The environmental benefits of eco-friendly cars are one of the primary reasons people invest in them, but there is another reason: the financial benefits. For all the Kiwis experiencing quarantine, you may have noticed that the lack of driving means a jump in the amount of money staying in your bank account. For electric vehicle owners, that’s the daily standard! In terms of their running costs, electric vehicles are much cheaper than gasoline vehicles from day to day.
The fuel savings are significant for both pure and hybrid electric vehicles, and many people opt for this lifestyle for the simple joy of watching their savings tick up. We’re going to break down why the fuel costs for electric vehicles are so much cheaper. Buckle up, and let’s go!
How Much it Costs to Run a Gasoline Car
Electric vehicles do tend to be more expensive upfront than non-electric vehicles, but they prove to be cheaper in the long run. Their running costs are minimal when compared to gasoline vehicles, simply because gasoline is an expensive commodity where electricity is not.
As of 2020, the average price of a litre of gasoline is $2.03. Assuming the average car is between 45 and 65 litres fuel capacity, filling up a tank will cost anywhere between $91.35 and $131.95. For an average Kiwi’s driving range (around 25 to 30 kilometres per day), that tank would last 8 to 9 days. Over the course of a year, that adds up to between $3,640 and $5,240 on gas alone.
Not accounting for vehicle maintenance costs, road trips, or fluctuations in the price of gasoline, this makes a gasoline-powered vehicle a huge cost to drive. In comparison, a pure-electric vehicle or even a plug-in hybrid car won’t hurt your wallet nearly as badly.
Running the Average Electric Vehicle
In comparison, Drive Electric (one of the Kiwi organisations we are proud to partner with) calculated the cost of driving an EV to be significantly cheaper. They found that charging an electric vehicle costs the equivalent of paying 30c per litre of fuel.
At home, recharging your vehicle to a range of 100 kilometres will run you about three dollars, depending on the efficiency of your car. Since most Kiwis don’t drive 100 kilometres per day—most drive 25 to 30km per day—a total recharge should only be needed every third day or so, and these can be done as you sleep!
Out on the town, electric chargers are becoming more and more common, and fast charging your car to 100 kilometres will run you approximately ten dollars (depending on the charger). In other words, getting 100km out of your car is significantly cheaper if that car has electricity running through its veins rather than petrol.
Enjoy the savings you’ve seen on gas through the lockdown period all the time; invest in an electric vehicle.
Choose quality second-hand electric vehicles. Choose GVI Electric.
Second-hand electric vehicles need far less maintenance than gasoline vehicles, so they make fantastic purchases that will go the distance with both you and your family. Visit one of our dealerships today to find the perfect EV for you.