4 Often Overlooked Benefits of EV Ownership

Are you thinking about buying an electric vehicle (EV) in 2024? You're not alone: A Pew Research survey found that 38% of Americans are very likely or somewhat likely to consider an EV purchase for their next vehicle.

And when you're ready to buy an EV, you have more options than ever before. According to stats from Bloomberg, as of 2023, there were 55 models of electric vehicles available in the U.S., and that number is expected to climb by 20%-30% in 2024.

EVs are getting cheaper. There are more low-cost models of EVs coming on to the market, and the price of used EVs is often cheaper than gas-powered cars. Depending on your income, you can also get EV tax credits of up to $7,500 for buying a new EV, or $4,000 for buying a used electric vehicle in 2024.

But along with the EV tax credits, there are a few extra benefits of EV ownership that people might not realize. Let's look at a few.

1. Save money on gas

OK fine, maybe this is not an "unexpected" benefit of EVs, but it's worth repeating: With an electric vehicle, you no longer have to buy gas. The car is fully powered by electricity. Your gas budget is now $0.

Of course, it still costs money to pay for electricity to charge your EV. According to an analysis from Chase Auto, the cost of powering an EV is about half the cost of fueling a gas-powered car. When you consider the average American spends $2,148 on gas per year, that means an electric vehicle could save you $1,074 on gas each year, or $5,370 during the first five years of owning the car.

2. Charge your EV at home

You can charge the EV by plugging it into a regular home outlet in your garage or at the side of your house, or by using public EV charging stations. If you want faster EV charging at home, you can install a charging station (with help from an electrician).

Tax credits can help pay for home EV chargers, too: You can get a federal EV charger tax credit for 30% of the cost of hardware and installation, up to $1,000. And depending on where you live, your local electrical utility might offer rebates and incentives for installing a home charger for your EV.

I own a plug-in hybrid car, and it charges in my garage just like an EV. The first time I plugged in that car, I was fascinated and mesmerized. I could barely believe it. I kept running up to complete strangers and saying: "My car is being fueled… by my house??" ("Please leave us alone," the strangers said.)

But the point is: Even though electric vehicles are becoming more common, there's still a "wow" factor to refueling your car without leaving home. Especially if it can save you thousands of dollars on gas.

3. Zero oil changes, lower maintenance costs

Since electric vehicles don't have internal combustion engines, they don't have a lot of the moving parts as a typical gas-powered car. This means: no oil changes and lower overall maintenance costs. The lower costs of EV maintenance could save you about $3,000 over five years ($600 per year) compared to a gas-powered car.

4. Electric vehicles are really fun to drive

Amidst all the discussion of EV tax credits and $0 spent on gasoline, it's easy to lose sight of what might be the biggest benefit of electric vehicles: these things are really fun to drive! The electric battery lets the car accelerate really fast; most EVs can go from 0-60 mph in less than five seconds. And the engine is silent, so it feels like you're driving a spaceship.

When my plug-in hybrid Toyota Prius is in EV mode, and I'm gearing up to accelerate onto the freeway, at that moment, I am no longer a middle-aged dad going to the grocery store for mundane errands. I'm Han Solo, at the helm of the Millennium Falcon, getting ready to make the jump to lightspeed. (But please drive your EV/spaceship responsibly, to avoid crashes and save money on insurance.)

Bottom line: The cost of buying EVs is likely to come down in 2024 as more models come onto the market, batteries get cheaper and better, and the price of used EVs declines. Not everything about EVs is "cheaper" than gas-powered cars; the cost of car insurance for an EV might be higher, depending on the vehicle and where you live. But along with the total cost of ownership of an EV, there are some unique benefits -- no money spent on oil changes, no money spent at the gas pump, and a fast-accelerating, fun driving experience.