What to consider before buying

The future is electric; Electric vehicles will become the norm once electric infrastructure and affordability of electric vehicles becomes universal. However, gasoline-powered vehicles remain relevant due to cost, insurance, maintenance, and convenience. Therefore, there are a few things to consider when choosing between an electric vehicle and a gasoline-powered car.

Which car is more expensive, electric vehicles or gasoline vehicles?

Parking space for electric vehicles | Getty Images

the morning star compared two similar vehicles with different transmissions: a Mazda3 and a Chevrolet Bolt. The Mazda3 is a similarly sized family car with a four-cylinder gasoline engine, while the Bolt is an all-electric vehicle. The Mazda3 starts in the low to mid-20s (but can cost close to $35,000). However, the optional Chevrolet Bolt would cost around $38,000. So the EV is more expensive, and that’s it, right? Not entirely; while some EVs can cost more than similar gas-powered cars, purchase price isn’t the only thing to consider.

How much money do you save on gas with an electric car?

Electric vehicle or gasoline car: what to consider before buying?

Charging station | Getty Images

Although consumers cringe when looking at the list price of this EV, they could see savings if they buy one anyway. consumer reports says fuel savings can be as much as $4,700 in the first seven years of ownership. Additionally, they found that the average savings for owners is around $6,000 to $10,000 over the lifetime of an electric vehicle.

Is insurance more expensive for electric vehicles?

Electric vehicles generally cost more to insure than gasoline-powered cars of similar size and equipment. Car and driver reports that the cost of repair, susceptibility to damage, and initial purchase cost all affect the price of EV insurance. ValuePenguin estimates that EV owners can expect to pay up to $1,320 for a premium that would cost you $1,000 with a gas-powered car.

In addition to the high purchase price of electric vehicles, they sometimes cost more to repair. As a result, insurers often charge more to cover electric vehicles to cover the higher cost of repairs, says Car and Driver.

Are electric or gasoline cars cheaper to maintain?

Electric vehicle or gasoline car: what to consider before buying?

Chevrolet Bolt Charge | Michael M. Santiago, Getty Images

Although electric vehicles are expensive to buy and insure, maintenance can often be cheaper than maintaining a gas-powered car. Electric vehicles have fewer moving parts and fewer parts that require constant lubrication. As a result, electric vehicles generally require less frequent and inexpensive maintenance efforts.

What are the tax incentives for buying an EV?

According to US Department of Energy, consumers who switched to an electric vehicle after 2010 are entitled to a maximum of $7,500. However, the actual amount the government will pay EV owners is based on factors such as income and vehicle battery size. Additionally, many states offer tax incentives to offset the cost of purchasing and insuring an electric car.

Should you buy an electric vehicle or a gas-powered car?

Buying a car is a complex process, whether it’s ICE or electric. While gas-powered vehicles are more convenient right now, electric infrastructure is becoming more plentiful. Additionally, electric vehicles offer tax incentives, environmental benefits, long-term fuel savings, and potential maintenance savings. Do not neglect the purchase of an electric vehicle for your next trip, especially in town.

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