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Do electric cars save money on gas?
The gas prices are very very high and I don’t see them going down anytime soon. I’m considering switching to an electric car. Do electric cars save money on gas?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
With the
rising gas prices
that sounds like a good idea! Yes, one of the largest incentives of buying an electric car is the amount of money you save on fuel costs. Upfront, electric cars are more expensive and are around the same price as an entry-level luxury vehicle. However, in the long run, EVs save a lot of money on fuel costs.
Charging an EV is a lot cheaper than
filling a gas tank
every week—and the cost of electricity doesn’t fluctuate like the price of oil.Most EVs will come with their own charger, but many drivers upgrade to a Level 2 charger which is faster. Upgrading to a Level 2 will cost about $300 to $1,200 on average for both the installation and the device itself.
Filling a gas tank adds up. An article by EnergySage states that the average cost of fuelling a gas-powered vehicle is $1,117 per year whereas the average for an EV is only $485. That’s more than half! With an EV there are a few immediate costs, but in the long run, you save a lot on fueling your vehicle.
Car expenses can be draining. Let
Jerry
, your personal insurance broker, help you find the best quotes so you can focus on driving. Jerry’s qualified agents can even help you cancel your old policy. Jerry customers save an average of $887 per year!
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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