Electric vs. Gas-Powered Vehicle Cost of Ownership
Electric vehicles (EVs) are growing in popularity—which means many customers are curious about them. At our dealership, we are asked many questions about EV costs and whether investing in an EV is financially viable in the long run. Our team at Andy Mohr Ford is here to break it down for you.
We’ve created this guide to the electric versus gas-powered vehicle cost of ownership for our customers around Plainfield, Indianapolis, and Brownsburg, Indiana. Keep reading this article for a thorough breakdown of the EV cost benefits!
Before diving into cost comparisons, it's essential to understand how electric vehicles work. A traditional gas-powered car contains an internal combustion engine (ICE), with many moving parts.
EVs use rechargeable batteries instead of an ICE. These batteries supply electricity to an electric motor to propel the vehicle forward. EVs rely on charging stations or home charging setups to replenish their battery capacity.
Since EVs are newer members of the auto market, they often come at a higher initial cost than gas vehicles. However, in the long run, EVs can reduce fuel and maintenance costs.
First up, let’s discuss fuel costs for both electric and gas vehicles. If you drive a gas-powered car, you’ll need to make a stop at your local gas station to fuel up before running errands or taking a family road trip. The cost of gas can vary widely, depending on the current supply and other factors.
EVs can save you money over time, due to the lower cost of electricity. Driving an EV costs about half as much per mile as operating a gasoline-powered vehicle.
Furthermore, owning an electric vehicle often comes with financial incentives, such as federal tax credits, state rebates, and discounted charging rates. These incentives vary by location; however, they contribute significantly to the overall cost savings associated with EV ownership.
Maintenance Costs
Some vehicles require more maintenance than others. Following your model manufacturer’s maintenance schedule is essential to keep enjoying your car’s performance. At the same time, these services cost money. Another benefit of EVs is that they require fewer maintenance visits than gas models.
Gas-powered vehicles require regular maintenance, including oil changes, air filter replacements, and transmission fluid flushes. In contrast, electric cars have fewer moving parts and no reliance on combustion, resulting in lower maintenance requirements and costs. You will still need to seek some services, such as tire rotations. However, the simplified design of EVs accounts for a significant cost difference when it comes to service.
Electric Vehicle Incentives
As protecting the planet becomes increasingly important, electric vehicles are only becoming more popular. Many drivers are pleasantly surprised to learn that you can receive federal tax incentives when you purchase an eligible EV. These incentives, designed to promote sustainable transportation, offer financial advantages for EV owners.
You can save on your EV purchase with tax credits and incentives. The federal government offers up to $7,500 in tax credits for eligible electric vehicles, so you can enjoy reduced tax liability while doing your part for the environment.
State-level incentives offer even more opportunities to save when owning an EV. Not only do they make it more budget friendly, but it also motivates people to choose eco-friendly and sustainable transportation options. As the world shifts towards a more sustainable future, these tax incentives play a pivotal role in driving the adoption of electric vehicles across the country.
Next up in our electric versus gas-powered vehicle discussion, let’s review a few simple ways to make the most of your EV. You can keep your electrified car performing optimally by performing these simple maintenance checks.
Start by prioritizing tire care. Regularly check tire pressure and adhere to recommended levels, as this directly influences your EV's efficiency and overall range. Regularly rotating the tires and maintaining proper alignment ensures even wear, extending their lifespan and contributing to a smoother ride.
We recommend monitoring your vehicle’s brake fluid and coolant levels. This will help ensure optimal stopping power and maintain efficient temperature management for your ride. Additionally, keeping an eye on battery health through routine checks can help ensure its longevity and sustained performance.
You can check out the maintenance schedule in your vehicle owner’s manual to learn the manufacturer’s recommendations and keep your electric roadster in ideal shape.
Now that we’ve discussed the electric versus gas-powered vehicle cost of ownership, you might be ready to find a new EV, with cutting-edge technology and innovative style. Our Ford inventory has options for you. The Ford lineup now includes dynamic, electrifying driving companions to fit your daily driving life, including:
- Ford F-150 Lightning
- Ford Mustang Mach-E
Ford EVs offer exceptional performance, zero tailpipe emissions, and reduced environmental impact, catering to the growing demand for greener mobility solutions. These vehicles integrate modern design and state-of-the-art features, while prioritizing efficiency and functionality.
Whether it's the Mustang Mach-E's blend of electric power and iconic styling or the F-150 Lightning's impressive capabilities, Ford's electric vehicles are an exciting representation of the brand's commitment to sustainable transportation. Their charging network is comprehensive and their focus on making their EVs affordable and accessible is admirable.
If you want an EV that makes an impact, you can find your next set of wheels here at the Ford dealer near you.
We hope this guide to the ownership costs of gas and electric vehicles has helped you. While electric cars may cost more upfront, they offer both environmental advantages and significant savings during the vehicle’s lifetime. As more people transition to electric cars, their positive impact on the planet will continue to grow.
Do you have more questions about the electric versus gas-powered vehicle cost of ownership? Do you live near Plainfield, Indianapolis, or Brownsburg, IN? If so, contact us today at Andy Mohr Ford!