With most top automobile manufacturers having their electric vehicle line, it seems that electric vehicles are here to stay — in fact, EVs are, without a doubt, the future of the automotive industry.
See: These 20 Cars Will Last You Twice as Long as Any Regular Vehicle
More: Pocket an Extra $400 a Month With This Simple Hack
Many people are looking for their next car. Some are gas-powered enthusiasts, unwilling to make the switch. Others are all for energy efficiency and reducing carbon footprints.
But what is the most cost-effective? Is it cheaper to own a gas-powered vehicle, or is an electric vehicle the way to go?
Go Electric
“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,” said a study by the University of Michigan’s Transportation Institute.
In the long run, it is cheaper to own an electric vehicle — which is why so many Americans are ditching gas-powered cars when looking to add a new vehicle to their household.
Ultimately, owning an electric vehicle is more beneficial to your wallet.
Gas Costs More
“Going electric means you get to skip pricey trips to the pump, which is one of the biggest draws for making the switch,” said Courtney Lindwall with the National Resources Defense Council.
With gas prices constantly in flux, EV drivers find stability in the near-constant price of EV charging. It is even better for those who can charge at home.
Those who have home chargers for their electric vehicles can save more money and reduce time spent at public EV charging stations.
Even for EV owners who only have access to public charging stations, it is inexpensive to charge an electric vehicle compared to filling up a tank.
Maintenance Is Cheaper on EVs
Key components of a gas-powered vehicle are often too costly to replace. Many components, such as spark plugs or a gas-powered engine, can make maintenance costs expensive.
“Without spark plugs to replace or oil to change, electric vehicles have a clear leg up on maintenance costs,” Lindwall said. “EVs also have the unique feature of “regenerative” braking — recovering the energy normally lost to braking — which saves on brake pad replacements.”
No oil changes or brake pad replacements entice potential EV buyers — maintenance costs can be bank-breaking. Those who purchase an EV do not have to deal with the high maintenance costs of electric vehicles.
Given the current state of gas-powered and electric vehicles, electric vehicles are the most cost-efficient way to drive.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Electric vs. Gas Cars: Which Is More Cost Effective in the Long Run?
"electric" - Google News
December 16, 2023 at 08:05PM
https://ift.tt/3YVy5Lx
Electric vs. Gas Cars: Which Is More Cost Effective in the Long Run? - Yahoo Finance
"electric" - Google News
https://ift.tt/Wpc2qY9
https://ift.tt/ecOh7wu
Bagikan Berita Ini
0 Response to "Electric vs. Gas Cars: Which Is More Cost Effective in the Long Run? - Yahoo Finance"
Post a Comment