Electric Cars Can Save You Money

Electric Cars Drive for Less Than $.03/Mile
New Green Vehicles Can Save Money and the Environment
Christopher Pascale

The hybrid Chevy Volt and the all electric Nissan Leaf are great on gas and money.

New technology is sometimes costly. Cellular phones are a great example. While the newest hot products can cost hundreds of dollars, the older phased out hardware of yesterday is practically given away.

For car lovers, this does not have to be the case. Nissan's Leaf and GM's Chevrolet Volt run on the road for approximately half the cost per mile when compared to the Volt's efficiency when running on gasoline. On top of this, car buyers will receive a $7,500 tax credit for either purchase.

The Chevy Volt

The hybrid Chevy Volt is anticipated to be released at a retail price nearing $40,000. When the tax credit is included, the price lowers to $32,500. But the real savings comes over time.

According to ABC News, the average commute for Americans is 16 miles each way. Add a trip to the grocery store, bringing kids to practices or games, and going out to dinner on occasion, and drivers could easily cover 80 miles each day. For those who have very efficient vehicles that get 40 miles per gallon, the cost per mile is $.07 (according to the US average gas cost on March 24, 2010 of $2.80).

This same driver in a Chevy Volt will be able to commute the first 40 miles gasoline-free because the battery will propel the vehicle that far before switching over to its internal combustion engine. The cost per mile while driving on electricity is just under $.03, making this particular daily commute $.05 a mile.

While two cents doesn't sound like much, here's the math's two cents' worth on the matter. 80 miles equals a savings of $1.60, which may or may not buy a cup of coffee. When the car is driven 350 days out of the year, the savings comes to $560. For those who maintain their vehicles for the long run, the savings could potentially be in excess of $10,000, bringing this vehicle's cost down to less than $25,000.

For those who know they'll not exceed 100 miles per day (ever) the Nissan Leaf can bring even higher savings.

The Nissan Leaf

If the Chevy Volt is a bargain after the tax credit, then the Nissan Leaf is an absolute steal. The Leaf is expected to retail at $32,500. After the tax credit, the cost will be $25,000.

While the Volt runs for 40 miles on electricity, the Nissan Leaf is all electric. The drawback for some, though, is that being a road warrior does not go hand-in-hand with driving this vehicle as its maximum range is 100 miles per charge.

For those that will not not exceed this distance on any day, there is great savings to be had. At $.03 per mile, the savings versus those driving a Chevy Volt doubles. The same driver who would drive his or her vehicle until the wheels fall off will practically have the Nissan Leaf for free!

Electric cars are long overdue for many who love to have alternative sources of energy, especially in their daily driving. With the Chevy Volt and Nissan Leaf, green driving may spread like wildfire, saving thousands of drivers millions of dollars.

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