The past decade or so has been pivotal for the auto vehicle industry. The emergence and increasing popularity of automakers like Tesla who only produce electric vehicles (“EVs”) has inspired most automakers to add electric vehicles to their roster of vehicles. This comes at a time when most developed governments are becoming increasingly conscious of pollution and climate change and are taking steps to reduce their carbon footprints.
According to a UK company, not only are EVs energy efficient and produce zero emissions, but they are generally cheaper to run and maintain than diesel or petrol cars. After crunching the numbers, Direct Line found that on average, an electric vehicle is £107 ($139.62) cheaper a year to own than a conventional internal combustion-powered car. The average lifetime running costs for an electric vehicle, including purchase price, is £52,133 ($68,025.75), while an equivalent petrol-powered model will cost you £53,625 ($69,972.58) over its lifetime.
An electric car owner would have to shell out £3,752 ($4,895.80) per year to keep their vehicle running compared to a traditional internal combustion-powered vehicle which costs £3,858 ($5034.11) per year. Thus, an EV owner will save £107 ($139.62) annually, adding up to around £1,070 ($1,396.19) – £1,605 ($2,094.28) over the course of 10-15 years.
This is despite the fact that electric vehicles on average cost £5,000 or 22% more than internal combustion-powered vehicles, even when the Government’s Plug-in Car grant which provides £3,000 subsidies for sub-£50,000 zero-emission cars is considered. Once the initial costs such as purchasing and installing a home charger are covered, Direct Line calculated that an EV owner will spend only £33.50 ($43.71) per week to keep their vehicle running. This is 21% cheaper than the £42.40 ($55.2) per week it would cost to keep a conventional gas-powered vehicle running.
Additionally, the annual tax and maintenance costs (including MOTs and servicing) for electric vehicles are 49% lower than for gas-powered models. It will also cost EV drivers 58% less to refuel (charge) the vehicle. However, due to “current production costs and complexities involved in the calibration of computers used in these cars,” Direct Line says, the insurance costs for EVs are, on average, 25% higher compared to traditional vehicles.
In its research, Direct Line also found that electric cars hold their value better than their gas-powered equivalents, with a year old EV losing only 12% of its value compared to a year old gas-powered vehicle which loses 24% of its value.
This research goes to prove why entities like Net Element (NASDAQ: NETE) believe so strongly that electric vehicles are the future.
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