There’s a big push going on for electric vehicles, and it’s working. They are becoming increasingly popular for drivers who want to do their part for the environment and save at the pump. But did you know that there are some other financial benefits you can benefit from if you choose electric over gas? Take a look at the affordability of electric cars over the long term.
Fewer Moving Engine Parts Means Lower Maintenance Costs
Gas-powered vehicles have engines with a lot of components that need regular maintenance in order to keep working smoothly. Regular oil changes, filter changers, and spark plug replacements are a big part of car ownership, but if you have an electric vehicle with a motor instead, all this is not necessary. Reducing the number of times you have to bring it in for service, can significantly reduce the amount of money you spend on maintenance over the life of the vehicle.
Yes, You Can Save On Insurance
While not every electric vehicle is cheaper to insure, some models can save you money on insurance costs. Some studies show that EV drivers are less likely to get into accidents. This is partly due to the advanced driver technology that often comes standard in EVs, which help reduce aggressive driving habits. Since they are considered safer, some insurance companies offer lower insurance rates for electric vehicles.
Save On Utility Costs
As a way to help with the affordability of electric cars, some utility companies offer incentives for EV owners. If the cost of charging your EV is standing in the way of buying one, you can check with your utility company to see if they offer a break if you own an EV. Depending on the company it could be lower rates, rebates, and even free home charging.
Lower Depreciation Leads to Higher Resale Values
It’s no secret that new cars lose a significant amount of their value in the first two years of ownership. And, while EVs still see depreciation, it moves much slower than traditional vehicles. As EV technology evolves and these cars become more popular, their value is expected to stay higher for longer. This means that an EV is a good investment, especially now, when you can be at the forefront of the wave.
We Can’t Forget the Fuel Savings
While the amount of money you can save long-term on fuel is not a hidden savings, it’s worth talking about. One of the main reasons to make the switch to electric power is so you can skip the gas stations. If you spend a lot of time on the road, the cost of gas can eat away at a big portion of your budget.
If your considering making the switch to an EV, but you are concerned about the affordability of electric cars, you can shop for one knowing that there are some significant long-term financial benefits.
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