How Toyota Electric Vehicles Can Save You Money

July 20th, 2022 by

2022 Prius Prime

Considering the fact that the current crop of electric vehicles is generally more expensive to buy than their gasoline counterparts before incentives are factored in, it might seem strange that EVs are often touted as a great way to save money. However, even older generation EVs and current generation vehicles have proven to be dramatically less expensive than standard cars to run over time, meaning that within a couple of years that EV surcharge pays for itself. This only leads to greater savings from then on. While many might still be more comfortable with conventional money-saving vehicles, EVs are only getting better year by year for North Salt Lake drivers. Let’s take a look at what they can do for you right now.

Shop EV Inventory

Electric Savings

Here are the main ways an EV is much cheaper over the long run than a gasoline or diesel vehicle:

  • No Gasoline: Kiss your gasoline stops goodbye. The price of gasoline will matter a whole lot less to you, as you’ll simply never need it for your car again. Electricity does cost money, but because it is much easier to generate than gasoline is to dig up out of the ground and refine, electricity is cheaper than gasoline by an enormous margin.
  • Advanced Propulsion: Electric motors use electromagnetism to spin a shaft, a process which even in current production vehicles on the road now is commonly above 80% efficient. Internal combustion engines of any type can’t physically come close to that, as the explosions that power them produce more heat than propulsion. Electric motors are roughly double the efficiency of even high performance engines. This all means electric motors require half the energy to produce the same amount of forward propulsion.
  • Low Cost Energy: To get the most out of an EV, you’ll install a Level 2 charger in your garage. This charges your vehicle overnight, when electricity is cheapest and the grid is at its least used, allowing you to wake up to a fully charged vehicle for pennies on the dollar. If you have solar, wind, geothermal, or any other at-home renewable energy source, that price can go down to zero. Unless you have an oil well and gasoline refinery, this is not possible with gasoline.
  • Mechanical Simplicity: While energy costs and electric motors are responsible for a lot of the cost savings on an EV, the big obvious ones over the long term are the all the mechanical systems that don’t need maintenance or replacement, because they just aren’t there. Oil changes, tune ups, alternator replacements, and so much more are simply not a thing on electric vehicles. EVs replace hundreds of moving parts in the engine with, effectively, one. EVs still have cooling systems, braking systems, and so on like normal cars, but they are dramatically simpler. Batteries are also lasting longer than predicted, with many now 10 year old batteries having lost less than 15% of their overall charge ability.


Explore Electric Vehicles at Performance Toyota Bountiful Today!

If you’re ready to embrace the next technological step, visit our showroom today! We look forward to helping you with long term savings.

Posted in EV Vehicles