Buying An Electric Vehicle: How To Save Money And Stay Healthy

  • September 26, 2018

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Buying An Electric Vehicle: How To Save Money And Stay Healthy

Have you asked yourself this:

"How much would I save with an electric car?"

If so, you'll want to check this contributed post from Corrina Baird on saving money and staying healthy with an electric vehicle.

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If physical health and financial health go hand in hand, then you should be driving an electric vehicle.

Not only can electric vehicle save you money, but they also improve the health of the planet. So when you have to drive somewhere, you know you’re in a vehicle that is healthier for everyone, not just you.

Don’t focus on the upfront cost of buying one. Like buying a house, or starting a business, there is always an initial cost.

But over time, your electric vehicle will actually save you money.

Give Up Fuel

Filling up your brand new electric vehicle may cost you only a third of what you spend on a regular car. To put it another way, three times cheaper to recharge an electric vehicle than to put gas in your car.

It all depends on where you live. One study found you can save money all over the US. In Washington, it costs you only $372 a year to charge an electric vehicle, compared to $1,338 on gas – that’s nearly a quarter less. Motorists in Alabama spend $481 on electricity compared to $993 on fuel.

The money you save on fuel can go straight into the bank – or your next project.

Related: Money Mistakes To Avoid In 2019

Pay Less for Electricity

While fuel prices tend to jump around all over the place, electricity prices are much more stable. In the past 10 years, fuel prices in the US leapt from $1.50 to $4 per gallon. At the same time, electric vehicle drivers paid a mere $1.20 for electricity for the same journey.

Some state utilities will make charging your electric vehicle cheaper, depending on the time you do it. But if you generate your own electricity it’s even cheaper. Solar panels have a high initial cost, but over time, will take care of your home and your vehicle. Not only that, you are the one in control.

Related: Pay Off Debt And Save Money In 2019

Save on Maintenance

Sometimes when you buy a vehicle, you forget it has to be maintained to work properly. It’s one of those costs you’d rather not have. Owning an electric vehicle will save you big money because it doesn’t have an internal combustion engine to look after.

The trouble with the traditional engine is the parts – spark plugs, radiators, exhausts – all have to be maintained. They will cost you in parts and in expensive labor.

Your electric vehicle has few of these pesky parts. It may even have regenerative braking, where the electric motor does the braking. Look forward to saving money once or twice a year on maintenance.

Related: 6 Best Tips For Starting Your Emergency Fund & Save Money

Pay Less for Registration or Insurance

You have to register your vehicle to drive on the roads, but nobody really wants to pay for that. But some governments make it cheaper for you to register an electric vehicle. They may offer discounts on registration or reward you with lower tax for lower emissions. Some insurers may even offer you cheaper insurance.

In the UK, electric vehicle owners don’t pay any road tax while other motorists have to pay 100-140 UK pounds for a typical vehicle.

Related: 5 Simple Tips To Save Money And Cut Your Payments

Take More Money from the Government

Now who likes paying tax? In the US, you might get a Plug-in Electric Drive Motor Vehicle Tax Credit.  This could save you $7,500 in tax. It’s definitely healthy for your finances. Government subsidies go a long way to keeping your finances and the planet healthy.

So these are five healthy reasons to buy an electric vehicle.

But there’s a big sixth reason. Electric vehicles are the future of motoring and, no matter how fast you run, you don’t want to be left behind.

Related: How To Make Money: 2019 Guide

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