As electric vehicles (EVs) become increasingly popular, more people are considering leasing or purchasing them to take advantage of the numerous benefits they offer. Not only are EVs better for the environment, but they can also save you money in the long run. In this blog, we'll cover some updated statistics on lease savings and gas savings for a customer who drives 15,000 miles per year.
According to a recent report by Consumer Reports, leasing a hybrid or electric vehicle can still save you money on average over a five-year period compared to purchasing the same vehicle. The report found that leasing a hybrid or electric vehicle can save you an average of $3,000 to $5,000 over five years. This is because EVs have lower maintenance costs and higher resale values, which can reduce the total cost of ownership over time.
But the savings don't stop there. Let's take a look at gas savings for a customer who drives 15,000 miles per year. According to the U.S. Department of Energy, the average fuel economy for a new gasoline-powered vehicle is around 27 miles per gallon (MPG). Assuming gas costs $3.50 per gallon, a driver who covers 15,000 miles per year would spend around $1,944 on gas annually.
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Now, let's compare that to a hybrid vehicle. According to the same report by Consumer Reports, a hybrid vehicle can save you around $500 per year in fuel costs compared to a gasoline-powered vehicle. Assuming a hybrid vehicle gets an average of 52 MPG, a driver who covers 15,000 miles per year would spend around $1,009 on gas annually. That's a savings of $935 per year compared to a gasoline-powered vehicle.
If we take it a step further and look at an electric vehicle, the savings are even more significant. According to the U.S. Department of Energy, the average cost to drive an electric vehicle is around $0.03 per mile. Assuming an electric vehicle gets an average of 4.5 miles per kWh, a driver who covers 15,000 miles per year would spend around $750 on electricity annually. That's a savings of $1,194 per year compared to a gasoline-powered vehicle.
In conclusion, leasing a hybrid or electric vehicle can save you money over time compared to purchasing the same vehicle. Additionally, driving a hybrid or electric vehicle can save you money on gas or electricity costs, depending on the type of vehicle you choose. For a customer who drives 15,000 miles per year, switching to a hybrid or electric vehicle could result in significant savings over time.
In conclusion, leasing a hybrid or electric vehicle can save you money over time compared to purchasing the same vehicle. Additionally, driving a hybrid or electric vehicle can save you money on gas or electricity costs, depending on the type of vehicle you choose. For a customer who drives 15,000 miles per year, switching to a hybrid or electric vehicle could result in significant savings over time.
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