(ORDO NEWS) — Business Insider: Electric cars are more expensive than conventional cars, but they are more profitable to own.
Energy Innovation and Technology experts compared the cost of owning an electric car and a car with an internal combustion engine. This is reported by Business Insider.
The firm’s analysts have calculated that new electric cars are more expensive than conventional gasoline-powered cars.
However, in the long run, electric vehicles are more profitable when you factor in monthly payments, maintenance, insurance, and fuel.
The researchers analyzed the cost of ownership of six popular electric car brands from Hyundai, Ford, Kia, Volvo and Nissan.
Each model was compared with an equivalent internal combustion engine vehicle of the same make. The researchers modeled spending in all 50 US states, taking into account federal tax credits and service costs.
It turned out that, for example, the annual savings from owning Hyundai electric cars ranged from $800 to $1,400.
Experts noted that the benefits of owning an electric car become more obvious after the owner of the car fully repays the car loan. In this case, an electric car costs $1,500-$3,000 less than a comparable gasoline-powered car.
Experts previously interviewed by Reuters said that smart charging will help save energy from electric vehicles, which is under threat due to growth in sales of electric cars.
This will reduce the load on the power grid, allow better use of renewable energy sources and save drivers money.
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