Day-to-day driving in an electric vehicle tends to be a lot more budget-friendly than a traditionally powered car simply because EVs are so efficient overall.
The Department of Energy’s Alternative Fuel Data Center makes the point that, mile for mile, electric vehicles are simply far more economical than traditionally powered vehicles. “Depending on how they are driven, today’s light-duty EVs (or PHEVs in electric mode) can exceed 130 miles per gallon equivalent,” says the Department of Energy. That kind of mileby- mile economy adds up quickly for those with longer driving cycles.
For example, the EPA’s 2021 Fuel Economy Guide estimates that a compact car driver could spend up to $4,050 per year on gasoline, while a standard pickup truck driver could hit $4,700. (It’s no wonder the EPA’s list of 2021 “Fuel Economy Leaders” is littered with EVs.)
The longer the term, the better the return on one’s EV investment too. Many of the “replacement parts” we associate with regular vehicle maintenance simply don’t apply to electric motors and battery packs. Replacing items like oil and oil filters, air filters, timing belts, spark plugs and head gaskets, all critical to anything with a gas engine, get crossed off the EV owner’s list.
Significant rebates, especially in New York, help make this math work too. Federal tax credits are available up to $7,500 depending on the vehicle, and the New York State Energy Research and Development Authority offers a Drive Clean Rebate of up to $2,000 for qualifying electric vehicles. E-ZPass commuters can even save daily with discounted rates on tolls.
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