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How much money will an electric car save me?

I’ve just spent a small fortune on a new EV, and everyone keeps reassuring me that I’ll save more in the long run. How much money will an electric car actually save me?

avatar
Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Most people find the ticket price of EVs to be a little steep. However, most of the money comes back in savings, with electric car owners saving $4,700 on fuel alone over the first seven years.
Operating expenses are where you’ll find the most savings. According to a Consumer Reports study,
electric car
owners spend 60% less to recharge than vehicles spend on fuel. Factors like cheaper fuel and less maintenance will help to put some of the money from the initial costs back in your pocket.
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