Gas Prices Are Soaring—Is It Time to Jump to Electric Vehicles?
Purchasing an electric vehicle will save you money on gas, but requires more upfront.
Written by Alexandra Maloney
Reviewed by Kathleen Flear
With gas prices rising at a rapid pace, many drivers might be considering eliminating trips to the pump altogether by purchasing an
electric vehicle
(EV). In fact, Jerry
original data from the 2022 State of the American Driver Report found the biggest motivator for drivers to go electric isn’t related to environmental factors—it’s about money. So, will switching to an electric vehicle really save you money? We have the answer, plus other factors to consider when purchasing an electric vehicle, right here.
Should I switch to an electric vehicle now to save money?
In a nutshell, switching to an electric vehicle will
save you money on driving
—but not right away. Most electric vehicles actually have higher initial costs than gas-powered vehicles, which means you’ll be putting out more money upfront. But over time, it’s likely you’ll make the initial money spent on an electric vehicle back due to decreased fuel and maintenance costs. That means purchasing an electric vehicle right now will put you at a loss, then you’ll eventually break even, then begin saving money. So, purchasing an EV isn’t a foolproof solution to start saving right now because gas prices have gone up. But, it’s a good plan if you’re willing to play the long game.
And as it seems, a lot of drivers are willing to purchase an electric vehicle for the long haul savings.
NBC Bay Area
reported a salesman with San Mateo Auto Sales said he’s seen 10 times the normal interest in hybrid and electric vehicles over the past few months. If gas prices continue increasing, demand for EVs is likely to only continue increasing as well.
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Other factors to consider when going electric
Although EVs will save you money on gas over time, fuel costs aren’t the only thing to consider when purchasing an electric vehicle. For starters, there’s the higher initial upfront cost. But, as
KTLA
points out, incentives and tax credits
might help with the financial burden. Car manufacturers and state governments alike can offer some form of credit or rebate for purchasing electric. That’s why it’s important for drivers to do research on their electric vehicle of choice beforehand, to see if they can get any money back.
Pivoting away from the financial pros and cons, drivers also need to consider charger proximity and driving range for electric vehicles. Before you purchase an electric vehicle, look into charging stations near you, or the cost to install one directly at your home. Plus, look at the driving range of the electric vehicle at a full charge. If you often drive long distances, an electric vehicle may not be practical for your needs.
And, as
NBC News
reports, electric vehicles can bring drivers increased performance, while helping the environment, which are two additional major pros to owning an electric vehicle. Car insurance for electric vehicles
A final factor to consider when going electric is the cost of car insurance for your new ride. Car insurance is another upfront cost that’s typically higher for electric vehicles compared to gas vehicles, because EVs are still considered luxury cars by many insurance companies.
But if you do decide to go electric, don’t let car insurance prices be a burden. Instead, use
Jerry
. Jerry is an app that compares insurance rates for you, to help you ensure you’re getting the lowest rates possible on your car insurance. 
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