Do Electric Cars Save Money? Here’s My Hot Take

shotcaller

Bronze Wordsmith
May 17, 2018
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I’ve been mulling over getting an electric or hybrid vehicle for a few years now. I like the high-tech styling of electric cars, as well as the fact that they’re (supposedly) better for the environment. But at the end of the day, the cost of acquiring and maintaining an EV is the biggest factor. I had to do research into whether hybrid cars are worth it.

If you want to get your own EV, or if you’ve ever asked “Do hybrids save money?” read on. I’ll be discussing my own thought process into the subject. Spoiler warning: they totally are!

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Electric Cars are Becoming More Affordable

An electric vehicle (also called EVs) used to be a bit of a status symbol. We’re used to seeing a bunch of newly-minted Silicon Valley billionaires rolling in their shiny Teslas. But electric vehicles are becoming even cheaper. But the famous company recently unveiled the Tesla Model 3, which comes with a relatively low SRP. And prices could go even lower. This article on Mashable says:

“On a call with reporters, (Elon) Musk called the lower price an achievement, but acknowledged ‘it’s been insanely difficult.’ He said future Tesla cars could cost even less, but that’s more than three years away.”

So to answer your question: is it worth buying a hybrid or electric vehicle? Yes, it absolutely is. Electric vehicles are the future, and while gas and diesel is still the norm, the world is fast adopting electric cars. And when that happens, prices will only go lower.

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Differences Between Green and Traditional Vehicles

If you haven’t driven a hybrid or electric car yet, get ready for a few differences. Electric and hybrid vehicles are different from gas powered ones, and I’m not just referring to green vehicles having cooler looking exteriors. The differences between green and traditional fuel vehicles are as follows:

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EVs are Greener… Sort Of

One of the main advantages touted by EV drivers and owners is the fact that their vehicles don’t produce emissions. And that means less pollution. There are a lot of claims that electric and hybrid vehicles are cleaner and better for the environment. This is true, but only up to a point. See, electricity is still produced in coal-burning plants. And chances are, your EV was transported in a ship burning regular fuel. So the carbon footprints of EV aren’t exactly zero.

But that said, I don’t think that’s a reason for you to turn your back on electric vehicles and start rolling coal. While electric vehicles are becoming more and more prevalent, I think we’re still seeing the wider adoption of these types of vehicles. Meaning, as the years go by, I hope we see the better infrastructure that will make electric vehicles even more environmentally friendly.

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The Sound of Silence

Electric cars are quiet… sometimes too quiet. So quiet, in fact, that some electric cars come with fake engine sounds. As someone who likes to the whizzing sound of electric vehicles, I find fake engine sounds pretty ridiculous. And there’s even a product called a “Sound Booster Pro Kit” that a motorist can install in their Tesla so it sounds like a good old gas guzzler. As I said, it’s pretty crazy (Favorite comment on their YouTube video: “I identify as a Muscle Car!”) but I’ll leave it up to you whether the lack of a traditional engine sound will be a cause of concern.

Jaguar I-Pace also has a fake engine sound, but instead of sounding like a V8, it creates this strange, Star Trek-style spaceship sound. This is also weird, but at least it’s not trying to imitate something that used to exist, right?

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Electric Vehicles Have Crazy Acceleration

This is one of my favorite things about electric vehicles. They might not look as aggressive as an American muscle car or Italian hypercar, but they’ve got crazy acceleration. And the torque. Floor the accelerator pedal on an EV (you can’t really call it the “gas” pedal, right?) and you get pinned to your seat. I love it! If you’re wondering whether hybrids are worth it, consider this factor. Electric vehicles are super-fun to drive.

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You Get Lots of Perks and Tax Breaks with EVs

This is one of the biggest benefits of owning and driving an electric vehicle. The government wants more people to go electric, which is why they give tax incentives and a bunch of other perks. This could help offset the cost of acquiring an electric vehicle. If you want to know whether hybrid cars save money, check with your local DMV to learn about any possible perks you could avail of.

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Virtue Signalling

Now, this might put some people off. Driving an electric vehicle proclaims to the world that you are forward-thinking, an early tech adopter, and concerned about the environment. This might rub other people the wrong way, but I think there’s a positive spin to this: the more electric vehicles there are on the streets, the more likely people are to get their own EVs. So fly your EV flag proudly! You know, for the good of the world.

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The Verdict?

I already mentioned at the start of this blog post that electric vehicles – including hybrid cars – are totally worth it. They’re economical, better for the environment, and give you a great driving experience.

If you’re still on the fence about getting your own electric car, simply compare the cost of getting one with the cost of getting a traditional car. Also, consider the cost of fuel – with rising fuel prices, it won’t be long before electric vehicles become more economical. I happen to think electric cards are already a more economical option. They might be costlier in the beginning (although the Tesla Model 3 certainly challenges that notion), but the benefits will eventually add up. And these aren’t abstract benefits. With the aforementioned fuel prices rising, owning an electric vehicle will give you actual financial savings.
 
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