Fuel prices may be lower than they’ve been since 2008, but owning an electric car can still make a lot of sense
By Jim Gorzelany
CTW Features
While plunging gasoline prices have been a boon to big truck and SUV sales, they’ve tended to decimate the so-called “green car” segment, with deliveries of electric and hybrid-powered models dropping by 17 percent last year.
And while electric cars in particular are a much harder sell than they were back when gas prices were approaching $4 per gallon, there are still some compelling reasons for consumers — at least those whose needs and lifestyles can accommodate their limited operating range on a charge — to buy and drive an EV.
Here are eight of them:
- It’s distinctive. Those looking to “drive differently” can still set themselves apart by owning an EV. We scoured message boards populated by owners of the pricey Tesla Model S electric sedan, and the “coolness” factor seemed paramount among owners’ top reasons for spending between $75,000 and upwards of $100,000 on an EV.
- Electricity is still cheaper than gasoline. Fuel prices may be the lowest they’ve been since 2008, but (depending on local power rates) the numbers still tend to favor the grid. According to the EPA’s fueleconomy.gov website, with fuel prices near $2. a gallon a Ford Focus Electric will cost about $400 less per year to run than a gasoline powered version. What’s more, many local power companies offer lower rates for “off peak” use, which would make changing up an EV during the overnight hours an even better bargain.
- The government will pay you to buy a new one. EV buyers can still avail themselves of a one-time $7,500 federal tax credit. For example, a Nissan Leaf, the industry’s best selling EV, starts at $29,010 for 2016, which drops to $21,510 when the tax credit is deducted. What’s more, a handful of states offer their own incentives, with Colorado leading the pack with a generous $6,000 credit, which would bring the aforementioned Leaf’s effective price down to $15,510.
- Used EVs are cheap. Affordable gas prices, on top of the aforementioned up-front credits, have blown the bottom out of used electric car prices, with some two-and three-year-old models selling for between $8,000-$10,000.
- You never have to stop for gas. “Fueling up” in one’s garage saves time and can realize added savings by avoiding possible gas station impulse buys like snacks and lottery tickets.
- They require less maintenance than conventional cars. Ford estimates the Focus Electric saves an owner at least $1,275 over the vehicle’s life, compared to a standard model, by avoiding oil changes, cooling system flushes, transmission servicing and replacing the air filter, spark plugs and drive belts.
- Public charging stations are becoming more prevalent. According to the latest Department of Energy estimates there are more than 11,570 public EV charging stations up and running across the U.S., and you’ll usually find them in public parking garages at airports, office buildings and hospitals and in many retailers’ parking lots.
- If and when gas prices shoot back up you’ll look like the smartest person in the room. You can take this to the bank: Fuel prices can be expected to creep up under even a best-case scenario; the U.S. Energy Information Administration predicts they’ll rise to $2.36 a gallon in 2016. At that price, a driver getting 20 mpg will pay an additional $255 over a 12-month period according to the EPA’s fuel cost calculator. That in and of itself might not be a budget buster, but if gas prices were to continue to rise by, say, another dollar a gallon, that difference would swell to $1,005 a year, or add up to $5,025 over a five-year ownership period.
© CTW Features
