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Is a fully electric car worth it?
We need to buy a new vehicle, and my husband wants to go electric. I’m not sure about it. It seems like a big change, electric vehicles are expensive or from foreign countries, and I’m not sure if they’ll be around long term. Is a fully electric car worth it?
Bellina Gaskey · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question! Electric vehicles are worth the switch. Long term, an EV will save the average family a lot of money in gas and car repair fees.
While some electric cars are expensive, others are much more affordable, and even cheaper than gas powered vehicles. And lots of EV’s are built right here in the US.
Because electric cars don’t have oil to change or mechanical components that will break down and need maintenance, electric vehicles have far less upkeep costs than their gas counterparts. You also save on gas, and this is where the big savings come in.
The average family saves $800-$1000 on gas in a year with an electric vehicle. If you drive a lot for work or pleasure, these numbers will grow considerably. To put it into dollar-per-gallon equivalency, driving an electric car is like paying $2 per gallon during a time where prices are hovering around $5 a gallon nationwide.
The average gas powered vehicle costs about $43,000. The average electric vehicle costs between $30,000-$40,000, further saving you money with incentives based on your state, and your fuel savings.
While there are a lot of great electric vehicle imports, companies like Ford are jumping on the electric vehicle revolution. Ford has released the
F-150 Lightning
, their first all-electric pickup. The next step in their F-Series, it keeps everything in the F-family, while looking forward to the future. With more states moving away from gas, and some discussing outright bans, going electric now is a great way to be prepared for the electric future.
No matter whether you drive gas or electric, you need affordable insurance.
Jerry
, the number one car insurance comparison app will help you find the best rates. You can save up to $887 a year with dozens of providers like GEICO, Progressive, Allstate, Nationwide and more.View full answer
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