Just like traditional internal combustion engine vehicles, running an electric car still has its cost. It varies depending on the model, specifications, and features that distinguish them from other models.
Apart from that, increasing charging costs also adds concerns among potential buyers. Nonetheless, EVs are still more cost-effective when you look at them long-term.
EVs offer long-term savings than ICE vehicles
Undoubtedly, potential EV buyers are skeptical about making the switch due to its high costs. However, it must be noted that electric vehicles can be less expensive to run than traditional gasoline-powered cars, especially concerning fuel costs.
“You have to be aware of where your costs will come to spending and saving during maintenance compared to fossil fuel-powered cars. It leads to significant long-term savings when you have electric cars.”
Kia
It has been researched and studied that using electric vehicles reduces the emissions caused by greenhouse gases and other air pollutants. Buying an electric car upfront is pricier than ICEVs alternatives. Still, its running costs and maintenance are less expensive because it has fewer moving parts.
“Although the other electric cars we looked at were more expensive to buy outright than their fuel equivalents, all 13 cars were cheaper to run over seven years than their fuel equivalents.”
LV
Moreover, with gas prices higher than last year, EVs may allow more savings regarding lifetime ownership.
Countries such as the UK offer various incentives from the Office for Zero Emission Vehicles (OZEV) to provide grants to help individuals and businesses buy electric vehicles or install charging points. EV had granted plug-in car grants (PICG), electric vehicle home charge screens (EVHS), workplace charging schemes (WCS), and on-street residential charge point schemes (ORCS).
Most especially, the US Inflation Reduction Act also offers a federal tax credit of up to $7,500 to encourage EV buyers.
See Also:
- Increasing EV charging costs could encourage drivers to use fossil fuels
- Potential US buyers are concerned about the cost of electric vehicles – revealed in Deloitte survey
- The IRA significantly boosts the EV supply chain in the US
- The IRA bill is expected to boost the US EV market by 20%
- Tesla Model 3 has the highest used car discount
Overall, while electric cars may have a higher upfront cost, they can be less expensive to run over the long term due to lower fuel and maintenance costs.
