If you have a limited budget and you want to buy a vehicle, should you go for the EV cars or Gas ones? The truth is that both of them come with pros and cons. A lot of people will say that EV units are easier to maintain and the fuel is cheaper. On the other hand, those that like gas cars will talk about how expensive EVs are. So yes, you do have to figure these things out on your own as you try to pick the right approach.
A good idea when you pit the EV vs. Gas example is to figure out how much the vehicle will cost to own for the next 3 years. For the most part, EVs tend to be more expensive however you might be able to get some federal tax credits. So at first, without the tax credits, gas-powered vehicles tend to be cheaper.
What are the maintenance costs?
In order to calculate the maintenance costs, you will need to identify the amount you pay per mile in vehicle maintenance. Needless to say, electric vehicles win here, because you don’t need to deal with engine maintenance or frequent oil changes. With that being said, sometimes you can go up to 20% lower than gas-powered vehicles. So yes, it’s well worth it and you can get an amazing ROI.
When it comes to the amount of energy used, it’s important to note that every vehicle has its own requirements. Electric variants tend to consume less energy when compared to gas vehicles, so that does bring in front a very good efficiency and value, which is amazing in its own right. Gasoline costs are very high when compared to electricity costs, so you are getting a pretty good ROI. The charging costs are hard to determine due to their nature. However you will notice that the costs to charge such a vehicle are pretty affordable, so it’s worth it to go the electrical route.
Will the gas-powered vehicle depreciate faster than the EVs? That’s definitely something you need to know. We noticed that the EVs tend to depreciate faster than the gas models. The high costs of electric vehicles are why they depreciate. Granted, you can use the federal tax benefits to make these costs lower. But yes, due to the higher costs, EVs drop in price a lot faster.
Is it more expensive to own an EV or gas vehicle?
We noticed that electric vehicles tend to cost a little bit more, but the reason why that happens is that they have a higher purchase cost. Once the first 2-3 years pass, you will find that owning an EV gets a lot cheaper. The fact that you can get a $7500 tax credit in some cases does help you quite a lot.
So, which is cheaper to win?
If you have a car that’s available in both gas and electric versions, then you will notice the electric car is more expensive. However, its maintenance costs are lower, and if you own the car for multiple years, in the long run, it will become a lot less expensive to own and use it. At the end of the day, it’s important to perform your due diligence and prevent any issues. This way you can figure out exactly how much it will cost you, and then you can make the right choice. Of course, you also need to throw personal preference into the mix too!