Compare Lifetime Cost Savings When Considering an Electric Vehicle

Reader Contribution by Kyle Baker and Green Coast
Published on August 19, 2020
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Photo by Pixabay/rezaqorbani

Electric, plug-in vehicles, or EVs for short, are a rapidly growing vehicle option for any household. In many ways operating more like our handheld rechargeable devices than an internal-combustion vehicle, EVs have the potential to revolutionize our everyday commute and fuel consumption habits.

With all major tech giants, including Google, Tesla, Uber, and even Sony investing in electric vehicle models or infrastructure, the EV future is appears closer with each passing month. Here we recount several of the most heralded benefits for consumers considering switching to an electric vehicle.

EVs can be affordable investments. Believe it or not, but electric cars might just be a cheaper option in the long run if you’re looking to buy a new car. With rapid advancements in technology, electric cars are no longer as expensive as they used to be, and the price is predicted to go lower in the future, as more and more rival competitors entering the market.

For example, according to a research report by Cox Automotive, the EV median prices declined by 13.4% in 2019 compared to the overall median price increase of 2% for vehicles in the U.S.  According to some other studies, electric cars will reach the price parity with gas and diesel cars within 8 years.

Besides that, just like for diesel or gasoline cars, you can choose from a wide range of models and brands. This way, you can pick one that fits your budget. As electric cars require low maintenance and have a longer lifespan than gas and diesel cars (see below), they can prove to be a better longer-term investment despite sometimes higher upfront cost.

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