EVs offer annual savings of up to $1,200 over gasoline compact car

Article by Anita Panait, on April 18, 2012

Drivers could save as much as $1,200 annually on fuel expenses if they operate electric vehicles instead of driving gasoline-powered compact cars, according to a study on improved fuel economy conducted by the Union of Concerned Scientists. The study would be favorable to companies producing electric vehicles like General Motors Co. (Chevrolet Volt) Nissan Motor Co. (Leaf) and Ford Motor Co. (Focus). According to the study, plug-in vehicles could help the driver save from $750 to $1,200 yearly, instead of buying gasoline, at $3.50 a gallon, for a new car that has a mileage of 27 mpg, at a distance of 11,000 miles.  The study noted that although electric vehicles appear more expensive than gasoline-fueled ones due to higher acquisition price, consumers would still be persuaded by the fact that they can save money by using electricity instead of gasoline. Ford has priced its Focus electric car at around $39,995, before a $7,500 federal tax credit, and the gasoline version, the Focus SFE, at around $16,500. Nissan’s Leaf, meanwhile is being offered at a starting price $35,200.  The U.S. National Highway Traffic Safety Administration gave the Focus SFE a fuel economy rating to of 33 mpg for city and highway driving, while the U.S. Environmental Agency has certified the electric Focus as having a fuel economy rating equivalent of 105 mpg. According to auto-researcher Edmunds.com, electric vehicles may account for seven percent of U.S. auto sales by 2017, even when consumers take rising pump prices into consideration.

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