Electric cars are hitting the roads in more significant numbers this year. Currently, 1.18 million electric vehicles are on the go. Maybe you’d like to own an electric car but want to save on costs.
While electric cars come with high purchase prices or insurance premiums, and charging isn’t always accessible or cheap, you can potentially save thousands on gas and maintenance over a car’s lifetime.
Keep reading to discover these five ways to cut costs with an electric car.
1. Charge at Home
It’s no fun hunting for a charging spot while on the go. Meanwhile, paying for charging your electric vehicle (EV) can add up over time.
Charging at home is the sweet spot for saving money on an EV.
That’s why it’s a good idea to invest in a home charging station. While these can set you back around $1,200, including electrician installation, it’s a one-time purchase that won’t have you scrambling to find a charging station or paying fees every time your car needs power.
According to some consumers, they’re still using their charging stations six years later.
Level 2 chargers are usually found in residential areas. In contrast, DC chargers power your car faster with just a 30–40-minute charge time. Located in public charging spots, a DC charger can cost 2-3 times more than a Level 2 charger to use.
If you have a longer-range EV, powering up at home costs less than recharging at a public charging station. Some public places charge a flat fee to hook up your EV. Others charge if you leave your car plugged in after finishing charging.
Installing solar panels on your house can help you cut your charging costs even more.
If you’re on a road trip, check for hotels that offer free charging to get more mileage from your money.
Remember that EV recharging costs vary based on state electricity costs, your battery size, how economically you run your car, and what time of day you plug it in. Electricity costs peak during the evening. Setting a timer to charge later at night can save you a chunk of money.
2. Lower Your Fuel Costs
Electricity is cheaper than gas.
According to Southern California Edison power company experts who ran the numbers, charging an electric car battery costs the equivalent of $2 per gallon or less for fuel.
A recent study shows that average EV owners who charge at home can save $800-$1,000 per year compared to fuel costs for an equivalent gasoline-powered car.
Some studies suggest that an EV can save you $4,700 in fuel costs for the vehicle’s first seven years of its life. The 2020 Tesla Model 3 Standard Range Plus, for example, is likely to save owners $4,500 in gas over five years.
According to the U. S. Department of Energy’s Renewable Energy Laboratory, during the average 15-year lifetime, electricity used to power an electric car can cost $14,480 less than running a gas-fueled car. The longer you have your car, the more these savings promise to rise.
3. Boost Maintenance Savings
Want another great way to cut costs with an electric car?
The good news is that owning an EV comes with a lower maintenance price tag.
Although the average EV model can cost $54,000 to buy, studies find that repair and maintenance costs are half for gas-powered cars.
Despite the initial EV price tag, gasoline-fueled vehicles need regular fluid changes. They also have a more complex mechanical system.
Ownership costs vary by state, climate, and other variables such as state or government tax credits, rebates, and EV incentives. In total, owning an EV can save you over $4,600 in maintenance costs for the vehicle’s life.
4. Don’t Max Out Your Heat, Air, or Sound Systems
A sneaky way to cut costs with an electric vehicle depends on how you run your vehicle. For example, blasting the heat or air conditioning on a long drive will drain your battery fast.
The same thing goes for running the sound system non-stop.
Try using the heated seats to keep cozy on cold days to regulate your heat usage. You can also precool or preheat your car to save energy. When possible, ease to a stop rather than hitting the brakes will also help your charge live longer.
5. Buy a Used Vehicle
One of the top ways to keep your wallet fuller is to buy a used electric car. By buying a used EV in good condition, you can avoid paying top dollar while still taking advantage of a vehicle that comes with an exemption from fuel emission testing in 14 states.
Furthermore, it reduces maintenance charges, lowers registration fees, and access to free parking in many areas.
Image by Buffaloboy via Shutterstock.com.