power electric vehicles, their owners reap the benefits in their wallets. Electric vehicles have lower maintenance fees and are more efficient. For example, regenerative braking in EVs converts kinetic energy into potential energy and dramatically decreases the deterioration of the brakes. My Tesla Model S is two years old with 48K miles and I have not had to replace my brakes yet!
Okay, let’s talk about the elephant in the room….aren’t electric cars expensive upfront? Not always. Just like gas cars, electric cars have varying price tags. Tesla Model X will cost you a pretty penny (over $80K) but a Tesla Model 3 will only cost $35K. That is comparable to the price of a 2019 Honda Accord.
On top of all of that, there are federal and state tax credits and incentives for EV buyers! You definitely do not get that with gas cars.
Between misinformation and lack of information, there are a lot of people who do not even consider electric vehicles as a viable option when buying a new car but numbers do not lie. Don’t be mislead by hearsay because when you do your own research you will find that electric cars, especially Tesla, are serious competitors.
What are your thoughts given this cost analysis? Does this information make the cost of an EV more reasonable to you?
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