Benefits of Electric Vehicles vs. Gas Engine Vehicles
Electric vehicles (EVs) and hybrids continue to gain market share. According to the International Energy Agency, an intergovernmental organization within the OECD, over 10 million electric vehicles are now on roads around the world. In the United States, first-quarter sales in 2022 are up more than 60% compared to the previous year. If you’re considering joining the growing number of motorists who’ve made the switch to a greener mode of transportation, you may be wondering what you might gain from the transition. Read on to learn more about the benefits of EVs versus gas-engine vehicles.
A vehicle’s sticker price is the amount suggested by the manufacturer, plus any destination charges and other markups. Generally speaking, EVs have a higher sticker price than gas-engine vehicles. According to data from 2021, the average transaction price for a new EV was $51,532. In comparison, gas-powered compact cars averaged $22,798 and entry-level luxury vehicles averaged $47,627.
However, these averages are based on widely varying sticker prices for individual models and don’t factor in various tax incentives for going green. Consider, for example, the 2022 Chevrolet Bolt, which has an MSRP of $31,500. In Oklahoma, individuals who purchase a new OEM alternative-fuel vehicle receive a one-time tax credit based on the weight of the model. The Bolt, which has a curb weight of 3,589 pounds, would be eligible for a maximum tax credit of $5,500.
Other EV makes are also eligible for a $7,500 federal tax credit. With that in mind, the effective price tag for a new EV in Oklahoma would, in a sense, be comparable to that of a gas-powered compact car.
Also, consider that EVs are becoming more affordable with every year that passes. In 2022 alone, manufacturers such as Chevrolet reduced the prices of their entry-level EV models. As EVs become more prevalent, consumers may be able to expect much lower sticker prices on models across the board.
EVs and gas-engine vehicles take different types of fuel, and one is well-known for being more costly than the other. Some numbers show that the average annual cost to charge an EV is $485. In contrast, the average annual cost to fuel a gas-engine vehicle is $1,117. That means that EV owners pay less than half as much to charge their vehicle as they would for gasoline. Also, consider that gasoline prices tend to fluctuate a great deal, depending on market conditions. The cost of electricity is more consistent.
To top things off, EVs today tend to offer tremendous range—the distance they can cover before requiring a charge. The Office of Energy Efficiency and Renewable Energy reported that the median range for EVs in 2020 exceeded 250 miles, which placed them on par with many gas-powered cars. The maximum EV range, however, was greater than 400 miles, which is far greater than what a gas-engine vehicle can achieve.
Keep in mind that individual fuel costs can vary widely depending on the make and model of your vehicle and whether it’s powered by electricity or by gasoline. The 2022 Chevrolet Bolt is among the leaders, getting 29 kWh per 100 miles, but other EVs may not be as efficient and thus cost a little more to keep charged.
An often-overlooked advantage of EV ownership is the reduced cost of maintenance. Data provided by Consumer Reports shows that maintenance costs for an EV are about half as much as they are for a gas-engine vehicle. There are several reasons for such cost savings. One is that EVs have fewer moving components than their gas-engine counterparts. That leaves less opportunity for operational malfunction and upkeep. There’s no need to change the oil, and there’s nothing under the hood to tune up.
Another overlooked advantage is the high-end performance of most EVs currently on the market. Because of the operational nature of an electric drivetrain, EVs offer instant torque delivery. That means there’s no lag in acceleration. As soon as you step on the pedal, you’re zooming off. Owing to this characteristic, EVs are typically quick, and many owners find them exhilarating to drive.
Not only that, but the performance is quiet. The main noises you’ll encounter while driving an EV are the sounds of the tires on the road and the wind against the body. The quieter ride, in turn, means more pleasurable conversations with passengers and clearer audio entertainment.
If you’re concerned about your carbon footprint, transitioning to an EV can help you make a more positive impact on the environment. According to the Environmental Protection Agency, gas-engine passenger vehicles, on average, produce 4.6 metric tons of carbon dioxide every year. EVs, however, produce none. Therefore, it would follow that the more market share EVs take, the cleaner the air will be.
When you factor in the tax incentives, fuel savings, and reduced need for maintenance, long-term ownership of an EV is likely to be more cost-effective compared to a gas-engine vehicle. The above-mentioned Consumer Reports study compared popular EVs with similar gas-engine models and found that long-term ownership of the EVs amounted to savings of $6,000 to $10,000. That being so, you can conclude that it’s cheaper to drive an EV than a gas-engine vehicle.
At Eskridge Chevrolet, we carry a wide range of new Chevrolets and pre-owned vehicles of various makes and models, including electric vehicles such as the Chevy Bolt, and Bolt EUV. If you’d like to know more about our diverse inventory, get in touch with us through our contact page. Provide your name, contact details, and a message and we’ll reach out to you as soon as possible. You can also call us at 405-266-4702 to speak directly with an associate.
You’re also welcome to swing by the dealership at your earliest convenience. Find us at 5307 S. Division St., Guthrie. We’re open 8 a.m. to 7 p.m. Monday through Friday and 8:30 a.m. to 6 p.m. on Saturday. Whatever you’re looking for in your next vehicle, let us have the privilege of helping you find it.