Almost every car manufacturer has begun to produce electric vehicles. Among the first modern electric cars was the EV1 created by General Motors in 1996. Tesla has become a household name in electric cars since the release of the Roadster in 2008. But is it truly a cost saver overall?
This discussion is one of the main topics when it comes to deciding if you can save money with an electric car. With gas prices soaring throughout the world and supply and demand concerns regarding fuel, more and more people are looking at electric cars. One study that was completed before the price surge in 2022 shows that in Alberta, the cost to fuel a compact SUV (in this case the Toyota RAV4) was $12.18 per 100/km. In comparison the RAV4 Prime Electric car cost $5.43 per 100/km. When looking strictly at the cost of fuel there is an advantage for owning an electric car.
Most people do not have their own gas pump in their garage. The average driver is reliant on the gas stations and is at the mercy of their prices. Owners of electric cars have the option of purchasing a charging station for their personal use. In Alberta it will cost over $1,000 to purchase the charging station, plus there are extra costs for the installation.
Onset and maintenance cost
With the new electric cars that are coming out, the prices appear to be dropping, however the initial cost of an electric car is more expensive then a gas powered car. The biggest variable is the driving distance of the battery. One advantage to the electric vehicle is that there is lower maintenance required. There are no oil changes needed, for example.
Some other factors
There are some advantages to owning an electric car. However, there are some things to consider such as the distance being driven. The electrical car can go an average of over 200 km on a single charge, compared to over 500 km on a tank of gas. When driving an electric car, it may be important to plan where you are going to charge your car when going longer distance. There are also some concerns with battery life in colder weather.
The debate between a gas power car versus an electric car is a personal preference. Factor in the cost of the initial car, the cost of a charging station, and the cost of fuel versus the cost of charging a car. There are many factors in determining if buying an electric car will save you money.