Electric cars are good for the environment, but do they help save money? Kane in Your Corner has the answer
Electric vehicles are a hot item with sales up 44% in the first quarter compared to one year ago.
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Electric cars may be good for the environment, but are they good for saving money? News 12's Walt Kane is In Your Corner with the answer.
Electric vehicles are a hot item with sales up 44% in the first quarter compared to one year ago.
A study from the U.S. Department of Energy found electric vehicle owners who keep their cars for 15 years will save an average of $10,500 in fuel.
That sounds like a lot, but is it enough to make an electric vehicle a good value?
"It really depends upon the specific type of car that you're choosing," says Keith Barry, of Consumer Reports.
Barry says savings with electric vehicles aren't always clear cut, especially in the northeast where electricity rates are higher.
"You might see a longer payback period. Sometimes it will not be within the lifetime of the vehicle depending on which car you're looking at," says Barry.
MORE: Guide: Federal and tri-state incentives to make the transition to electric vehicles
The price difference between electric vehicles and gas-powered cars is impacted by maintenance costs, mileage and rebates.
Electric vehicles are generally cheaper to keep on the road and if you drive a lot you'll save on fuel. Drivers can also get rebates of up to $7,500, but only eight electric vehicles and two plug-in hybrids qualify for that amount.
Last month, New Jersey put a halt to electric vehicle rebates saying demand was too high.
If all of this seems a little overwhelming, the U.S. Department of Energy has an online cost calculator that allows you to compare vehicles and get your estimated costs.
Do you have a consumer question or know something Walt Kane needs to investigate, call 732-738-KANE or email KaneInYourCorner@news12.com.
