Why Are Electric Cars So Expensive?

Believe it or not, electric cars don’t cost as much as they used to. Plus, they cost much less than a high-end luxury car! While we understand that it’s still more than your normal crossover, there’s a reason for the cost. And it all comes down to the electric batteries. And these batteries will be why you save money in Fort McMurray the long run! Curious to learn more? Don’t hesitate to contact us with any questions on how to make an electric vehicle in Sherwood Park yours today.

Are Electric Cars More Expensive Than Gas-Powered Cars?

EVs are not necessarily more expensive than gas-powered cars, no. In fact, the inverse is often true. They are generally more expensive only if you’re comparing sticker prices, or MSRPs, for EVs vs. gasoline-powered cars across the same category, with all else being equal. But then again, there are many hidden savings to EVs you might not be considering, including:

• State Incentives: Depending on where you reside and buy your EV, you might be eligible to claim state incentives when buying an EV.
• Federal Tax Credits: There may still be applicable federal rebates and tax credits available for your EV purchase.
• Running Costs: a Kilowatt of power, even when charging on the grid, is much less than a gallon of gas. It could cost dollars to “fill up,” AKA fully charge an EV, whereas a gas tank could cost $35, $55, or even $75 — or more.
• Maintenance Costs: EV drivetrains consist of a battery pack and an electric motor and very little else, meaning their maintenance costs are pretty basic — think tires, wipers, steering fluid, A/C components, and brakes.
• EV as a Home Generator: We’re not talking about charging your EV here. You may be able to, in the event of a power outage, use your electric vehicle to keep your home’s lights on or give power back. Now that’s cost-efficient!

According to the same Consumer Reports study, “The typical total ownership savings over the life of most EVs ranges from $6,000 to $10,000, CR found. The exact margin of savings would depend on the price difference between the gas-powered and EV models that are being compared.” In other words, savings vary, but you can reasonably expect to save between $6,000 to $10,000 by purchasing an EV vs. a gas car over the long run.

Shop for Your Next Money-Saving EV Today at Southview Acura!

Are you ready to take the first steps in your EV journey? We’re excited to get you behind the wheel of a vehicle that’s going to help you make more eco-friendly choices, so get started today at our Edmonton dealer near %target_city_1%% to see what we have to offer. Take a look at our new vehicle inventory, and then head on over to our finance center to make this dream a reality!