SHOPSMART AUTOS – CUSTOMER INFORMATION – JANUARY 1, 2021 (PT. 1)
Is buying an electric car worth it?
Gas prices cost more than double what they did 20 years ago. Fuel is one of the most expensive parts of owning a car. While there are ways to reduce car costs, some Americans are turning to electric cars to get from point A to B. Almost 900,000 electric vehicles were on the road in 2018, and sales were up 40% last year, according to the Edison Electric Institute. But is buying one worth it?
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What is an electric vehicle?
An electric vehicle is any type of car that can be powered by electricity. There are two types: all-electric vehicles and hybrids. Purely electric cars run completely from a battery or fuel cell. Drivers can plug them into an external electric power source. Hybrids take both gas and electricity, and don’t need to be plugged in. Examples of electric vehicles include the Nissan Leaf, Chevrolet Bolt and Tesla. Tesla is one of the more popular (and talked about) electric car companies. Most Tesla models are expensive, but require less maintenance than other luxury vehicles. Learn how how much it actually costs to own a Tesla here. Should you get an electric car? The financial benefits often outweigh the drawbacks, said Kelsey Mays, senior consumer affairs editor for Cars.com, an automotive marketplace. Whether an electric car is right for you depends on how much you use it. “For a lot of electric vehicles the primary usage is going to be commuting,” said Mays. Some drivers use their electric cars for road trips. Elaine Borseth has owned her Tesla Model S for almost five years. She has gone on multiple cross-country road trips in her car, which she writes about on her blog, “Coast to Coast Tesla”. She said electric cars can support any type of lifestyle. “There’s virtually no maintenance to them,” she said. “I don’t know of a single drawback.” Here’s a breakdown of the financial benefits and drawbacks to buying an electric car.
Financial benefits to electric cars
Electric cars not only reduce your carbon footprint, they can save drivers thousands of dollars each year. The average cost of electricity for a Chevrolet Bolt — according to DOE calculators — is about $430 per year, given typical driving. In comparison, the average driver spends $1,500 per year on gas, according to AAA. Fuel costs vary significantly by vehicle type, ranging from 3.68 cents per mile for an electric vehicle to 13.88 cents per mile for a pickup truck. New vehicle owners, on average, will spend a little more than 10 cents per mile – about $1,500 annually — to fuel their vehicles. END OF PART ONE Make It A Champion Day!
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