Electric cars are largely known by different factors in different circles. For environmentalists, they don’t use gasoline. For political minds, they help reduce the dependency on foreign oil by lessening the appetite for petroleum. For auto enthusiasts, they are renowned for their instantaneous torque and low center of gravity. But virtually everyone can agree that over the life of the vehicle, EVs can help save their owners money.
How exactly may not be obvious, but GoBankingRates, which offers advice and tips on personal finance among other things, compiled a list of factors that help explain how EVs can be cheaper in the long run compared to conventional internal combustion engines.
Plug In America estimates that the average U.S. driver could save around $1,600 per year on fuel when comparing the costs based on an average gas price of $3.53 per gallon, GoBankingRates said. In turn, those savings would cover “more than three months of auto loan payments, which average $467,” according to data published by Experian. Granted, those who have longer commutes might not be suited for today’s generations of EVs, but provided your daily commute is less than 50 miles or so, you could stand to save a lot of money in fuel savings.