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Do electric vehicles actually save you money?
I was thinking of buying a Tesla, but I'm not sold on whether or not they save you money. With a high price tag, it doesn't necessarily seem cost effective. Do electric vehicles actually save money?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Looking for a new car is always exciting! It’s unlikely that a
Tesla
will save you money in comparison to the average gas powered car. Here’s why:
- They’re expensive to maintain: Tesla parts can be more expensive to replace, which could result in a higher mechanic bill.
- The car’s initial cost: Teslas have a high initial cost.
- Insurance: Cars that run on the expensive side also have higher insurance premiums because their parts are more costly to replace.
However, Tesla owners do have some savings, like…
- Gas: Tesla owners get to say goodbye to pricey emissions!
- Rebates: Some states and private companies offer rebates to make owning electric cars more affordable. Although buying a hybrid might not save you money, they’re still a worthwhile investment (ask the environment).
No matter what type of vehicle you decide to purchase, you’ll need
car insurance
. Before you get stuck filling out forms or calling around for quotes, download the car insurance shopping and comparison app Jerry
. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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