Analysis of the Cost of Using an Electric Car
An analysis of the costs of using an electric car shows that battery-powered vehicles have already become cheaper to use over a five-year period than gasoline cars. Not less than $8,000 is the difference in favor of an electric vehicle at this moment, in competition with a gasoline vehicle, according to JD Power in a study conducted in the USA, commissioned by Automotive News, taking into account current fuel prices, energy tariffs, taxes and fees, plus other expenses, analyzing both purchase and leasing.
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The calculations started from the purchase prices, which are undoubtedly much higher for an electric car compared to a gasoline car.
The Challenges of Electric Vehicles
According to JD Power, electric vehicles have an average transaction price of $57,584, which is approximately $13,000 higher than gasoline vehicles. This high price is one of the main reasons why car buyers are hesitant when it comes to purchasing an electric car. While tax incentives, such as bonuses or exemptions from taxes, help reduce this price difference, it still remains significant at the moment.
The subsidies provided by the US can go up to $7,500 in the form of tax credits, a value that is similar to the average subsidies offered by European countries for electric vehicle purchases in most member states. In addition to these subsidies, the costs of charging the battery versus filling up with gasoline, insurance rates, and other taxes and fees also play a role in the overall cost of owning an electric vehicle.
The Financial Incentives for Electric Vehicles
When considering the purchase of an electric vehicle, it is important to take into account the financial incentives offered by different countries. Recent calculations have shown that, on average, buying an electric car upfront can save you around $3,000, while leasing one can cost you an additional $1,800 compared to a traditional vehicle. However, these numbers vary significantly from state to state, with some offering financial advantages of up to $8,000, while others actually make electric cars more expensive over a five-year period.
European Perspectives
Similar situations can be observed in Europe, where tax incentives for electric vehicles differ from one country to another. Romania, for example, has been a prime example of how state subsidies can influence the purchase of electric cars. Just a year ago, the country offered the highest price reduction through the Rabla Plus voucher, exceeding €10,000.
The Rise of Electric Vehicles
Electric vehicles have become increasingly popular in recent years, with many consumers opting for them over traditional gasoline-powered cars. Today, the value of electric vehicles has decreased significantly, but this has not deterred the strong demand for them.
For an electric car powered by home energy, the cost of energy consumed for an average of 15,000 km per year can be limited to around 1,000 euros, compared to gasoline consumption which costs at least double. This means that over a five-year period, the price difference, which is currently at least 10,000 euros for models in the same segment, can be recovered by 5,000 euros through energy savings alone, in addition to the 5,000 euros granted through government incentives.
Further savings will be made on maintenance and operating costs, which are lower for electric vehicles. One thing is clear: the more the car is used, the more cost-effective it becomes, making it a sustainable and economical choice for consumers.
Electric Vehicle Acceptance Rate Expected to Increase
According to experts at JD Power, the decrease in purchase prices for electric vehicles will likely lead to a rapid increase in acceptance rates for this type of propulsion. Despite a recent decrease in demand, public interest in electric vehicles remains high. The larger the price gap, the more challenging it becomes to recover.
