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?

Answer
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.
Eric Schad
Answered on Oct 26, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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