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Do electric cars pay for themselves?
With the rising gas prices, I’m considering going electric. Do electric cars pay for themselves?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We hear your concern—great question! While even the best electric cars may never pay for themselves entirely there is a promise of high savings—especially with skyrocketing gas prices.
Many states are trying to encourage drivers to purchase electric cars so there are a lot of tax rebate programs and incentives available. These may not seem like a lot in comparison to the sticker price of a new or used EV, but $2,500 to $7,500 is quite a bit of money.
An article by OpitWatt calculates the total cost in savings when owning a $45,000 Tesla for five years. From rebates, incentives, fuel, and maintenance costs the estimated total savings was about $13,700. While five years won’t completely cover the cost of the vehicle, it does seem to cover almost one-third.
A Wisebread article compares the cost of an electric Kia Soul to the gas-powered Kia Soul. At a rate of about $900 per year in fuel and maintenance savings, your car would break even in about 9 years.
This seems like a while to break even on a vehicle especially if you’re not used to owning a car that long. However, with the gas prices rising, you are likely to save a lot sooner with an electric vehicle.
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