Cost of Ownership
On average, fueling a car with electricity is roughly the same as $1 per gallon of fueling with gas, thanks to EV’s performance efficiency and the lower cost of electricity. Check out our Cost of Ownership Calculator and discover how much you could save in annual fuel costs by switching to an EV.
According to a study by Consumer Reports, a typical Electric Car owner who fuels primarily at home saves an average of $800 to $1,000 a year on fuel costs compared to a gas-powered car of a similar model. The ultimate price to electrically power a car is dependent on a few variables: where you charge (at home or a public charger), time of day and type of charger. Charging at home and enrolling in Managed Charging with AES Indiana will result in the highest savings.
Combustion-engine cars are by nature more complex and require more frequent care than their battery-powered alternatives. Electric Cars don't need oil changes or a trip to the dealer for a check-engine light concern. According to AAA, the average cost of repairs on gas-powered cars is between $500 to $600 per visit which significantly add up over the years. When Electric Cars do require repairs or maintenence the cost tends to lower.
Combustion-engine cars are by nature more complex and require more frequent care than their battery-powered alternatives. Electric Cars don't need oil changes or a trip to the dealer for a check-engine light concern. According to AAA, the average cost of repairs on gas-powered cars is between $500 to $600 per visit which significantly add up over the years. When Electric Cars do require repairs or maintenence the cost tends to lower.
One of the most impactful cost-savings benefits of driving an Electric Car are the tax credits that are available for most makes and models. Some Electric Cars are eligible for a federal tax incentive of up to $7,500. Indiana also has some tax incentives related to alternative fuels and vehicles. AES Indiana recommends that you consult a tax professional to confirm availability and eligibility of these tax incentives.
Battery prices improving
According to Bloomberg's New Energy Finance's (BNEF) survey, the price of Electric Car batteries fell 6% between 2020 and 2021. Additionally, Electric Car Battery Recycling and closed loop reuse of select materials can help lower costs in additional to reducing overall emissions.
Growing demand means lower production costs
There is a growing interest in the electrification of cars. By 2025, Bloomberg projects that Electric Cars will account for 16% of regular car sales by 2025. As demand grows and Electrics Cars become a mass-market vehicle option, production costs will decrease.
Battery prices improving
According to Bloomberg's New Energy Finance's (BNEF) survey, the price of Electric Car batteries fell 6% between 2020 and 2021. Additionally, Electric Car Battery Recycling and closed loop reuse of select materials can help lower costs in additional to reducing overall emissions.
Growing demand means lower production costs
There is a growing interest in the electrification of cars. By 2025, Bloomberg projects that Electric Cars will account for 16% of regular car sales by 2025. As demand grows and Electrics Cars become a mass-market vehicle option, production costs will decrease.
On average, fueling a car with electricity is roughly the same as gas at $1/gallon of fueling with gasoline, thanks to EV’s performance efficiency and the lower cost of electricity. The cost for charging can vary whether you're at home or using public chargers, but on average, electricity costs less than gasoline.
A majority of new EVs are priced in the $30,000 range, which is on par with the average cost of a new gas-powered car. If you haven't already, check out our Cost of Ownership calculator above to discover how much you could save by switching to an EV.
Both EVs and PHEVs require minimal scheduled maintenance to their electrical systems, which can include the battery, electrical motor, and associated electronics. In general, EVs require less maintenance than conventional vehicles because there are usually fewer fluids to change and far fewer moving parts.
Our team of electric car specialists are available to answer any questions you may have about this process.
Email support@trymotor.com with any questions.
4300 Wilson Blvd, Suite 900
Arlington, VA 22203
Tel: +1 833 MOTOR EV
support@trymotor.com
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