Does Driving an Electric Car Save You Money?

So many drivers have questions about the latest automotive technology. How long do electric cars last? Do electric cars have transmissions? We’re often asked if electric vehicles actually save money. These are the top EV questions we field at our Minnesota auto service centers.

Are Electric Cars Expensive?

Did you know that the earliest EVs have been around since the late 1800s? However, early technologies and demand didn’t support mass manufacturing, and they haven’t really taken off until the last decade. Generally, new EVs are more expensive than traditional ICE vehicles. But new EVs qualify for a federal tax credit up to $7,500, and some additional states and organizations offer additional incentives. Minnesota does not currently have a state credit for EV purchases.

Do Electric Cars Get Good Mileage?

When you compare mileage costs, an electric car engine outdistances a gasoline engine. A typical EV can cover 100 miles per 30 kilowatt-hours. Depending on local electricity prices, that comes close to 35 miles per $1. Gasoline averages 18 miles per $1. The final numbers depend on the costs of electricity and gasoline in your area.

Do Electric Cars Have Transmissions?

Some electric cars have single-speed transmissions, but most EVs are powered by an electric motor. Electric car enthusiasts point out that this is actually a money-saving feature. Fewer engine components mean less maintenance, reduced repairs and fewer replacements.

How Long Do Electric Cars Last?

If you drive an average of 12,000 miles per year, your electric vehicle should hold up for approximately 17 years. Most EVs are built to last for 200,00 miles. However, mileage varies depending on how and where you drive. It’s best to reference independent sources for details on how long different EV models stay on the road.

Do Electric Cars Come With Hidden Costs?

Obvious savings come with owning an electric car including reduced maintenance and lower fuel costs. Electric car tax credits also take a bite out of the initial purchase price. Still, there are other important factors to consider.

  • Frequency of long-range road trips
  • Availability of charging stations
  • Charging incentives from local utilities
  • Cost of EV battery replacement

The Department of Energy’s vehicle cost calculator can give you a good idea about an EV’s potential savings.

We’re Happy to Answer Your Questions

Every year, electric cars become more accommodating to our expectations. They’re still an expensive investment, but the potential savings are worth a look. If you’re thinking about becoming an EV owner, stop by one of our seven Kennedy Transmission locations. We’re always happy to answer your questions about all types of transportation.

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