One of the biggest automotive trends in recent years is the emergence of electric vehicles (EVs) and hybrid models. These vehicles use electricity to power their engines rather than an internal combustion engine (ICE) that uses only gas. While one of the biggest draws for EVs is their contribution to environmental sustainability by reducing carbon emissions, another benefit of these automobiles is that they can save you money over time. Here are some of the most effective ways that an EV can save you money when you opt to purchase one instead of an ICE vehicle.
Fuel Savings
One of the clearest areas where you’ll benefit from driving an EV is the cost of fuel. Since many EVs use no fuel at all, and hybrid models only use a small amount, you’ll see a massive reduction in the amount of money you’ll pay for gas during your ownership. Instead, you’ll pay for charging, which costs a lot less than filling up a car with gasoline. For example, the average cost per mile for an EV is around 4 to 5 cents, while this jumps to an average of 13 cents per mile for gas-powered cars.
While EVs require less money for gas, there are a few ways you can save even more money on your former gas costs. For example, since EVs accumulate a lower cost per mile in general, you can keep your costs down by keeping your mileage low. If you don’t drive your car very far or frequently, it can continue to save you money that you won’t need to spend on charging. You can also adopt a gentler driving style, as sudden acceleration and hard braking can use up the battery more quickly.
Lower Maintenance Costs
With no combustion engine to care for, owners of EVs typically see their maintenance costs decrease by huge amounts when switching from a gas-powered vehicle. For instance, since EV motors don’t use the same types of oil that combustion engines do, you’ll be able to skip oil changes, saving you money that you may have spent at least twice per year. EVs also typically have fewer parts and fluids in general, which means they often don’t require mechanical repairs at the same frequency or volume as ICE vehicles.
Another area where you’ll see far lower maintenance costs is in your vehicle’s brakes. While brakes on ICE vehicles can incur lots of wear over time, EVs use regenerative braking that preserves the condition of the brakes. This means you won’t have to service the brakes on your EV as much as you might have with a gas-powered car.
Low Charging Costs
Switching to an EV can also save you money in the long run through the typically low charging cost. There are multiple options for EV charging, and the most common are public charging stations. You can typically find these at gas stations, and some stores and other types of businesses have also begun adding charging stations to their parking lots, making them easy to find and access. When charging at a public station, you can expect to spend around 28 to 69 cents per kWh of electricity, which can add up to about $40 to charge your vehicle completely.
You can also save even more money over time by installing a charging station at your home. It’s most typical to use grid power for home charging stations, which involves attaching a charging station to your current power grid, usually through the garage. By charging with grid power at home, you’ll spend around 10 to 40 cents per kWh of electricity. This is around $23 for a full charge, which is far less than the average price of a full tank of gas, even at the lowest point of gas prices.
To save the most money, you might opt for an at-home charging station that uses solar power. Since this utilizes power from the sun instead of pulling it from your power grid, you’ll save even more money over time. For instance, the average cost of charging at a solar-powered at-home station is around 5 to 11 cents per kWh, which equals up to $6.50 to fully charge your vehicle.
Incentives and Rebates
Another way you can save money by purchasing an EV is by taking advantage of the special offers that dealerships such as Bountiful Mazda and the government provide. For example, there’s currently a New Clean Vehicle credit that the government offers to taxpayers who want to switch to an EV. This program offers $7,500 in tax credits to put toward a new EV. You may also find similar credit programs in your state, so it can be helpful to research whether there are state-specific EV incentives you can take advantage of.
Many dealerships also have special offers that apply to EVs. These can vary greatly depending on where you go, so it’s best to reach out by phone or email to ask about what offers you can opt for. Examples include reduced interest rates, lower down payments, and discounts on EV accessories for charging and performance. Some sellers may offer rebates as well, which give you the chance to receive a certain amount of money back after purchasing an EV.
Initial Cost
One area in which an EV may cost you more money than an ICE vehicle is during the initial purchase. This is because electric and hybrid models often cost a bit more than gas-powered cars when buying new. Most EVs cost a little more upfront due to their updated technology and performance. Due to this, it can be beneficial to explore all your options when purchasing an EV, as it can be popular to lease an EV instead of buying one outright.
Find Your Dream EV at Bountiful Mazda
These are some of the best ways that an EV can save you money in comparison to an ICE vehicle. Are you ready to take the leap and transition to an EV? Bountiful Mazda can help, as we have an array of new vehicles that you can browse. We also have an extensive used car inventory if you’re looking to save even more money. Contact us today to ask any questions you may have about Mazda’s EVs and hybrid models or to schedule a test drive with the EV you have your eye on.
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