With the increase in gas prices across the country, drivers everywhere are looking for creative ways to start saving at the pump. From getting more efficient in the way you drive to considering an upgrade to your vehicles, Minnesota drivers, like you, have been curious about electric cars. Whether you’ve checked into a new car at the dealer or seen ads on TV, electric cars are gaining in popularity so consumers can drive further for less money. If you’ve been considering whether an electric car can really save you money, then feel free to keep reading for some facts about electric cars.
How Electric Vehicles work
Before you get too far into purchasing that new electric car, you may want to know a little more about them. Electric vehicles, also referred to as Battery Electric Vehicles (BEV), use large battery packs to power the electric motor. If you purchase one, you won’t need to fill up on gas – instead, you’ll need to plug your car into a wall outlet (120V) or a charging station, also known as Electric Vehicle Supply Equipment (EVSE). When fully charged, most electric cars have a driving range of 200 miles.
Electric cars are not the same as hybrid vehicles. Hybrids use an electric motor, like an electric car, but combine that with a gas engine. Unlike electric cars, hybrids are powered by gas so your wallet will still feel that pinch at the pump. Due to the combination of an electric motor and a gas engine, these vehicles can go further on one tank of gas saving you some money (with less frequent fill ups), but not as much money as driving an electric car.
Lower running costs and Electric Vehicles
Most drivers want to know one thing when it comes to making the jump to an electric car. Will this really save me money? We’ve done the math and here’s what we found out. Electric cars cost $0.05 per mile to run vs. gas-powered cars that cost $ 0.15 per mile to run. That difference can be huge for any family when it adds up as the average electric car driver can save up to $4,000 per year in running costs. One last way electric cars put more money in your pocket? Rebates and tax credits. There is a federal tax credit for electric battery cars depending on the battery capacity, and the Clean Vehicle Rebate Project (CVRP) provides rebate savings for eligible vehicles.
Lower maintenance costs
With far fewer moving parts, electric cars don’t require the same kind of maintenance as gas-powered cars. They don’t require oil changes, new spark plugs, or fuel filters. Their batteries are typically lithium batteries which should be good for 300-500 cycles, or to put it in terms we know – they last about 10 years. Electric cars also feature regenerative braking where the car uses the electric motor to decelerate the vehicle, which extends the lifespan of your brake pads.
While an electric car can save you money, it can also save the environment. Studies have shown that electric cars are 85-90% energy efficient vs. gas-powered cars which are only 17-21% energy efficient. They also don’t have a tailpipe which means they don’t emit exhaust gasses cutting down on local air pollution when you drive.
Better driving experience
Most drivers of electric vehicles report a better driving experience. These cars feature quick acceleration, and produce peak torque from a standstill. Since the battery pack is positioned in the center of the car, electric cars have superior weight distribution and stability. They have great handling and are fun to drive.
If you’re ready to jump into buying your first electric vehicle, these 5 facts can help you make an informed decision. If you’re still unsure and have some questions, our team is ready to help. Simply call and we’ll be happy to answer any questions.