5 reasons to go electric

Quick insights

• If you’re thinking about buying an electric vehicle, there are some features that you may want to consider.
• Electric vehicles may save you money, positively impact the environment, offer convenience and more.
• Considering the pros of buying an electric vehicle can be helpful for when deciding on which car you may purchase next.

Thinking of buying an electric vehicle (EV)? From personal savings to societal benefits, here are a few reasons why more and more drivers are “going electric.”

1. Saves money over time

Although the initial cost of EVs is still typically higher than gas-powered vehicles, EVs are estimated to cost less over time. In fact, according to Consumer Reports, it’s estimated that EV drivers save between $6,000 to $12,000 over the lifespan of the vehicle, compared to a similar gas-powered vehicle.

For example, EVs cost about half as much to repair and maintain as gas-powered cars, as they don’t require upkeep such as timing belts, spark plugs or oil changes. Learn more about EV maintenance.

Owners can also save money on fuel costs. Over time, drivers may spend an estimated 60% less on electricity vs. gas expenses. EVs can also typically travel farther on less fuel, according to the U.S. Department of Energy. The DOE also says some local electric utilities offer discounted rates to charge vehicles during “off peak” hours, which can further help drivers save money.

2. Offers convenience and perks

EV drivers can enjoy the convenience of charging their vehicles at home, rather than filling up at gas stations. Outside of the home, more and more public charging stations are being built. The U.S. Department of Energy tracks charging stations across the country, reporting more than 70,000 charging stations as of June 2024.

Some local governments and private companies also offer EV drivers perks, such as free metered parking, preferred parking spots and free or reduced tolls.

3. Drives fast and smooth

While battery life and charging options are unique to the EV experience, the car’s acceleration, power, speed and handling are just as relevant as they are for gas-powered cars.

EVs are known for their lightning-fast acceleration because the electric motor instantly creates torque from the moment the driver hits the accelerator. And because the heavy battery sits low on the car—instead of sitting over the front axle, as the engine does in a gas-powered car—EVs tend to handle more smoothly. Finally, the electric motor also doesn’t make as much noise when operating, producing a quiet ride.

4. Impacts public health

According to the American Lung Association, more than 4 in 10 Americans live in places with unhealthy levels of air pollution—and transportation is one of the leading contributors. EVs have no tailpipe emissions and are typically responsible for lower levels of greenhouse gases than an average new gasoline powered car.

5. Boosts U.S. energy security

The transportation sector accounts for roughly 30% of total energy use in the U.S., and about 70% of our transportation energy needs are met with petroleum. According to the U.S. Department of Energy, switching to EVs can boost energy security because EVs can be powered by a diverse range of home-grown energy sources—including wind, solar, natural gas, coal and hydro.

In summary

From personal advantages such as saving money and experiencing perks to societal benefits like helping reduce air pollution and boosting energy security in the U.S., potential EV buyers should consider the full range of reasons to go electric.

To learn more about EVs, visit www.Chase.com/EV.