Whether or not an electric bike will be able to save you money will depend on what you intend to use it for. If you are planning on using it to commute instead of a car then it is possible that you will be able to save money in the long run by using an Hovscoe-bike by saving on gas, car payments and maintenance, but it’s not a given.
There are a number of ways that getting an electric bike can help you to save money. Here are seven reasons explaining why it saves money.
1. Cut Down on Fuel Costs:
One of the major areas where you’ll save money is by cutting down on fuel consumption by going out on an electric bike instead. While gas mileage varies by car, the typical 10-mile trip for a medium sized sedan costs about a dollar, with an additional dollar in cost from vehicle maintenance. With an eBike, your average 10-mile trip will cost just one to two cents in terms of electrical recharging, with minimal maintenance cost if you show proper care while riding. As a result, the typical 10-mile bike ride will save you two dollars when compared to using a car.
Two dollars might not seem like a lot, but what happens if you replace one 10 mile drive a day with an eBike? What if you do it five times a week? If you were to replace one car trip with an eBike ride at least five times a week, you will save over $600 dollars per year! An extra $600 dollars you can spend on other things, while also enjoying the fun that comes with riding an eBike. This equation doesn’t factor in parking costs either, so if you have to pay for parking at your destination this equation will often cause you to save over $1,000 dollars from just replacing one car ride per day alone.
2. Replace Car:
What is probably the biggest argument for getting an e-bike economically is that it can be used to offset the costs of a car. Cars have a lot of expenses that you don’t have on an e-bike. They need gas, insurance, you have to pay for parking, they are less healthy and they’re maintenance costs are much higher. With that being the case, if you plan on getting an e-bike so that you can replace your car then it is likely that you will be able to save money on your purchase.
3. Insurance Saving:
Automobile owners pay an average of $1,502 a year in car insurance, according to Car and Driver. The average cost of motorcycle insurance is $702 annually, according to the Motorcycle Legal Foundation. Even a moped costs an average of $250 a year to insure. Class 1, 2 and 3 e-bikes do not require insurance. Riders aren’t required to pay registration or have a licence either. (See more: How an ebike can save you commuting cost.)
4. Reduce health costs:
Something that is important to consider is that even though e-bikes don’t give you as much of a workout as ordinary bikes do, you still do get a workout. This means that electric bikes will keep you healthier than a car would and some people have mentioned that they are more likely to use electric bikes than regular bikes, in which case a small workout is better than no workout. Being healthier will mean that you will be ill less and that you will be able to work more efficiently. This could easily be seen as a good argument of why an electric bike could be a good investment.
5. Less Stress From Commuting:
For many people, their commute to work is a very stressful experience. By commuting with an electric bike instead, you could help to reduce your stress levels. This has been shown to help you in reducing weight and feeling better. This could help you to be more productive throughout the day.
6. Parking and Tolls:
E-bikes can be locked to any post, just like a bicycle. Like a bicycle, they are not required to pay tolls on bridges or autoways. Also: no insurance or annual registration renewal.
7. Time Saving:
When you consider traffic, parking, etc, an E-bike in a big city can be more efficent time wise than a car and definately more efficient than walking. Time is money.
There are a number of other savings that can come from using an eBike that we haven’t even touched on. Want a fun activity for a date that won’t have you emptying your wallet to impress your partner? Want to get a great daily workout without having to join a gym or buy expensive home machinery? We’ve listed some of the most obvious savings above, but with an eBike you’ll find yourself saving even more money in ways you might have never guessed! Improve your health, do a good turn for the environment, and save money while you’re doing it by buying a new electric bike today!