If you are considering the purchase of an electric vehicle (EV), there are several major factors that you will need to consider:
Perhaps you can think of more, but here is a deeper dive into this last consideration. Let’s compare the operating cost of these two vehicles.
Presently, the Federal tax credit for the purchase of EVs is still available. Check with local, state, municipal, and utility companies for further incentives. Brand and model determine both taxes and the rate at which EVs hold their value. However, the anticipated useful life for EVs is 10 to 20 years, about twice the useful life of ICE vehicles. Insurances costs run slightly higher than ICE vehicles, again, depending upon brand and model. Currently, repair options are limited; as after-market repair options become available, expect the competition to reduce the costs of repairs and insurance. Some of these factors depend on location, so complete some research for your region.
If you currently maintain your ICE vehicle, then you probably anticipate that maintenance will be necessary for EVs as well. However, some common maintenance tasks for ICE vehicles will not be necessary for EVs. Tires, brakes, and windshield wiper replacement are examples of common maintenance tasks. Oil changes, fuel filters, spark plugs, and timing chains will not be necessary with EVs. Electric vehicles have only one forward gear, so there is no transmission (as we know it) to maintain.
How much money will you save on maintenance over the life of the EV? Compile how much you are currently paying for such maintenance tasks and multiply that figure by the number of years you plan to keep the EV.
The fuel costs for ICE vehicles are volatile, dependent upon both domestic and international factors. The cost of electric utilities is much less volatile. A comparison of the cost of ICE vehicle fuel and EV fuel will be a moving target, but here is a representative comparison.
Estimating the price for your ICE vehicle looks like this.
Estimating the price for your EV is similar.
With our four decades of experience as an Electrical Contractor, we specialize in EV Charging Stations, AirPro Houston provides you with the skill and expertise to help answer your EV Charging Stations questions.
We have financing options available for Home EV Charging Stations with great options with up to 72-month terms with approved credit. Call our teams of Electricians at 281-880-8805 and let us partner with you for all of your electrical repair, Home Generator installation, and Home EV Charging Stations.