It seems like electric cars are everywhere recently. From TV ads to news articles, electric cars seem to be the latest up and coming option when it comes to saving money and the environment. Due to rising prices at the pump, many Minnesota drivers, like you, are looking at ways to save their budget when it comes to driving around town. While car manufacturers are promoting their latest electric car models, you might be wondering if electric cars are worth the hype or if they can really save you money. If you’ve got questions about going electric, we’ve got you covered in this article.
What are electric cars and how do they work?
Before we launch into five perks you can take advantage of by driving electric, we should start with the basics. Electric cars, also known as Battery Electric Vehicles (BEV), use a large battery pack to power the electric motor and run the car. These cars do not need gas, but must be plugged into a wall outlet (120V) or a charging station – also known as Electric Vehicle Supply Equipment. When fully charged, most cars have a driving range of about 200 miles.
If you’ve heard of electric cars, you may be wondering how hybrids compare. Hybrids, like their name indicates, use a hybrid of an electric motor and a gas engine. These cars still require a gas fill up, but due to the electric motor/gas engine combination, you’ll drive further distances on one fill up.
Perk # 1: Lower running costs
When it comes to electric cars, the first thing drivers want to know is how much money they can save by going electric. Driving an electric car can save you money at the pump, but you may be wondering if it is really worth the initial investment. On average, it costs $0.05 per mile to run an electric car vs. $0.15 per mile to run a gas-powered car. This can add up to $4,000 per year just by driving an electric car.
Perk # 2: Lower maintenance costs
Another perk of owning an electric car is lower maintenance costs. With far fewer moving parts, electric cars don’t require oil changes, new spark plugs, or new fuel filters. They are typically powered by lithium batteries which are good for 300-500 cycles and can last up to 10 years. Electric vehicles also feature regenerative braking (using the electric motor to decelerate the car) which extends the lifespan of your brake pads. Lower replacement parts and maintenance leads to more money in your pocket.
Perk # 3: Rebates and tax credits
Did you know that you can get money back with rebates and tax credits? There is a federal tax credit for electric battery vehicles depending on the battery capacity. The Clean Vehicle Rebate Project (CVRP) also provides rebate savings for eligible vehicles.
Perk # 4: Cleaner environment
Electric cars are cleaner for the environment. Studies have shown that they are 85-90% energy efficient compared to their gas-powered counterparts which are only 17-21% energy efficient. Electric vehicles don’t have a tailpipe, and don’t emit any exhaust gasses – which reduces local air pollution from car exhaust. Overall, electric cars ensure a cleaner environment for years to come.
Perk # 5: Greater performance
Electric cars are just plain fun to drive. They boast quick acceleration while producing peak performance from a stand still. Because the battery pack is positioned in the center of the car, they have superior weight distribution and stability. These features lead to great handling and a better driving experience than gas-powered cars.
It’s important to weigh the pros and cons as you consider going electric. These 5 perks can help you determine if driving an electric car is right for you.