How Much Money Do You Save With an Electric Car? A Cost Comparison Guide
As more drivers consider switching to electric vehicles (EVs), the big question on many minds is, “How much do electric cars save on gas?” The answer depends on several factors, including charging costs, maintenance, and government incentives. Let’s break down the key points, with a spotlight on Ford’s lineup of EVs, to understand just how much money you can save with an EV from Preston Ford West and discover our findings on gas vs. electric car savings!
Electric Vehicle Costs vs. Gas Cars
While the initial purchase price of some EVs may be higher, they can provide overall savings compared to gas-powered vehicles. Several factors influence these savings, including:
- The price of new and used EVs
- Electricity rates in your state
- Your charging habits (whether you charge at home or rely on public charging stations)
- Maintenance expenses
Why Choose Ford EVs?
Ford offers a variety of electric models, such as the Ford Mustang Mach-E, Ford F-150 Lightning, Ford E-Transit, and the Ford Escape Plug-In Hybrid designed to deliver impressive fuel and maintenance savings. Thinking about switching to an electric vehicle? Ford offers a lineup that delivers serious cost savings without compromising performance. From the powerful Ford F-150 Lightning and versatile Ford E-Transit to the sleek Ford Mustang Mach-E and efficient Ford Escape Plug-In Hybrid, there’s an EV for every lifestyle. With lower fuel costs, tax incentives, and reduced maintenance expenses, owning a Ford EV makes both financial and environmental sense.
EV Charging Cost vs. Gas
One of the biggest financial advantages of EVs is the reduced fuel cost. According to the U.S. Department of Energy, the average cost to fuel an electric car is $485 per year, compared to $1,117 for a gas-powered vehicle. The US Department of Energy estimates that fully electric vehicles can save you up to $2,200 per year on average, while hybrid electric vehicles can save around $1,500 annually.
Key Factors Impacting Charging Costs:
- Electricity Rates: Electricity costs vary by region, but the national average is around 13 cents per kilowatt-hour (kWh).
- Off-Peak Charging: Charging during off-peak hours can further reduce costs.
For more information on charging your EV, click here to read our previous blog!
Maintenance Costs: Electric vs. Gas Cars
Electric vehicles also boast lower maintenance expenses. With no need for routine oil changes, spark plug replacements, or complex engine repairs, EV owners can enjoy hassle-free maintenance.
EV Maintenance Advantages:
- Regenerative Braking: This EV braking system extends the life of brake pads
- Simpler Powertrain: Fewer moving parts mean fewer repairs
- Cost Savings: Studies suggest EV owners can save up to $7,000 in maintenance costs over the life of the vehicle.
Ford’s EV lineup benefits from these reduced maintenance demands, making them a practical choice for long-term savings.
Factors Affecting Electric Vehicle Costs
Regional Electricity Rates
Electricity costs vary by state. States with renewable energy incentives or lower electricity rates make EV ownership even more cost-effective.
Charging Options
- Home Charging: Costs depend on your home’s electrical infrastructure and the type of charger you install.
- Public Charging: Prices vary based on the charging network and charger type (Level 2 or Level 3 fast chargers).
EV Incentives and Tax Credits
The U.S. government offers federal tax credits of up to $7,500 for new EVs and up to $4,000 for pre-owned EVs, depending on eligibility. State and local incentives can further reduce the cost of purchasing an EV. Numerous states, including Maryland, offer extra incentives on top of the federal credit, further enhancing the appeal of owning an electric vehicle. These state benefits may include tax deductions, rebates, or lower registration fees for EVs. Understanding these tax credits can be complex, but our experienced team is ready to support our local customers through the process. Ford EV buyers may qualify for these incentives, making models like the Ford Mustang Mach-E and F-150 Lightning even more appealing.
Make the Switch Today
Electric vehicles, especially models from Ford’s innovative lineup, offer significant savings on fuel, maintenance, and overall ownership costs. While the initial sticker price might be higher, the long-term financial and environmental benefits make EVs a cost-effective option for many drivers. With available tax credits and incentives, now is a great time to make the switch and enjoy the savings that come with driving electric. Head to Preston Ford West to explore our lot, fully charged with exceptional electric options to browse!
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