Counting the Costs of Electric Cars

Electric cars are ideal for the planet… Are they ideal for your wallet?

When it comes to the auto industry, it’s clear that more consumers are liking electric vehicles and other alternative fuel choices. Commuting long drives without having to stop at the pump excites drivers by the potential savings on gas and maintenance.

Electric cars have blown up in the auto industry as they are environmentally friendly so that drivers can enjoy reducing their carbon footprint of their travels while saving money on petrol.

Before considering forking out your life savings for that electric car, read on!

Upfront Cost
As electric vehicles have grown more common, some models have become quite affordable, but others still come with a hefty price tag.

Nissan Leaf averages at $28,980 while the Chevy Volt is typically $34,995.

The Tesla Model S rings in at a hefty $71,090 – $91,070 price tag.

Insurance Rates
As a general rule, newer technology is costlier to repair and, therefore, more expensive to insure. Despite this, electric car owners often spend less on insurance premiums than those who drive traditional vehicles!

Average annual insurance:

  • Chevy Volt ~ $1,452
  • Nissan Leaf ~ $1,513
  • Nissan Maxima ~ $1,801

However, electric cars aren’t always cheaper to insure! Depending on your policy, switching from a Ford F-150 to a Volt can result in a yearly premium increase of approximately $200.

Operating Costs
Fuel economy is the real draw of electric vehicles.

Nissan Leaf averages 3.5 cents a mile while a Toyota Corolla averages 11.9 cents a mile.
The yearly fuel cost for a Nissan Leaf averages to $328 while the Corolla totals $1,830.

Are you ready to take the plunge with electric cars? Contact Humble & Davenport Insurance in Renton, Washington for all of your auto insurance needs!

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