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MountainDreamer
Updated:01/07/2024
Switching to an electric vehicle (EV) offers significant savings, but how much can you save? Let’s explore the financial benefits of making the switch.
COST OF OWNERSHIP COMPARISON
| Cost Item | Gas Vehicle | Electric Vehicle |
|---|---|---|
| Purchase Price | $35,000 | $40,000 |
| Fuel Cost (Annual) | $1,500 | $500 |
| Maintenance (Annual) | $1,000 | $300 |
| Tax Incentives | $0 | $7,500 |
| Resale Value (After 5 Years) | $18,000 | $20,000 |
ANNUAL SAVINGS ANALYSIS
- Fuel Savings: $1,000
- Maintenance Savings: $700
- Tax Incentives: $1,500 (amortized per year over 5 years)
Estimated Annual Savings: $3,200
LIFETIME COST SAVINGS
- 5-Year Savings: $16,000
- 10-Year Savings: $32,000
MAJOR FACTORS AFFECTING COST SAVINGS
- Electricity Rate: Costs can vary based on where you live.
- Driving Habits: Longer commutes can lead to greater savings.
- Incentives: Federal and state incentives can greatly enhance savings.
SAVINGS OVER TIME
| Year | Gas Vehicle Costs | Electric Vehicle Costs |
|---|---|---|
| 1 | $37,000 | $32,500 |
| 2 | $74,000 | $65,000 |
| 3 | $111,000 | $97,500 |
| 4 | $148,000 | $130,000 |
| 5 | $185,000 | $162,500 |
MIND MAP: SAVINGS FROM SWITCHING TO EV
- Lower Fuel Cost
- Reduced Maintenance
- Tax Incentives
- Resale Value
- Environmental Considerations
- State Incentives and Rebates
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