Buying a car is a dream for many people, and the easy availability of low-cost loans has made things easy for people. Now, most people can afford a car. However, buying one can still be heavy on the pocket. Owning a car includes regular maintenance, repairs, breakdowns, etc. Customers’ desire to choose an electric vehicle (EV) has grown in light of the recent increases in fuel prices worldwide.
Sustainability and efficiency are other reasons for such a rise in demand for EVs. Still, many are unsure whether to switch to an electronic vehicle or not. If you are one of those, we have got you covered.
Read on to find out how much money can you save by using an EV:
Low Fuel Cost
Utilizing an electric vehicle brings many advantages, one of which is the reduced fuel cost. The U.S. Department of Energy noted in its report that in the United States, electricity costs, on average, are 0.17 dollars per kilowatt hour while gasoline costs about three dollars and forty-six cents per gallon. The statistics show that driving an electronic vehicle costs 50% less than a gasoline vehicle.
Low Maintenance Cost
Electric vehicles have a relatively simple structure and fewer components than traditional vehicles that operate on gasoline, thus requiring less maintenance. There will also be no need to change oil or spark plugs in an electric vehicle. This can help one save a lot of money that would have been used for the vehicle’s upkeep.
Long-term Savings on Electricity Rates
The ability to save on electricity bills over the years is probably the other advantage of using an electric car. Some electric power companies offer special rates for electric vehicles (EVs), which are much lower than the ordinary household rates. For example, some power companies offer time-of-use rates, which offer a lower price of energy during periods when the energy demand is low, for example, off-peak hours. It can turn out much cheaper for your electric automobile.
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Higher Resale Value
An electric vehicle tends to have a higher resale value than a conventional petrol vehicle. The valuation norms of electric vehicles are higher as compared to gas vehicles. It is worth noting that conventional electric vehicles are still regarded as borderline technologies that will only become better with time. Additionally, there is less wear and tear on the vehicles over time due to the absence of regular internal combustion engines. Also, prolongs the effective life of the vehicle and helps in retaining its value.
Reduce Noise Pollution
As compared to gasoline-powered vehicles, an EV produced less noise. This will help reduce noise pollution in urban areas. In addition, shifting to EVs is significantly important because people living in cities, where noise pollution can impact their quality of life.
Conclusion
In conclusion, owning an electronic vehicle can save a lot in many ways. EVs also have lower carbon emissions, less noise pollution, and better performance. The price of buying an EV has decreased even further with the recent passing of the Inflation Reduction Act. To save money over time, EVs are an appropriate choice to explore if you’re in the market for a new car.
How much money do you save if you have an electric car?
Using an electric vehicle can help you save money in many ways, for example, maintenance costs, fuel costs, tax savings, regenerative braking, etc.
How much tax I can save on an electric car?
Electric vehicle owners can claim tax savings of up to ₹1.5 lakh on interest paid on their EV loan under Section 80EEB of the Income Tax Act. However, take note that the 80EEB deduction has several limitations and requirements related to the loan issuer and EV.
Is it cheaper to use electric vehicles?
According to a 2020 Consumer Reports study, users of electric vehicles typically spend roughly 60% less on fuel annually than drivers of gas-powered vehicles.
Is it worth investing in electric vehicles?
Purchasing an electric vehicle makes sense if you can lower your initial outlay with incentives and save money on gasoline and maintenance over time. This is especially true if you also wish to contribute to the reduction of vehicle emissions.
How efficient are electric vehicle cars?
Electricity is directly transformed into motion by EVs! Because of this, they are more efficient than traditional cars, which must burn fuel to produce heat before turning that heat into motion. Did you know that electric vehicles may achieve over 70% efficiency right out of the gate? Some models can even achieve 90% efficiency!
