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Do electric cars really save you money?
I’m considering purchasing an electric car. I know that EVs definitely save you money on fuel costs every year, but the cars cost more upfront. So, with monthly payments, insurance, and maintenance costs, do electric cars really save you money?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question, it’s always a good idea to investigate before buying. Whether or not an
electric car
will save you money, in the long run, depends on many factors including which car you choose and your lifestyle. Electric cars can save money on fuel costs, but fuel is not the only part of car ownership that costs. In order to ensure that switching to an electric vehicle will be good for you is calculate it for your own lifestyle.
The
Department of Energy’s Alternative Fuels Data Center (AFDC)
has a pretty good costs calculator but even then—your estimate won’t be exact. A recent Forbes article listed a lifestyle and location circumstance checklist which help to show whether or not an EV could be a good fit. The list included things like:
- High incentives with no additional EV registration fees
- High gas prices and low electricity cost
- Moderate climate
- Heavy car usage (especially city driving)
Across the U.S., not every driver will fit this description so switching to an EV is not guaranteed to save everyone money. Buying a car is a large investment, so make sure that if you want an EV to save you money it actually does.
With any vehicle, you’ll need
car insurance
. Let Jerry
, help you find the best insurance policy at the best rates.View full answer
- Gregory R.
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