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Does an electric car save money in the long run?

Aside from all the incentives, does an electric car really save you money in the long run?

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Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question. In the long run, saving money is one of the primary benefits of owning an electric car.
Electric vehicles are mainly associated with their high upfront costs. So much so that governments have put tax credits in place to help make up for this high value and to encourage people to go
green
.
As expensive as they may be, they’re still arguably more inexpensive than a traditional fueled car in the long run. One of the areas where EV owners save is in the lower maintenance costs. EV’s have fewer moving parts because of their electric motors, so a lot fewer things can go wrong.
Another area that helps to cut costs is battery charging. The option to charge at home gives EV drivers a cost advantage. There are also free charging options in certain places that EV drivers can take advantage of. Fueled vehicles are limited to filling their tanks at gas stations and are subject to whatever the cost of gas is at the time.
Although the savings are significant, keep in mind that you may not see them until years after owning an EV. In the long run, it will be worth it.
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