Do you own an electric vehicle? In May 2023, GOBankingRates polled 1,045 Americans on questions regarding EVs. In the next five years, 37% of overall respondents said they were likely to buy an EV. Separately, 13% said an EV would be the next car they purchase.
What are some of the financial benefits of EV ownership? To find out, GOBankingRates spoke with two professionals who made the switch from gas-powered vehicles to EVs and shared how much they are saving each year. Here’s why they say it’s a better investment than gas-powered cars.
“I’m saving around $1,000 each year.”
Vered DeLeeuw, founder of Healthy Recipes Blog, has owned a Tesla since 2018. DeLeeuw said making the switch to an EV seemed like the right thing to do for the environment.
“I liked the idea of a green-energy car,” said DeLeeuw. Other appealing aspects of EVs DeLeeuw likes, specifically in Tesla vehicles, are the clean-lined minimalistic layout, free over-the-air updates and keycard access.
On a yearly basis, DeLeeuw estimates she is saving around $1,000 as an EV owner. She also enjoys the benefit of being able to charge her car in the garage instead of going to a gas station.
“We save $200 a month on gas.”
Amie Clark, BSW and senior care advocate at AgingToday, has owned a Tesla Y since February 2023.
This is the first EV owned by their family. “We have been wanting to purchase an EV for some time now,” said Clark. “The federal tax credit, plus the state of Oregon incentive, was the final push to get us to commit.”
Since making the purchase, Clark has noticed a $50 to $70 increase in the family electric bill compared to the same time last year. However, Clark said this bill was $20 to $30 higher month over month even in the months leading up to the EV purchase.
Each month, Clark said the family is saving at least $200 on gas. “I haven’t visited a gas station or service station since February, and that feels like a win-win to me.”
Gas savings aside, Clark — like DeLeeuw — also enjoys the over-the-air software updates provided by Tesla. Clark said when the family bought the car it didn’t have steering wheel heating. A few weeks later after an update, their EV now has a heated steering wheel. As a bonus, Clark said she can turn it on from her phone to heat the car and steering wheel to her desired temperature before leaving in the morning.
The cherry on top of all these financial benefits, for Clark, is how much fun she has driving an EV.
“The torque is amazing and the responsiveness of the vehicle leaves much to be desired in our ICE vehicles (which are rarely driven now),” she said. “Our EV is the most fun vehicle I have ever owned.”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
