Top Five Reasons That Drivers Are Contemplating the Switch to an EV

1. Electric Vehicles Save You Money

Reduced charging costs was selected by 33% of respondents, making it the highest-ranking reason for owning or leasing an EV. Gasoline and diesel prices are vulnerable to significant price fluctuations, whereas EV drivers pay $1.22 on average for the equivalent of one gallon of gasoline.

Using NYSERDA’s Electric Vehicle Calculator to estimate the annual costs for driving a 2023 Chevrolet Bolt EV 2LT, the projected fuel/energy savings would be $611 for the first year of EV use.

This estimate assumes a gasoline price of $3.50/gallon and that an EV driver charges 90% of the time at home and drives 12,000 miles annually, which is slightly above the statewide average of 11,817 miles. EV drivers who can charge more frequently at home during off-peak hours can expect greater savings.

2. Lower Overall Costs Over the Lifetime of the Vehicle

Around 31% of respondents cited lower lifetime ownership costs for EVs as a leading reason for forgoing a gasoline-powered vehicle. The lifetime costs of an EV include the cost of the purchase or lease (minus rebates and tax credits), energy/fuel costs, and maintenance costs.

Although EVs are generally cheaper to power than vehicles that run on fossil fuels (e.g., gasoline or diesel), they have a higher sticker price. However, the Inflation Reduction Act provides tax credits up to $4,000 for used EVs and $7,500 for new EVs, helping close the price gap between electric and conventional models. In New York, many new EV models are also eligible for Drive Clean Rebates of up to $2,000, meaning a combined cost reduction of up to $9,500 on certain new EVs.

Battery-electric vehicles require less maintenance than vehicles with internal combustion engines, providing cost savings for EV drivers. We’ll expand on this below.

3. Lower Maintenance Costs Than Gas-Powered Vehicles

Cost savings comprise the top three reasons for driving an EV, with 28% of respondents selecting lower maintenance costs as their motivation for making the switch.

With a battery-electric vehicle, the motor has fewer moving parts and there’s no need to change the oil, resulting in less frequent and cheaper maintenance. EV brakes experience less wear due to regenerative braking, too. On average, EV drivers spend about 50% less on repairs and maintenance[3].

4. Electric Vehicles Offer You a Better Driving Experience

An electric engine generates instant torque, which means that electric vehicles zoom off starting lines and provide smooth, responsive acceleration and deceleration. Electric vehicles also have a low center of gravity, which improves handling, responsiveness, and ride comfort.

The driving performance of electric vehicles has been recognized in race series like Formula E or local drag strips and attested to by thousands of electric vehicle drivers across the country.

5. Electric Vehicles Are Convenient

Instead of searching for a gasoline station with the cheapest prices, you can charge at home at a cheaper rate and much more predictable cost. And plugging in at home takes only a few seconds and lets you wake up with a “full tank” every morning.

EVs also have other convenient advantages. Battery electric vehicles are mechanically much simpler than a conventional gasoline car, so the maintenance requirements are often much simpler and, for this reason, cheaper to maintain. Drivers of electric cars a do not have to change their car’s motor oil every 5,000 to 10,000 miles, and they never have to schedule spark plug changes, timing belt replacements, or other engine tune up items.

Depending on your location, EVs have additional benefits, like access to restricted express lanes on highways and bridges, special parking spots, and reduced or free tolls.

Sources:

https://www.nyserda.ny.gov/Featured-Stories/Top-5-Reasons-Drivers-Are-Choosing-EVs

https://www.ucsusa.org/resources/top-five-reasons-choose-electric-car