When you think about electric cars, you probably think about Tesla and Elon Musk. But frankly speaking, every electric car is worthwhile these days. The U.S. government is taking steps to reduce the amount of pollution in the air we breathe. By 2030, the government is hoping to have 50% of the vehicles on the road be electric vehicles.
It seems like every other day there’s a new study that comes out that shows how much money people are saving by driving electric cars. But, do these studies really give us the full picture? Let’s unveil the fuel expenses of gas-powered cars and how much can be saved with EVs.
Gas-Powered Cars and skyrocketing fuel prices
Gas-powered cars are becoming the cause of financial concern for many Americans. The average price of a gallon of gasoline was $2 as of Oct 2020 and now circulating around $4.2 per gallon in August 2022 which is more than double among these two years. The prices are expected to keep rising. We will eventually get to the point where gas-powered cars are no longer affordable for most people.
We should consider the option of electric vehicles because they can run on a rechargeable battery. They will require less energy than gas-powered cars, and they don’t produce harmful emissions.
EVs are holding their value
With technological advancements, gas-powered cars are becoming a relic of the past, now the whole world is moving towards fuel-efficient vehicle technology.
Electric vehicles (EVs) are becoming ever better and more efficient as time goes by. Most of the new vehicles being developed right now are designed for maximum efficiency and to make them more environmentally friendly. As a result, most people are buying Electric cars nowadays, and they are showing good value over time.
EVs are the most efficient, reliable, and green vehicles available in the market. They are the only choice for most people who want to drive an eco-friendly car. In fact, the EV market has grown faster than any other type of car. This shows that EV owners are satisfied with their selection.
Electric cars and fuel independence
Even though the electric car is a newer invention, it’s not going anywhere anytime soon. Gas-powered cars are slowly dying out and they will eventually be completely obsolete. If you are serious about saving money on gas, it’s a good idea to switch to an electric car. Not only will you save money, but you’ll also reduce your carbon footprint. The electricity you need to charge the car isn’t the same as the gasoline you used to put in your tank. Electric cars can be open door for your journey to fuel independence.
Savings potential of Electric Cars vs Gas Powered cars
For a ballpark estimate, US citizens typically spend between $150 and $300 on gas each month and more than $2000 annually. However, the exact costs of fuel will depend on several factors—mainly, which state you live in, how much you drive, and the fuel grade you use for your car.
Electric cars have a strong potential of more than $3000/year saving just on fuel and it continues with the rising fuel prices. Electric cars can run for hundreds of miles on a single charge, and they can be plugged into any household outlet. Tesla’s Model 3, Model S, and SUV Model X and Model Y have differing ranges from 200 miles/h to 300 miles/h. Prius and Nissan Leaf also offer good mileage in a single charge.
All in all, despite the high initial cost of an electric vehicle, huge money saving on gas is not just a story of Cinderella, it actually happens and people loved this feature of EVs too much making them a strong alternative to transportation.