Gasoline prices have risen steadily over the past few months, which has weighed on consumers. Given the high price of gasoline, some are turning to electric automobiles – not just cars, but also trucks, delivery vans and other vehicles. That said, before buying an electric car, there are important financial considerations.
First, if you want to use an electric vehicle, you will have to recharge it. This means that you will usually have to pay for fuel and ultimately the cost of powering a vehicle can vary greatly depending on local electricity prices.
That said, you can get a good idea of how much you’ll need to spend to charge your car by looking at the kilowatt hours per 100 miles. This describes the energy efficiency of an electric or hybrid car. A Tesla Model 3, for example, needs 25 kilowatt hours (kWh) for 100 miles. With the kWh in hand, you can calculate the cost to charge your vehicle.
Fuel costs aren’t the only factor to consider with electric cars. Generally speaking, electric vehicles do not break down as often as traditional gasoline-powered automobiles. This is due, in part, to the fact that electric trains have fewer moving parts. You also don’t have to worry about spark plugs and oil changes.
That said, the battery will eventually wear out and replacing it can cost north of $5,000. You may also need to install a charging station in your home, which can cost thousands of dollars. And if gasoline prices fall while electricity prices rise, the cost gap between combustion engines and electric trains would narrow.
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