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How Electric Vehicles Save Money

2023 Chevrolet Bolt EV
If you're shopping for a car on a budget, you're probably doing a lot of research to find the best price. Glimpsing dealership websites may lead you to believe that a gas-powered vehicle is the most affordable choice. While it's true that the upfront costs of gas vehicles tend to be cheaper, it might be smart to invest in an electric model. You'll not only reduce your ecological footprint and enjoy faster acceleration rates but also see significant savings over the long run. Dan Cummins Chevrolet Buick of Paris is here to explain how electric vehicles save money. View Chevrolet Bolt EV View Chevrolet Bolt EUV

Lower Fuel Costs for Electric Vehicles

2023 Chevrolet Bolt EV One of the most significant ways electric vehicles save is through fuel costs. According to one source, the average cost to operate an electric vehicle is $485 per year compared to $1,117 per year for a gas-powered vehicle. This savings of more than $600 allows you to put more money into vehicle maintenance or cover other living expenses. In addition to being more affordable, electricity tends to have more stable rates. This predictably helps drivers budget accordingly and enjoy the savings they see over the long term. Over the past 10 years, gas prices have ranged anywhere from $1.50 to $4.00 per gallon. Even when gas prices were lower, fuel prices couldn't compete with cheaper electricity rates. On average, drivers of electric vehicles have paid around $1.20 to travel the same distance that a driver of a gas-powered vehicle could travel on one gallon of gasoline. Here's an example to help you better understand the savings. Imagine that you own an electric vehicle that has an average performance of 100 miles per 30 kilowatts per hour (kWh). If the current electricity rate is $0.12 per 1 kWh, you will pay about $1.00 to travel 36 miles. Now, consider that the average performance of a gas-powered vehicle is 22 miles per gallon. If you spent the same $1.00 on gas, you would only be able to drive 18 miles. If you owned an electric vehicle, you would double your mileage while keeping fuel costs the same.

Lower Fuel Costs of Plug-in Hybrid Electric Vehicles

A plug-in hybrid electric vehicle (PHEV) primarily runs on battery power. Still, a PHEV features an internal combustion engine that switches on when the battery dies. Some drivers question the cost savings of a PHEV because it requires you to pay for both electricity and traditional fuel. However, it's important to note that while a PHEV uses both energy sources, it operates much more efficiently than a gas-powered vehicle. The internal combustion engine of a PHEV uses anywhere from 30% to 60% less gasoline, meaning you can save on fuel costs. Additionally, the internal combustion engine of a PHEV recharges the car's battery so you can save on electricity.

Fewer Maintenance Requirements for an Electric Vehicle

Anyone who's owned a gas vehicle knows how much maintenance they can require. No wonder a traditional gas-powered car can have many problems because of its sheer number of moving parts. All of the spark plugs, oil filters, radiator, transmission, and exhaust systems mean that something is bound to go wrong. Fortunately, the lack of an internal combustion engine in an all-electric vehicle means significantly less maintenance. Fewer parts to break means you don't have to spend as much on repairs. Additionally, the regenerative braking system prevalent on most electric vehicles saves the brake pads and rotors from costly replacement. Even if you get a PHEV instead of an all-electric vehicle, you'll have fewer maintenance costs because the internal combustion engine runs less.

Tips for Saving With an Electric Vehicle

While electric vehicles tend to cost less in the long run, you can maximize your savings with the help of these tips:
  • Save up for a down payment. Though electric vehicles are more affordable over the long term, their upfront costs tend to be higher. To ensure you can afford the down payment and interest payments, begin by budgeting and building your savings account.
  • Buy a more affordable model. A more affordable model will reduce your upfront costs, but it can also help you save more over the long term than if you were to buy a higher-end vehicle.
  • Adhere to maintenance recommendations. You can avoid the need for unnecessary repairs by adhering to the manufacturer's maintenance recommendations for your model. For example, you might get tire rotations or cabin air filter replacements when the car reaches a certain number of miles.
  • Take advantage of warranties. If something goes wrong with your electric vehicle, you might not have to pay for repair costs out of pocket. Be sure to take advantage of any valid warranties to save money.
  • Shop around for insurance. While electric vehicles can be more expensive to insure than a gas-powered vehicle, you can save by shopping around. Certain providers offer discounts if you drive an all-electric or hybrid vehicle.
  • Take advantage of tax credits. If you buy a new electric or hybrid vehicle, you can enjoy a federal tax credit of up to $7,500. States also have rebate programs that encourage drivers to go electric.
  • Save through your utility company. Drivers who fuel up at home can save through their utility companies. Check your utility provider for programs to get per kWh discounts or reduced rates for charging your vehicle during off-peak hours.
  • Generate your own electricity. You can lower fuel costs and reduce your ecological footprint by generating your own electricity. Solar panels allow you to harness the sun's energy and may also make you eligible for additional tax credits.
Despite their higher upfront costs, electric vehicles are a wise investment for those looking to save in the long run. You'll spend less on fuel and maintenance while enjoying improved efficiency and faster acceleration. Contact Dan Cummins Chevrolet Buick of Paris today if you're ready to start shopping for your dream electric vehicle. We're eager to help you find a car that suits your budget and driving preferences.
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2023 Chevrolet Bolt EV

How Do You Maintain An Electric Car

Whether you’re thinking about buying an electric car in the near future or you already own an electric vehicle or EV, you need to know what kind of maintenance owning these vehicles entails. You may have heard that electric vehicles require less maintenance than other new vehicles, and it’s true. Still, this doesn’t mean you can keep an EV running with no care at all. View New Chevrolet Bolt EV View New Chevrolet Bolt Euv Tire Rotations and Alignment 2023 Chevrolet Bolt EV One of the most important types of maintenance your EV requires concerns its tires. Many drivers find that they need to rotate their tires about once per year, or every 5,000 to 8,000 miles. Rotating your tires is important because tires do not wear evenly. Not only can uneven tires impact the way your car rides but also the sound your car makes on the road. Your car benefits from spreading wear across all four tires as evenly as possible, and you benefit from not having to spend as much money on tires. Every few years, your car may require alignment services. If you ever notice that your car seems to pull to one side when you remove your hands from the steering wheel, your car may be out of alignment. Your mechanic will likely check for alignment when you have your tires rotated. It’s important that you pay close attention to the tires of your electric vehicle because EVs tend to be heavier than other vehicles. The battery adds a great deal of weight, which can wear on the tires. Pay close attention to any abnormal wear on your tires. Tire Pressure One form of maintenance you may be able to manage on your own is checking and maintaining the proper tire pressure for your vehicle. Your tires need to have the appropriate pressure because it can make your car more efficient and prevent a flat tire or blow-out on the road. While most new cars have sensors that warn drivers about tires with low pressure, it’s important to check your tires and fill them accordingly to prevent tire issues on the road. When you check your tire pressure, you should also inspect your tires for damage and tread issues. Battery Maintenance One of the biggest components of caring for your car comes down to battery maintenance. Every battery has a limit on the number of charging cycles, and some batteries require liquid coolant. You’ll want to have your battery checked out regularly to ensure that your system is safe and efficient. The coolant circuit of your car may need to be drained periodically, but this occurs less often than other types of services. The most expensive replacement any EV owner will likely make is replacing the battery of their vehicle. Battery life will lessen over time, but servicing your battery can ensure that everything is working well for as long as possible. If your battery is under warranty, you’ll likely need to have your battery serviced at scheduled intervals to ensure that your battery is still under warranty. Many people ultimately trade in their vehicles before they have to change the battery. Air Cabin Filter Replacement Your air cabin filter likely needs to be replaced every 15,000 to 30,000 miles. You should also replace your filter more often if you notice that your air conditioner isn’t working as well or if your car always seems to smell bad. Some people may replace their own air cabin filters, but a mechanic can also take care of this step. Windshield Wiper Fluid Replacement Replacing your windshield wiper fluid is one of the easiest steps you can take. Once you have wiper fluid and you know where the fluid reservoir is, you can easily add more fluid. This is also a good time to check your windshield wipers to make sure they’re still working well. If not, you should replace them as well. Brake Inspection One major factor shared between EVs and traditional gas vehicles is the need to check the brakes. Just as you may need to have your brakes replaced or repaired on a traditional car, you’ll also need to have your brakes regularly inspected if you have an EV. It’s a good idea to have your brakes inspected as often as you have your tires rotated. However, the braking system can be different for electric vehicles. They often use regenerative braking systems, which use energy from the car braking to charge the car’s battery. These systems do tend to last longer than traditional brakes, so you may not require inspections as often as you would with other cars. Light Bulb Replacement You’ll also need to replace your light bulbs regularly. Failure to do so could lead to a traffic ticket or unsafe driving, particularly at night if you have a missing headlight. Check your lights often to make sure your bulbs are still in good shape. You can check and replace your bulbs at home or take your vehicle to a shop for a quick appointment. You Can Save Money on Maintenance With an Electric Car There’s a good reason electric vehicles are less likely to need ongoing maintenance. For one, EVs don’t have all the components needing to be serviced. You don’t need an oil change every six months, and you don’t need to service your transmission or cooling system because your car doesn’t have these components. When you buy an electric car, you may pay more upfront than you would for a car that uses gas, but at the same time, you’re saving money on maintaining your vehicle. Before you purchase a new or used car, do the math, and see how much money you can save on oil changes, tune-ups, and other necessary services. Dan Cummins Chevrolet Buick of Paris, Kentucky, knows that maintenance matters when it comes to preserving your car’s life. Check out our selection of electric vehicles to learn more about which cars are available and how you can make sure you know exactly what you’re getting into with an electric vehicle.