The actual cost of owning an electric carNovember 5, 2015
Electric cars have hit the market with a bang and it doesn’t look like they’re leaving us anytime soon! While car manufacturers promise big savings on gas and maintenance, there’s more to examine about the actual cost of owning an electric car. The savings: There is a significant savings that comes in the form of a tax break when you purchase an electric vehicle. Depending on the state you live in and a few other variables, such as income, you can usually drop up to 7,500 off the price of the vehicles initially. That’s a pretty hefty savings if all the factors add up. The general calculation for electric vs gasoline miles is a saving of about $1,600 a year on fuel. That calculation is based on gasoline prices remaining around $3.53 per gallon, which they rarely do. With fewer moving parts and no need for oil changes, an electric vehicle does save you quite a bit of money on maintenance. However, the more complicated nature of the vehicles does mean more in labor and parts. The cost: There is also the cost of putting an electric charging station in your home, a cost often dismissed by the manufacturer. It’s calculated that the upfront cost for buying and installing an EVSE, the 240-volt wall-mounted box that funnels the electricity into your car, is about $1,500 to $2,000. Despite electricity being cheaper than gasoline, electricity rates fluctuate significantly more depending on what part of the country you’re in, what town you’re in, what time of day it is, and what type of car you have. For example, a Tesla requires more power and larger charge than a Chevy Spark EV or a Nissan Leaf. Insurance costs can vary depending on your company, but there are companies out there that penalize EV owners under the claims of unproven technology. So, do you think that owning an electric vehicle saves you money, or cost more than it’s worth?