Cars cost money to run. It’s inescapable.
But as an EV owner, you'll notice significant savings on maintenance and operating costs, in some pretty major areas. In this article we’ll take a look at the five big ones. They might surprise you. They range from the physical items in your car that either need replacing less often, or are not needed at all… to lower servicing and maintenance costs, obviously lower fuel costs, and perhaps the most incentivizing and motivating of them all, tax incentives and rebates.
There are some obvious savings… such as no need to buy petrol or diesel. But there are many more reasons why driving or owning an EV is plainly and simply a wise decision. So, below, I’ll break down in good detail, the big picture items that you’ll spend less on over the life of your EV.
In a hurry? Click on any of the big 5 to take you to a detailed breakdown of…
- Lower Maintenance Costs
- Fuel and Charging, Paid and Free
- Replacement Parts
- EV Tax Incentives and Rebates
- Lower Lifetime Costs
1. Lower Maintenance Costs
Want to make drastic savings in car maintenance? If you answered yes, then EVs are a no-brainer compared to traditional gasoline-powered cars. Many parts and systems that require regular maintenance and servicing in a gasoline car are completely redundant in an electric car. You can expect to spend significantly less on parts that wear out or break (large, small and tiny) such as tires, brake pads, brake discs, valves, rods, spark plugs, oils, fuel, and other fluids.
No Oil Changes: With fewer moving parts, you’ll have little to no oil changes in an EV. Result? More money in your pocket and less harm to the environment.
Fewer Engine Failures, Fewer Repairs, Better Reliability: You can also expect your electric cars to be much less prone to unexpected engine failures, as naturally they will require less recurring service costs, and will not need spark plugs, mufflers, belts, clutches, and alternators. The only kind of belt in an EV is a seatbelt!
Service costs: EVs have fewer moving parts, so the risk of unexpected engine failures is extremely small. Plus, you’ll no longer need to be concerned with ICE (petrol) car relics such as muffler, exhaust, belts and clutches, alternator, or spark plug issues. Result? Lower service, replacement and repair costs. That’s a huge win making EVs an environmentally conscious and financially sound choice. Traditional cars need regular servicing of their oil, filters, and other parts, which can accumulate into a significant amount. EVs, on the other hand, don't need such services.
Bottom line: EV ownership is a cost-effective and reliable choice for car owners.
Longer-lasting brake systems and lower ongoing maintenance
An electric vehicle’s brake system is longer-lasting than that of an ICE car. You’ll spend less money on maintaining the brakes of an EV. While conventional cars use friction brakes to slow down or stop, (which wear out the brake pads until they need replacement) EVs use a combination of regenerative braking and conventional braking. With regen, as the car slows, kinetic energy from the wheels is converted into electrical energy which can be used to recharge the battery. As a result, EVs experience less wear-and-tear on their brake systems, leading to fewer replacements of brake pads and discs over the vehicle's lifetime.
Pro tip: Some cars use primarily regen braking with one-pedal driving systems. Newer cars with one-pedal driving now program brake engagement to ensure the use of the brake pads is sufficient to maintain a surface that will always be able to operate optimally.
No need for oil and filter changes
Here’s one of the biggest advantages of owning an electric vehicle (EV): no need for oil and filter changes.
EV engines require far less lubrication (because they don’t have the huge number of moving parts of a petrol/diesel or ICE engine. And, ICE cars also generate heat that needs to be cooled by oil. Maintenance between service visits is drastically minimized… and so too are the costs.
Pro Tip: EVs do require less maintenance. Just keep up with your scheduled regular check-ups and services with a certified technician, to keep your car running smoothly.
2. Reduced Fuel Costs
Do you want to stop bleeding from the hip pocket every time you visit a fuel refilling station? It’s no wonder people are starting to see the sense of owning and driving electric vehicles (EVs). It all boils down to environmental benefits, cost savings, and convenience. Fuel cost savings can mount up to thousands of dollars per year.
No need for gasoline or diesel fuel
Traditional fossil fuels like diesel, petrol, and gas are burned once and cannot be reused or recycled. While there are always environmental costs to making any vehicle, when you drive an EV, you reduce the use and wastage of fossil fuels. This is even a greater benefit if the electricity you use to charge your car is from a sustainable and renewable source.
Fuel: Would you prefer not to spend thousands on gas every year? Without the need for gas, petrol, or diesel, (and depending on how far you normally drive) you'll save a significant amount of money on monthly fuel expenses.
The unspoken benefit of EVs is improved health. Imagine walking through city streets without the pollution from hundreds of thousands of cars spewing smoke, gases and particulate matter into the air.
Charging an electric car is cheaper than gas or diesel
It’s environmentally cheaper because you can reuse a battery over, and over, and over again… for many years. Plus, your electric car won’t spew noxious gases into the atmosphere every time you turn it on. Breathe easy and drive noiselessly. It’s a win-win.
Reduced Fuel Costs: It may surprise you to know that to charge an electric car is considerably cheaper than fueling a petrol or diesel car. In fact, fuel costs are typically 50-80% lower per mile for an EV.
Drive Without Depleting Your Battery: We’ve talked a bit already about regenerative braking. It’s definitely one of the ways you save money. Did you know that it is possible to start your journey and arrive at your destination with the same battery capacity or with even a greater one! That never happens in a fossil fuel powered car.
Potential for free charging at work, shopping centers, and more
Nobody ever offers you free gas! But when you own an EV, there are plenty of places that invite you to charge for free!!! Many people plug their EVs in at work and go home with a full battery. Imagine that. Shopping centers, hotels, movie theaters, and other public areas, often provide free chargers. It all adds up. If your maintenance is already far lower, and you’re not paying for gas/diesel and you have less consumables and parts to replace, an EV is a very smart proposition, indeed.
Free Solar Power: Even if you do have to pay a bit for the power to charge your battery, the price per mile for that power is far smaller. And if you happen to be charging at home with rooftop solar, then buying an EV is a no-brainer decision.
3. Savings on Replacement Parts
Electrical Vehicles need fewer replacement parts, which constitutes another huge saving compared to ICE vehicles.
EV parts have a longer lifespan than most internal combustion engine parts
Bottom line is that EV (Electric Vehicle) parts have a longer lifespan than most internal combustion engine parts. Electric cars are a cost-effective option in terms of maintenance and replacement parts.
Say goodbye to mufflers, exhaust systems, or alternators… and more
Significant savings: When you own an electric vehicle (EV), your savings on replacement parts can be significant. Since EVs don't require mufflers, exhaust systems, or alternators, they come with lower maintenance costs. You’ll no longer be buying the items that belong to the gas car’s traditional transmission systems. You’ll never have to spend money replacing spark plugs, belts, clutches, or any of the thousands of tiny little obscure parts that form a fossil-fuel-driven engine.
Tires: With EVs you can save money on tires. Why? Because you have smoother driving due to smooth power delivery, and fewer moving parts. Wear-and-tear on tyres is reduced and this prolongs their life. However, if you have a vigorous driving style and love racing people off at the lights, maybe skip this point and save money elsewhere! 😉
Tires, Brakes and Regenerative Braking: EVs don’t just use brakes to slow and stop the car, they also use regenerative braking, where the power used to slow the car is fed back into the battery (and helps recharge it). That is neat! And the result? Far less wear and tear on the brakes and tires (tyres) compared to traditional gas-powered cars. You may need to replace your tires less often, and this could save you money in the long run. (Waiver: Your driving style—how much you work out your high-powered car—will affect how often you renew tires.)
Brake pads and discs: As a flow on from the last point, when you use regenerative braking, you rely less on traditional brakes. EVs are typically heavier due to their battery packs, which means they can wear down tires faster. However, since EVs have regenerative braking, they can reduce the wear on the brakes, which can offset the cost of tire replacement. Result? You'll spend less on brake pad and disc replacements.
Bottom line: Brake pads and discs last longer than those in traditional cars.
4. Tax Incentives and Rebates
Owning an electric vehicle comes with many advantages from reducing your overall running costs and emissions… to government tax incentives and rebates.
Federal, state, and local tax incentives and rebates can lower the cost of an EV
Depending on where you live, you could be eligible for significant federal, state, and local tax incentives and rebates that will reduce your upfront cost of buying an Electric Vehicle (EV).
These tax incentives and rebates can help you recoup the cost of upgrading to an electric vehicle, to make it an economically- and environmentally friendly choice.
Some states offer additional benefits, such as HOV lane access
But it’s not just tax incentives and rebates. You may also benefit from access to high occupancy vehicle (HOV) lanes (or transit lanes) in certain states. HOV lane access gives incentive to people who carpool and allows a group to collectively save on time, gas and money, during peak hours. So, if you’re lucky enough to have unencumbered access to HOV lanes and reduce commute times, then that’s a great advantage.
Offset the Price of Your EV: These incentives are just more reasons to offset what can be an expensive initial purchase, and which help make buying an EV a worthwhile investment in the long run.
5. Lower lifetime costs
Going electric with your next car is not only good for the environment, but it can also save you money over the lifetime of your car. By now you’ve seen that to own an electric vehicle (EV), means you will spend less on tires, brake pads, brake discs, oils, fuel, gas, petrol, diesel, mufflers, exhausts, alternators, spark plugs, service costs, belts, clutches and unexpected engine failures.
EVs tend to hold their value for longer than gasoline-powered cars
EVs, or electric vehicles, have a significant advantage over their gasoline-powered counterparts when it comes to depreciation as they depreciate less quickly than ICE cars. EVs lack expensive, complex parts like engines and transmissions, which means quite simply that they have less things that wear out.
When you own an EV, you have an asset that holds its value better over time. This translates into lower lifetime costs for the EV owner.
EVs stack up to be a wise investment, but only if you’re looking for a more cost-effective and environmentally friendly mode of transportation. 😉
Higher resale value than gas-fueled vehicles
Lower lifetime costs, lower running costs and lower parts replacement costs adds up to this: Higher Resale Value.
EV Exhausts and Emissions
Unlike gas-powered vehicles, EVs produce zero emissions, which means you don't have to worry about inspections, fines, or other costs associated with exhaust and emissions regulations.
Bottom line: Owning an Electric Vehicle is not only good for your wallet, but it's a great way to reduce carbon emissions and help the environment.
Frequently Asked Questions
1. Will I really spend less on tires and brakes with an electric vehicle?
Yes and no! You'll will definitely spend less on brakes. EVs use regenerative braking, which reduces wear and tear on brake pads and discs. Whether you spend less on tires depends on other factors such as driving style and whether you pull off fast from a standing start a lot. 😉
2. Do I still need to get regular oil changes with an EV?
No, you do not need to get regular oil changes with an EV. Electric motors do not require oil, so you can save money on oil changes and related service costs. Service costs are generally far lower than those for maintaining a gas-powered vehicle.
3. Will I save money on fuel with an EV?
Yes, you will definitely save money on fuel with an EV. Charging an EV costs less than buying gas or diesel, and the cost of electricity is more stable than the cost of gasoline, which can fluctuate a lot depending on world events and oil prices. And if you’re fortunate to run solar PV on your roof at home, you could be using excess power from the sun to power your car.
4. Are unexpected engine failures a concern with EVs?
No, unexpected engine failures are not a concern with EVs. Electric motors are simpler and have fewer moving parts than gas engines, so they are less likely to fail unexpectedly. Plus, EVs typically have longer warranties than gas cars, providing additional peace of mind.
5. Do EVs have mufflers, exhausts, alternators, and spark plugs?
No, EVs do not have mufflers, exhausts, alternators, or spark plugs. These are components used in gas engines that are not necessary in electric motors.
6. Will I save money on service costs with an EV?
Yes, you will save money on service costs with an EV. Because EVs have fewer components and less moving parts than gas cars, they require less maintenance and typically have lower service costs overall. You may still need to replace tires, windshield washer fluid, brake pads and air conditioning filters but these tend to be the only consumables that need to be changed on a fairly regular basis in an EV.