Gas prices are rising, and the latest studies show that EVs are now three to six times less expensive to own than the average gas-powered vehicle. Most of these savings have resulted from two factors:
- At the time of this writing, the average national gas price is roughly $4.12 per gallon. The average price of electricity per kilowatt-hour is a mere 13 cents!
- Since EVs don’t require oil changes, electric cars cost less to maintain than gas-powered vehicles. You’ll still need to pay for occasional fluid flushes and tire rotations, but you’re practically guaranteed to spend less at Rumson-area service centers.
The bottom line is that electric cars are affordable—especially when the available federal EV tax credits are factored into the equation! If you’re on the fence between gas and electricity, just think of how much you could save by stepping into the future!
Cost Comparison: Is Electricity Cheaper Than Gas?
Understanding the relative cost of gas vs. electricity will only tell you so much. If you really want to understand the ins and outs of electric car costs, you’ll need to take a comparative look at how much gas-powered vehicles and EVs actually cost to refuel! Here’s the breakdown:
- We love the high-powered Jaguar F-PACE—but with a 21.7-gallon fuel tank, it can cost almost $90.00 to refill an empty tank.
- The all-electric Jaguar I-PACE has a 90 kWh battery. If you recharge it from 0% to 100% at home, you could spend less than $12. (Remember that this is the average—electricity costs could vary by location and also by time of day.)
- The EPA estimates that an F-PACE gets 24 miles per gallon in combined city/highway settings. This gives it a total range of roughly 520 miles.
- That’s significantly higher than the estimated range of the I-PACE, which can go around 220 miles on a single charge.
- Even so, it’s easy to see that the I-PACE can take you a lot further for less money. You only need to spend $36 on electricity in order to travel more miles than you’d go with $90 and a new F-PACE.
It’s really only worth it to pay for the convenience of gas if you can’t afford to spend any time recharging your vehicle—but it’s important to note that electric car charging times are getting shorter with every model year.
The ratio between gas prices and electricity prices will vary depending on where you live. For a more precise estimate of electricity prices in Red Bank or Colts Neck, you can check your latest statement or get in touch with your electric company.
Why Are Gas Prices Rising?
Cheaper gas might come back eventually, but it might not—and even a glance at the historical data will tell you that gas prices are rising dramatically over time. By contrast, electricity costs are historically very stable—doubly so, since electricity can be generated with a wide range of means, including sustainable sources.
More to the point, gas prices are rising today because of the war between Russia and Ukraine, since Russia is a major global exporter of oil. In general, gas prices will tend to rise over time because oil is a non-renewable resource that gets more costly to locate and retrieve as supplies deplete.
Cost Comparison: Maintenance
If you choose an EV, it’s far from inconceivable that you could cut your vehicle’s total lifetime maintenance costs in half. This is one of the most exciting benefits associated with electric cars.
Different gas-powered vehicles cost very different amounts to maintain, and so there’s always room for variation—but the following factors ensure that most electric cars cost far less to maintain than their gas-powered counterparts:
- No Oil Changes: We’ve already mentioned that electric cars don’t receive oil changes, but it’s worth emphasizing a second time. Electric cars will need to have their tires rotated twice per year, and other fluids like coolant will need to be changed on occasion, but cutting out oil changes may still save you hundreds of dollars per year. (On the fence between a hybrid and an EV? Only EVs let you cut out oil changes entirely.)
- Fewer Moving Parts: Electric cars have fewer moving parts in their propulsion system—which means fewer breakable pieces—and they don’t require spark plugs, engine air filters, catalytic converters, or emissions systems. EVs also use regenerative braking to recover energy without wearing on the brakes, so your replacement appointments will be fewer and farther between.
Beat Rising Gas Prices with a New Jaguar I-PACE!
Are you ready to enjoy the dramatic savings offered by modern electric vehicles? Explore Jaguar Monmouth lease specials and get in touch with our financing team to learn more about current tax incentives. We’re here to answer any and all of your questions.
