The steady entry of new brands of electric vehicles (EV) into the vehicle market is a clear sign of the increasing demand for EVs. As gas prices are increasing alarmingly with no signs of cooling, more and more motorists in the US prefer electric vehicles over gas-driven vehicles. Fearing that gas prices might increase further, motorists believe it would be wise to buy electric cars to keep costs under control. Besides exploring EVs, Vehicle buyers are looking into other options like hybrids and plug-in hybrids to determine what works best for them. An online search for fuel car alternatives has increased tremendously over the past few months.
Why Buy an Electric Car?
The aspect of cost savings of electric vehicles is driving more people toward it. Added to it are bragging rights of owning a new kind of vehicle, which could become the chosen mode of transportation. Significantly, the saving on energy costs is the most compelling reason to choose EVs without concern about the electric car cost. However, to arrive at a logical decision, you must consider the total cost of ownership and the running cost.
According to electric vehicle news, buyers have various options to choose the most cost-effective vehicle from an ever-increasing list of new brand vehicles in the market. Many other brands are entering the market, from Ford 150 Lightning to Kia EV6 and Mercedes Benz EQs.
Price of Electric Vehicles
Price
To understand if EVs can save cost in the long run, you must consider the cost of electric cars and the running cost like the cost of battery charging and maintenance. Let us look closely at each of these elements. Despite considerable variation in EV prices, the average sale price in February 2022 was $60,054. On the other hand, the average price of all types of vehicles, including cars electric, was $45,596 then. It means that the prices of electric cars are higher by 10 to 15% than the equivalent gas vehicle models. Moreover, there are indications that EV prices will increase over time.
Energy Costs
The cost of running EVs is considerably lower than running gas-driven vehicles. EV batteries provide extensive mileage, and the cost of charging a battery is almost negligible compared to the gas price. For example, the Volkswagen ID4 SUV (price $40,000) runs 250 miles on a single charge, and it costs $11 to charge the battery fully, assuming that the electricity cost is 14 cents per KW for domestic consumers. But a VW Tiguan SUV (price $26,000) mileage is 26 mpg, which costs $38. The energy saving is tremendous for EVs.
The charging cost is lower if you use home chargers and the maintenance and repairs cost of EVs tapers out over the years after being high initially. Moreover, EV buyers’ incentives as a federal tax credit further lower the cost.
If you buy an electric car, you can expect some good savings over time as gas prices would never roll back.
