How much do electric vehicles save?

April 18, 2012 12:00 AM

Electric vehicles will be debuting in full force over the next few years, and many consumers may be wondering just how much they'll save with these new cars compared to the current gas-powered models.

Avoiding the gas pump completely is one of the biggest benefits of EVs, and a recent study by the Union of Concerned Scientists found this can translate into some big savings. Assuming the price of gas to be $3.50 per gallon, the Union reveals shoppers can expect to save an average of $1,200 per year on average to an EV. The comparison was made to a gas-powered compact car of a similar size to the current EV models on the road.

"The cost of the electric vehicles today vary pretty widely based on the models that are out there," Don Anair, the study's author, told Bloomberg. "It's important for consumers to understand what the potential savings are on fuel costs, and that can help them make a decision about buying a vehicle."

Drivers who want to save even more money each year should be sure to invest in vehicle maintenance. A tune up or fuel injection service can help drivers increase the MPGs on their current vehicles, and may also help them avoid expensive auto repairs in the future.

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