Are electric cars worth the money?

Erna McCullough asked a question: Are electric cars worth the money?
Asked By: Erna McCullough
Date created: Fri, Jun 25, 2021 7:43 AM
Date updated: Sun, Jun 26, 2022 9:38 AM


Top best answers to the question «Are electric cars worth the money»

Electric cars not only reduce your carbon footprint, they can save drivers thousands of dollars each year… But costs will still be lower than owning a car that uses gas. Buyers can also get a federal tax credit of up to $7,500 with the purchase of an all-electric or plug-in hybrid car.

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Most EV models right now are also costlier than conventional cars. The biggest benefit is that it costs less to operate an electric car compared to a conventional gas-powered car. At time of writing, the Department of Energy says it costs $2.18 for a gallon of gas, while the electrical equivalent (known as an eGallon) costs $1.21.

With EV sales in the US increasing 37% from 2015 to 2016, people are obviously finding electric cars worthwhile. Whether it be the reduced emissions, lower operating and maintenance costs, or just the ‘cool factor’, some people really seem to like EVs!

Besides e nvironmental conservation, electric cars are cheaper to maintain, both in the short term and long term. Yes, it’s expensive to buy an EV, but when it comes to the costs of running it, they are much cheaper to run. According to Consumer Report, the total ownership savings of EVs ranges from $6000 to $10,000.

But the other advantage of electric vehicles is that the price of electricity is more stable compared with gasoline which fluctuates hugely. This not only allows you to save money but you can also budget effectively because you know how much your fuel bills are going to be month by month.

Plug-in electric cars are undoubtedly more expensive to buy than their petrol or diesel counterparts. Take the popular, fully-electric Nissan Leaf for example. Starting at £21,530 for the entry-level model, it’s over £11,000 more than the similarly sized and spec’d Nissan Note – which starts at just £9,995.

One of the biggest day-to-day savings is the cost of fuel. A 2018 study from the University of Michigan found that electric vehicles cost less than half as much to operate as gas-powered cars. The average cost to operate an EV in the United States is $485 per year, while the average for a gasoline-powered vehicle is $1,117.

While every car is different, electric vehicle owners are likely to spend about 60% less to power their ride. This translates to an annual savings of about $800 to $1,300 — or $6,000 to $10,000 over the life of your car. See how much you can save in fuel costs using this calculator from the U.S. Department of Energy.

To travel 200 miles with an electric car, you’d need to put $9 worth of charge into your car To travel 200 miles with your gas powered car, you’d need to put about 10 gallons of gas into your car, which would cost you roughly $30.

FUELING: Electric cars are cheaper to fuel. It costs $600 per year to charge a Leaf, according to the U.S. government, which assumes drivers travel 15,000 miles per year and pay the national...

Perhaps It’s Time to Consider an Electric Car. Even though electric cars are receiving more positive attention and becoming more common, adoption is slow. This is typical of any new technology. It’s due in part to the fact that people don’t trust electric vehicle (EV) technology and have many doubts. In fact, there are still many people ...

Electric vehicles are almost always more expensive upfront than their gas counterparts. Let’s compare a few: 2017 Ford Focus Electric = $29,120 vs Standard Gas Model = $16,775 2017 Volkswagen e-Golf = $30,495 vs Standard Golf = $19,895

Electric cars range in price from affordable to “are you kidding?” But what they have in common is that they qualify for federal tax credits, making them more affordable than they first appear. “The Tesla Model 3 with a 220-mile range will cost approximately $35,000 after tax credits,” Chris Burdick, founder of, told me.

Electric cars are far cheaper to run than their petrol- or diesel-powered alternatives, especially if you can charge them at home.

The second part is not so easy though, because electric cars are expensive. The top spec Renault Zoe R135 GT Line Rapid Charge that I tested is a £34,495 car. That’s an awful lot of money for a...

Electric cars worth your money in 2020 – and ones to avoid [Updated] Hyundai Kona EV. An adaptation of the Hyundai Kona subcompact crossover on the design front, the Kona electric car is... Chevy Bolt EV. Another good options for the long run is the front-wheel driven Chevrolet Bolt EV hatchback ...

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