An article from 24/7 Wall St. reported that owners of electric vehicles (EVs) can save as much as $10,000 more than those who own gas-powered vehicles. EV owners reportedly save money on fuel, maintenance, repairs and depreciation, as well as receive financial incentives from the federal government for making such an environmentally conscious purchase.
The article used data from ALG, TrueCar’s industry research firm, and Consumer Reports, which showed that EV owners can expect to break even on the depreciation of their car within five years. In addition, they are expected to spend 60% less money on fuel and 50% less money on maintenance and repairs. Further, ALG and Consumer Reports found that it costs $9,200 to maintain an internal combustion engine (ICE) vehicle during its lifetime, while maintenance costs for battery-electric vehicles (BEVs) and plug-in hybrid EVs (PHEVs) are 50% lower.
As an example of how EV owners save more money on gas, after 15,000 miles of driving, an ICE passenger car owner would pay $1,420 for fuel, while an electric passenger car owner’s cost is $620. For gas-powered SUV/crossover owners, fuel costs are $1,800, while the owners of their electric counterparts have to pay $780. ICE pickup owners would pay $2,300, compared to $990 for the owner of an electric-powered pickup.
Consumer Reports also listed which EVs would save owners the most money over their lifetime. The Tesla Model 3 had the most value, saving owners $17,600 and the Model Y saved owners $13,400. Rounding out the top five were the Honda Clarity PHEV ($10,600), the Ford Escape PHEV ($10,000) and the Toyota Prius Prime ($8,400).
People used to buy EVs to save the environment. Now, they are buying these cars to save money. If you just bought a new EV, but don’t know what to do with your older, gas-guzzling vehicle, call Gershow Recycling. They will buy your unwanted car from you and pay you top dollar on the spot. You’ll have money put back in your pocket, on top of the money you’re saving on your EV. Call (631) 371-2031 or visit https://clunkersintocash.com/.