Electric Vehicle Calculator Shows Yearly Savings
Credit: Chevrolet
May 11, 20262 hours
Jake Richardson
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One of my former co-workers once explained to me how she sold her car and rode public transportation to save $3,000 per year for ten straight years, resulting in savings of $30,000. At the time, she didn’t make much, and being able to save $3,000 a year was quite meaningful to her. That $3,000 for ten years also could have been invested carefully in a low-cost index fund to earn some annual interest.
Today, because of high gasoline and diesel prices, there is greater interest in electric vehicles. Electric vehicles have many other benefits gas and diesel vehicles do not, but this article is mostly about the Coltura EV Costing Savings tool.
Like other online calculators, the user enters some data points and the technology does some calculations to display the results. I entered United States, car, fuel savings, 17,000 miles per year, and the latest week. The annual savings were about $1,300, which would be quite welcome. If all the same numbers held over 5 years, the total savings would be $6,500. Who wouldn’t want an extra $6,500? Who wants to hand over excessive amounts of money to fossil fuel companies that don’t care about harming the planet and people with toxic air pollution from combusting gas, diesel and oil, destroying marine wildlife and habitats with disastrous oil spills and millions of leaking, abandoned oil wells?
My savings might be on the low side. The Southern Alliance for Clean Energy shared this information in a press release in my email: “The organization’s Weekly EV Cost Savings Index shows that the average Georgia driver who puts 15,000 miles per year on their automobile would save more than $1,800 annually on fuel and maintenance combined, and a high-mileage driver at 25,000 miles would save $3,000 every year. All told, the Savings Index shows that Georgia drivers could save more than 12 cents per mile on fuel and maintenance savings by switching to an electric vehicle under current gas prices.”
If the first savings amount is held for 5 years, the total savings would be $9,000, and with the second of $3,000 per year, the savings would be $15,000 in five years.
Remember the first example of my former co-worker who rode public transportation for ten years saving $30,000? Well, driving an electric vehicle might be more pleasant and convenient than that scenario. Again, who wants to pay excessive amounts of money to Chevron, Exxon, BP, Conoco, Shell, etc.?
So, if you’d like, try out the EV savings calculator linked above and report your annual savings in the comments.
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