Understanding Your Monthly Vehicle Fuel Costs: gas vs. Electric
Deciding between a gasoline-powered vehicle and an electric vehicle (EV) involves more than just the upfront purchase price. A significant factor is the ongoing cost of fueling or charging. Let’s break down how to calculate those monthly expenses, empowering you to make an informed decision.
calculating Gasoline Costs
First, let’s look at conventional gasoline vehicles. Determining your monthly gasoline costs is a straightforward process, but requires a few key pieces of information. Here’s how to do it:
* Determine your monthly mileage. This is the total number of miles you typically drive each month.
* know your vehicle’s MPG. Miles per gallon (MPG) is a measure of fuel efficiency. You can usually find this information in your vehicle’s owner’s manual or online.
* calculate monthly fuel consumption. Divide your monthly miles driven by your vehicle’s MPG. This will give you the number of gallons you’ll need each month.
For example, if you drive 1,250 miles per month in a vehicle that gets 25 MPG, you’ll need 50 gallons of gasoline.
Next, you need to factor in the price of gasoline.
* Find the current gas price. Gas prices fluctuate, so check the current average price per gallon in your area.
* Calculate your monthly fuel expense. Multiply the number of gallons you need each month by the price per gallon.
Using our previous example, if gas costs $3.20 per gallon, your monthly fuel expense would be $160. I’ve found that tracking gas prices weekly can help you anticipate fluctuations and budget accordingly.
Calculating Electric Vehicle Charging Costs
Now, let’s examine the costs associated with charging an EV. The calculation differs slightly, but is equally manageable.
* Determine your monthly mileage. As with gasoline vehicles, start with your average monthly mileage.
* Understand your EV’s efficiency. EVs are rated in miles per kilowatt-hour (kWh). This tells you how many miles you can drive on one kWh of electricity.
* Calculate monthly kWh usage. divide your monthly miles driven by your EV’s miles per kWh. This will give you the total kWh you’ll use each month.
As a notable example, if you drive 1,250 miles per month in an EV that gets 3 kWh per mile, you’ll use 417 kWh per month.
you need to consider the cost of electricity.
* Find your electricity rate. Your electricity bill will show your cost per kWh. Rates vary depending on your location and time of use.
* Calculate your monthly charging costs. Multiply your monthly kWh usage by your electricity rate.
If your electricity costs $0.175 per kWh, your monthly EV charging costs would be $72.98. Here’s what works best: consider off-peak charging times to possibly lower your electricity costs.
A Speedy Comparison
To illustrate the potential savings, let’s compare the two scenarios:
* Gasoline Vehicle: $160 per month
* Electric Vehicle: $72.98 per month
In this example, the EV owner saves approximately $87.02 per month on fuel costs.Though, remember that these are just estimates. Your actual costs will vary based on your driving habits, vehicle efficiency, and local fuel and electricity prices.
Ultimately, understanding these calculations allows you to accurately assess the true cost of ownership for both gasoline and electric vehicles. This knowledge empowers you to make the best choice for your needs and budget.
Worth a look