With gas prices continuing to rise, consumers everywhere are looking for ways to save money at the pump as they stick to their budget. While there are a lot of ways drivers can save money, electric cars seem to be gaining in attention and popularity. If you’re wondering if electric cars are worth the investment, then you’re not alone. We’ve got you covered with our 6 benefits you experience when you own an electric car.

How does an electric car work?

Often referred to as Battery Electric Vehicles (BEV), electric cars use a large battery pack to power the electric motor of the car. Electric cars must be plugged into some kind of wall outlet or charging equipment and the average driving range before recharging is about 200 miles. Electric cars come with several benefits which can be worth the challenge of needing to charge your car.

Lower running costs for an electric car

The biggest benefit of an electric car is its source of fuel and the savings that come with it. Electric cars are built to obviously run on electricity which eliminates a need for gas fill ups. It costs about $0.05 per mile to run an electric car vs. $0.15 per mile for a gas engine. The savings add up to on average $ 2,000-$4,000 per year.

Cleaner environment

Electric vehicles have no tailpipe and don’t emit any exhaust gas. This reduces the amount of pollution emitted by your vehicle. In addition, electric cars are 90% energy efficient compared to the 17-21% energy efficiency of an internal combustion engine.

Lower maintenance costs

Because electric cars don’t have as many moving parts, they require less maintenance. They don’t require maintenance like oil changes, spark plugs, and fuel filters. They also have regenerative braking (using the electric motor to decelerate the vehicle), extending the lifespan of brake pads. Lower overall maintenance costs lead to increased savings in the long run.

Increased performance for an Electric car

Electric cars are not only cost effective, but are also fun to drive. They boast quick acceleration – producing peak torque from a standstill. Most drivers report great handling and performance over their gas powered vehicles.

Bonus rebates

When you purchase an electric vehicle, you get cash back. There is a Federal Tax Credit for electric vehicles. There is also a Clean Vehicle Rebate Project (CVRP) which provides rebate savings for eligible vehicles.

Better resale

Resale on electric vehicles is better than their gas powered counterparts. If the cost of purchasing an electric vehicle is offsetting, 2nd hand electric cars can be a great option.

How do they compare to Hybrid vehicles?

We know what you’re thinking. Is a hybrid vehicle a better option? Hybrid vehicles are built with some minor differences. Hybrid cars have an electric motor and a gas engine. They are still powered by gas, but can get you further with less fill ups. Hybrids drive similarly to regular cars as the electric motor supplements the gas-powered engine. They also have regenerative braking as the engine recaptures energy  to recharge the battery while braking. Some hybrids can be plugged in, while others are refueled by gas alone.

If you’re looking for fuel savings that are great for the environment, electric cars are an investment that pays dividends.