SHOPSMART AUTOS – CUSTOMER INFORMATION – OCTOBER 3, 2021 (PT.2)
Costs and benefits of electric cars vs. conventional vehicles Maintenance costs for EVs vs. fossil fuel powered cars Battery electric vehicles (BEVs) do not consume gasoline or produce tailpipe carbon emissions, placing the promise of an environmentally sustainable driving experience within reach of the average consumer. However, the question remains: “Do BEVs truly offer an environmental advantage with respect to global warming potential and secondary environmental impacts – and if so, at what cost?” The fuel used to power your car is only one factor in the cost of car ownership. In particular, vehicle maintenance costs can stack up over time. With ICEs, engine maintenance can be a huge money sink, especially as cars age. Changing the engine oil, coolant, transmission fluid, and belts can add up in value over time. By comparison, electric cars don’t have internal combustion engines, so these costs disappear. Universal vehicle expenses like tire and brake changes, insurance, and structural repair are part of owning any vehicle, but EV owners avoid many of the repeated costs associated with combustion engine upkeep. EVs aren’t without expenses, however. The largest possible maintenance expense for an electric vehicle is a replacement battery pack. Unlike a conventional battery, EVs have large, complex rechargeable batteries that are drained and recharged constantly, which leads to degradation and range loss over time. In the rare case that your EV battery is defective and needs replacement, manufacturers will often cover that replacement with a battery warranty. However, if your car is not under warranty, replacing your EV battery is an expensive bill. The vast majority of EV owners won’t have to replace their car’s battery, but it is a risk you run when operating an electric car.Electric car rebates and incentives A great reason to go with an electric vehicle is the wealth of federal and state incentives available. These rebates help offset the typically higher cost of an electric car to make “going electric” more financially feasible. Rebates and incentives for EVs are changing constantly, and it’s important to know what kinds of incentives are available near you. You can learn more about federal and state EV incentives in EnergySage’s guide to electric car tax credits. The availability of incentives for buying electric vehicles, coupled with their continuously falling costs, has made an investment in an EV a smart energy and money decision. Electric vehicles are not for every lifestyle, but when compared to the myriad costs surrounding ICE purchase and maintenance, choosing an EV can be an intelligent fiscal decision.
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