How Much Money Does an EV Actually Save?

[VF Staff 8]

Purchasing a vehicle is among the most expensive decisions a person will make. Taking into consideration the original purchase price, fuel, insurance, depreciation, and maintenance, an average sedan costs about $8,558 per year to own and operate. A gas-guzzling truck or SUV will cost even more.

If you want to save money on your new car purchase, consider buying an electric vehicle (EV). While the initial sticker shock may make EVs appear to be more expensive, an EV may actually save you money in the long run. This is because federal tax credits and manufacturer rebates can offset the initial purchase price, and EVs cost much less to fuel and maintain than their gas-powered counterparts.

How Much Money Can You Save With an EV?

By purchasing an EV, you can save up to $10,000 during the life of the vehicle compared to the cost of owning a gas-powered vehicle over the same span of time.

Cost-Saving Benefits With Gas

It’s a fact: EVs are far more efficient than traditional gas-powered vehicles. As a result, the energy needed to power an EV is less than what is required by gas-powered vehicles.

That means that electronic car owners will save substantially on fuel costs, often over $1,000 annually.

Cost-Saving Benefits With Maintenance

Because there is no need for an engine, EVs have fewer moving parts than gas-powered vehicles, meaning there are fewer parts and systems to maintain.

Thus, EV owners can expect to pay $4,600 less on maintenance throughout the vehicle’s life.

Save Money By Purchasing an EV

The math is indisputable: EVs cost less to own than traditional gas-powered vehicles. So drive by VinFast to learn more about getting an electric car.

We want to hear from you. In what other ways do you think EV owners can save money? Do you think the switch to EV is worth it? Comment below.

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