Cost Savings With Electric Cars
Cost Savings With Electric Cars

Cost Savings With Electric Cars

April 15, 2022
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You may have heard that the costs of electric cars are getting lower and lower. The logic is simple — they require less maintenance because there’s no engine, no piston rings to replace, etc. That makes an electric car sound like an excellent investment, right?

Electric cars are becoming more and more popular as time goes by. As these cars grow in popularity, car buyers have a lot of questions about how much they cost to maintain and whether they are a wise purchase or not. Many people don’t consider that an electric car can save you money.

A new study by AAA found that operating an electric vehicle costs about $486 per year, while the average cost of driving a gas-powered car is $1,117 per year. That’s based on gasoline costing $2.64 per gallon and electricity costing 12 cents per kilowatt-hour (kWh) — which translates to about 4 cents per mile.

According to the Energy Information Administration, that’s around half what you would pay to drive a gas-powered car 15,000 miles a year using regular unleaded fuel. And that’s not even counting state or federal tax credits or rebates.

In states like Florida and New Jersey, where electricity costs are lower (about 7 cents per kWh), drivers can save as much as $600 annually when switching from driving a classic car to an electric one. In Hawaii, where energy costs are higher (29 cents per kWh), drivers could face an increase in electricity costs of up to $200 annually, AAA found.

Electric cars are less expensive to fuel than gasoline-powered vehicles. A gallon of regular gasoline contains about 33.7-kilowatt-hours (kWh) of energy. Still, it takes over 50 kWh of electricity to produce a gallon of gas. Overall, it takes at least 1.5 kWh of electricity to make a quantity of gasoline with the same energy content as one kWh of direct use in a vehicle.

Electric cars are more efficient than gas-powered cars. According to experts at MIT, gasoline cars convert less than 20% of the energy stored in gasoline into motion. The other 80% is lost in heat through the engine, the exhaust pipe, and braking (which turns some of a car’s kinetic energy into heat). And that’s not even considering how much energy it takes to transport gasoline from its source to your car’s fuel tank!

Electric vehicles fare much better: at least 70% of the energy stored in their batteries gets converted into motion. That means they can travel up to three times farther on a single charge.

Though some electric vehicles cost more than similar gasoline-powered cars, they’re an excellent long-term investment because they can save you significantly on fuel costs over time.

The simple design of electric vehicles means fewer moving parts and, therefore, fewer maintenance costs. You don’t need oil changes or spark plug replacements because the motor is powered by electricity and not fossil fuels.

Electric vehicles don’t have transmissions, so there’s no need to worry about replacing worn-out gears or clutches. Electric cars also don’t have any belts to replace, saving you the cost of those repairs. Electric vehicles don’t require fluids. This is simple, but it makes a big difference in maintenance costs.  There’s no need to fill up on coolant or brake fluid when driving an electric vehicle. You’ll still have to top up on windshield washer fluid and motor oil, but that’s all. Over time, this can add up: The average driver spends $150 per year on engine oil alone.

Electric cars are a type of eco-friendly vehicle that produces significant improvements in the way people drive and purchase vehicles. These vehicles run off of clean energy and are known for their low emissions and fuel-efficient performance, which eliminates the need to visit gas stations and fill your car with gas ever again.

This guarantee alone is a significant plus for driving an electric car over standard models. In addition, these types of vehicles have been known to provide drivers with 30 – 40 miles in the city and 50 – 100 miles on the highway from one charging session, which implies that you will never have to worry about paying for gasoline or overdue maintenance costs for replacing and maintaining car parts.

What to know about Public Electric Car Charging Stations.

There is no longer the anxiety of range as more stations for charging EV are built all over. Charging at public stations is undoubtedly more expensive than charging at home, but you will get added charging convenience at public stations while you shop, work, or dine. You can make use of a debit or credit card to pay, or the apps provided by the charging network, if available.

In a lot of public stations today, you would be billed according to the time you spend charging your EV. The particular station will be the one to determine the exact price that you would pay. In other stations, they may offer their services to you at a slashed-down rate. Tesla Owners can find Super Charger Locations via their in-vehicle navigation system or by searching here for a Tesla Charging Station Near You.

When is the best time to charge my Electric Car?

Electric usage in the US is usually very low from midnight to around 6 AM. Most people would be asleep by this period. So, it is a good time to recharge your EV since there is just a little load on the electric power grid. By 6 PM, people are already returning from work. This is when they will use their different electrical appliances and turn their lights on. Therefore, the most ideal time to charge your EV is after midnight.

If you want to get the best deals on electric cars in New York or you want to lease an electric car, you can contact us today or visit our website.

Signature Auto Group New York & Florida’s Trusted Car Leasing Company
As a company we learned a long time ago just how significant it is to have talented, loyal and motivated staff to serve our clients in every aspect; before, during and of course even after such an important vehicle purchase. Even though this will always be an ongoing process, this organization has been fortunate to have attracted and retain such extraordinary individuals at every single level in this company.

We are honored to serve all Signature Auto Group clients past, present and future clients in the major areas of the United States and around the rest of the world. Signature wants their customers to enjoy life to its fullest. We also have high standards that the staff agrees with and are committed to providing you with the service you deserve. The sales staff is extremely knowledgeable about our products and is there to get you the fantastic vehicle that you want and desire.

Come on in and check out our extensive inventory that includes all the latest makes and models of vehicles. It doesn’t matter whether you are wanting to purchase or lease; we have the perfect plan for you. And don’t forget to check out our specials, we are always having great lease specials on a lot of the new vehicles in stock.

 

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