Electric Car vs Gas Costs: Which Truly Saves You The Most Money?

CAR COST COMPARISON The Race Is On: Which Saves More Money Overall? VS Electric Gas Fuel, Maintenance, Purchase Price, Longevity & Tax Credits $57,000 $35,000 Purchase Price Average Price of a New Electric Vehicle: $55,000 + Average Price of a New Gas-Powered Vehicle.[1] the Average Cost of a Home Charging Station & Installation: $2,000.[1] -$5,000 $0 Tax Credits Average Federal Tax Credit Average Tax Credits Amount for Buying a New Available for Owners of Electric Vehicle Though Carbon Emitting Cars. Rebates Vary by State Ranging From $2,500 to $7,500.[2] $1,910 /yr $1,592 yr Insurance Car Insurance is on Average You Will Likely Save More 23% More Expensive for on Auto Insurance with a EVs because the Car Itself Gas-Powered Automobile and Parts Cost More to Since the Car and Parts are Replace.[3] Cheaper to Replace.[4] $485 yr $1,117 'yr Fuel Average Annual Cost to Average Annual Cost of Operate an Electric Vehicle, Gasoline to Power Your Though Costs Differ Depending on Your Local Energy Supplier. Plus, You Vehicle, Though Costs Differ Depending on Current Oil Prices in Your Could Save Even More by Area.[5] Installing Your Own Clean Energy Power Source.[5] $900 'yr $1,235 /yr Maintenance EV Engines Have Fewer Average Costs of Maintenance Per Year on a Moving Parts, Which Reduces Breakdowns and Gas-Powered Automobile Eliminates Many Upkeep Can Be Steeper Due To Costs Like Oil Changes, Air Engine Upkeep.[6] Filters, Belts, Transmission Fluid, Coolant, Mufflers, Smog Tests & more Saving You Each Year.[6] $19,770 16 yrs $23,664 Longevity /6 yrs Average length of time drivers keep a new vehicle is around 6 years.[7] 6 x Average length of time drivers keep a new vehicle is around 6 years[7] 6 x $3,295 Average Yearly $3,944 Average Yearly Upkeep Costs. Upkeep Costs. Avg. Yearly Costs: Avg. Yearly Costs: $3,295 $3,944 Avg. 6-Year Total: Avg. 6-Year Total: Longevity + Purchase Price - Tax Credit = Longevity + Purchase Price %3D $71,770 $58,664 Saves More Yearly Saves More in 6 Years walletgenius References: [1] https://evcharging.enelx.com/resources/blog/570-electric-cars- [5] http://www.umich.edu/~umtriswt/PDF/ vs-gas-cars-cost SWT-2018-1_Abstract_English.pdf [2] https://www.fueleconomy.gov/feg/taxevb.shtml [6] https://www.consumerreports.org/car-repair-maintenance/pay- less-for-vehicle-maintenance-with-an-ev/ [3] https://www.valuepenguin.com/how-having-electric-car-affects- your-auto-insurance-rates [7] https://www.autotrader.com/car-shopping/buying-car-how- long-can-you-expect-car-last-240725 [4] https://www.nerdwallet.com/blog/insurance/car-insurance- basics/how-much-is-car-insurance/