Having an e-bike helps in reducing fuel consumption, increasing the health of the rider, along with making the environment cleaner. Comparatively, there are also some expenses associated with it. But how much will an e-bike cost?
Here, by cost, we mean the financial expenses that you, as a potential buyer or an already user, will have to acquire.
In this article, we try to help you identify the various costs associated with using e-bikes and also suggest the right vehicle through which you can SAVE MONEY.
Please note that this article is based on the average prices of e-bikes in the United States of America in the last year, i.e., 2021.
First comes the PURCHASING:
When we are talking about the very basic e-bike used for everyday commutes, like when you go to and from offices, schools, colleges, universities, markets, and so on, then the cost for one e-bike starts from approximately one thousand US dollars ($1000) to four thousand US dollars ($4000).
But the prices skyrocket for less generic and more customized e-bikes, just like the uses and quality. For a more customized e-bike, the price range is somewhere from $10,000 to $12,000. This price range is for high-end e-bikes.
For example, the following e-bikes are the commuter Voya E+, and the price for this cool e-bike is only $2800 in the USA market.
When we are saying “only”, it is because when you compare it with a second-hand car, the cost will be more than $27000. If we consider a brand new car, the price will be nearly half a million, i.e., approximately $47000.
If you are good at mathematics, then you will know that you can buy 10 new e-bikes at the price of one used car.
Now, let’s talk about RECHARGING:
Before we talk about the recharging cost, a better understanding can be taken after comparing your normal traveling partner’s, your car’s, fuel efficiency with the cost of recharging an electric bike.
Let’s take the example of the Toyota Corolla Hatchback. In the utmost condition of this car’s engine and overall maintenance, you will be charged 10 cents for every mile driven.
Now, when you compare this fuel consumption with the Voya E+ electric bikes, you will be amazed at what the findings are.
Let us explain!
The electricity cost, or in other words, the cost of recharging the e-bikes per mile, is estimated to be only 40 percent ($0.04) of what you have to pay for the fuel in the car. The assumption here will be optimistic conditions overall.Now, according to ABC News, on average, a person, who commutes for work, travels 32 miles each day.
So, based on this information, the person driving a car will be spending approximately $3.2 per day. In comparison, a person using an electric bike will be spending $1.28 daily for the same number of miles.
The Maintenance Cost:
Calculating the total cost of having any vehicle can’t be completed without adding the Maintenance cost.
It doesn’t matter what kind of vehicle you use; it is essential that it is loved to make it last for a long time. Electronic bikes are no different, they need maintenance and work to take you out and about.
Usually, yearly tuning is one of the important maintenance steps. Other steps include buying new tires, changing the brake pads, and not to forget the replacement of battery every 2 years. Change is needed every 4 to 5 years for some batteries that can last longer.
Now, when you want to calculate the maintenance fee then, you have to include multiple years as the maintenance cost is not added to your balance sheet every day or every month. For 5 years, the average cost for your electric bike’s maintenance will be $754 (for one year).
Seems a lot? Tell us, how much do you think you have paid in the past 5 years for the maintenance of your car?
There is the tuning, the changing of the engine and brake oil, the air filter, the tire alignment, car washes, etc. The average calculation for 1 year of car maintenance fee can reach over 1k US dollars. AAA calculated it and their numbers show it to be approximately $1,200 in the last 5 years.
Note: AAA stands for the American Automobile Association.
You can see that the difference in cost comes close to $500 in 1 year; e-bikes are cheaper. Not to forget, you also get a warranty from some of the manufacturers.
Now, some less obvious or common costs associated with the vehicles you use:
In this category, we have 2 other costs which we will be discussing shortly:
The Parking Cost:
Parking has been a big issue in the current times. Cities are growing in population, and the space for parking has become smaller and smaller. This led to an additional cost associated with the parking.
In more expensive cities like New York, daily parking can cost up to 40 US dollars. Also, due to parking shortages, to get a decent spot, just any spot, one person can consume more than 300 US dollars which is basically a waste of fuel, time, and carbon emission.
On the contrary, when using the electric bike, you need less space, less time, and the flexibility of parking almost anywhere. The best part is that the parking is usually free. Some cities also have designated areas that are to be used only for bikes.
Other expenses like insurance and taxes:
The American Automobile Association has claimed that car payments include costs like licenses, taxes, insurance, and more which add up to more than five thousand and 500 hundred dollars in only 1 year.
On the contrary, e-bikes do not come with license registration, insurance, or even taxes. You can get the insurance without being legally imposed to do so. To be on the safe side.
How Much Does It Cost to Have an E-Bike?
Based on the facts and numbers provided in this article, the overall cost for an e-bike and a car includes the following:
|Price||$1,000 – $12,000||$27,000 – $47,000|
|Fuel / Recharging||$1.28 per day||$3.2 per day|
|Other (Insurance, taxes, licenses)||Nil||$5500+|
|Total||Approx. $1,755 – $12,055||Approx. $34,000 – $54,000|
These costs analysis is straightforward, and we believe that having an electric bike is way easy on your pockets and wallet. And you still can travel without leaving behind a huge carbon footprint like other vehicles.
The best part is that by using e-bikes, you also get rich. There is an opportunity cost involved here. With daily usage of e-bikes, you get yourself in shape, which helps in making you healthier. This means less cost on medical bills and medicines.
To know more about which e-bike is best for you, check out our blog. Comment below on what other content you would like to read here.