As electric vehicles gain popularity, the Ioniq 5 stands out for its economic advantages compared to traditional gas vehicles.

Cost Comparison

• Initial Cost: The Ioniq 5 typically has a higher upfront cost than many gas vehicles.
• Fuel Costs: EVs like the Ioniq 5 have lower fueling costs, averaging $0.05 per mile compared to $0.10 for gas vehicles.
• Maintenance Costs: EVs require less maintenance, leading to savings over the vehicle’s lifespan.

Savings Over Time

Long-Term Savings Summary

• Over 5 years, the total cost of ownership for the Ioniq 5 can be significantly lower than that of a gas vehicle.
• Assuming an average mileage of 15,000 miles per year, the savings can amount to over $10,000 over 5 years.

Potential Cost Savings Breakdown

• Fuel Savings: $500/year x 5 years = $2,500
• Maintenance Savings: $300/year x 5 years = $1,500
• Tax Credit: $7,500 one-time
• Total Savings: $2,500 + $1,500 + $7,500 = $11,500

Environmental Impact Consideration

• EVs produce fewer emissions, contributing to lower overall environmental costs.
• Reduced reliance on fossil fuels can lead to long-term geopolitical and economic benefits.

Comparison Mind Map

1. Initial Cost – Higher for EVs 2. Fuel Costs – Lower for EVs 3. Maintenance – Lower for EVs 4. Insurance – Varies, often lower for EVs 5. Long-term Savings

Conclusion

Overall, while the Ioniq 5 may come with a steeper initial price tag, its lower operational costs, coupled with tax incentives, position it as a financially savvy choice over traditional gas vehicles.