An electric car finally makes financial sense

With gas prices rising by the day, many people are considering purchasing an electric vehicle.

Electric vehicles are unquestionably less expensive to operate than gasoline-powered vehicles, especially with gas prices hovering around $5 per gallon on average, according to AAA.

For example, the Environmental Protection Agency forecasts that a 2022 BMW 430i sedan will cost roughly $2,900 per year to fuel for the average American.

A year's worth of fuel for a 2022 BMW i4 eDrive40, which is essentially the same car but runs solely on electricity, is anticipated to be around $600. That's a fifth of the price.

That big of a difference assuming gas prices stay as high as they are now, which we don't know for sure.

These prices also imply a certain rate for electricity, which, while generally less expensive per mile than fuel, varies greatly from location to location and even by time of day.

Once plugged in, many electric cars may be programmed to only charge when electricity rates are at their lowest, similar to how you would only fill up your gasoline car when gas prices were at their lowest.

Of course, gas and energy prices fluctuate and vary from place to place, but on a per-mile basis, electric cars are significantly less expensive than gas cars.

This is mainly because electric motors are far more efficient than gasoline ones. An electric motor converts more than 85 percent of the energy it receives into movement.