Save Money with Electric Tricycles: A Smart Investment

Electric tricycles provide a more sustainable alternative to cars, public transport and eBikes themselves. What’s great about electric trikes is that you get the same benefits as electric bikes but with extra comfort and utility.

This is because an electric tricycle is self-balancing and has extra storage capacity. This means you can use an eTrike for various activities like commuting and running errands.

Other than that, electric trikes can be an amazing financial investment. You can save a lot of money by switching over to an electric trike. Not just money, you also stand to gain a lot more for your health and quality of life. 

So let’s focus on how much you can save by using an electric tricycle. We’ll talk about some actual numbers and other non-financial benefits. 

How An Electric Tricycle Can Save You Money

Electric tricycles, and other EVs in general, tend to be the more affordable and sustainable solution over traditional gas-powered vehicles. This is because electrical trikes are more energy efficient, have fewer maintenance requirements and minimal operating costs. They are also just as practical and don’t compromise on performance, utility and convenience. 

Because of this, electric trikes are the “future of transportation.” Environmental and budget-conscious individuals are switching over to electric trikes. They’ve found that its cost-savings far outweigh the initial investment.

Now’s as good a time as any to buy an electric trike to save money. Despite the upfront costs, an electric trike can save you hundreds of dollars in the long run and provide a lot of value to your life. 

So, here are some of the ways that electric trikes can save you money:

So as you can tell, an electric trike is the smarter choice financially and in every other aspect. You can save a lot of money, benefit your health and create more meaningful experiences. 

Now, let’s run some numbers and see how much you can hope to save. 

Average Fuel Savings

How much money you can save on gas by switching to an electric trike depends on your specific use cases and riding habits. 

For instance, you may be able to commute with an electric trike but can’t visit family with it. On the flip side, you might only be using the electric trike for exercise and relying on a car for everything else.

So how much you can save on gas depends entirely on your specific needs. That said, recharging and using an electric tricycle is 5-10x more affordable on average. 

Usually, an electric trike with a 1kWh battery can provide around 30-40 miles of range on a full charge. The cost of electricity to charge a 1kWh battery is around $0.15. 

Meanwhile, it costs around $4 to get the same amount of range as a gasoline car. This is assuming a mileage of 25 MPG and gas prices at $4 per gallon. 

As you can tell, an electric trike can save you a lot of money. So if you have to run errands, go shopping or enjoy the outdoors, try to do it with an electric trike. This can help you save on gas, minimize fossil fuel emissions and use your car for emergencies or long-distance travel. 

Save Money on Maintenance Costs

Even if you still use a car for important travel needs, an electric tricycle will help you rely less on the car and minimize maintenance costs. 

This is because an electric trike requires minimal maintenance. They have fewer moving parts than a car and simpler mechanics. As such, it doesn’t cost as much to repair and maintain an electric trike compared to a car. Also, when you use it more instead of your car, you can save a lot of money.

If we’re talking numbers here, it takes around $1,000-$1,200 in annual maintenance costs. This is for things like regular oil changes, tune-ups and repairs. 

Meanwhile, an electric trike only costs around $200-$400 annually to maintain. This includes things like tires, brakes and regular servicing. 

So with an electric tricycle, you can save around 60-80% annually on maintenance alone.

Upfront Costs: Making a Smart Investment Choice

Despite the savings from running costs, most people still hesitate to purchase an electric trike because of the higher price tag. 

An average car usually costs around $25,000-$40,000. Meanwhile, a trike can cost around $2,000-$6,000, while a two-wheeled eBike can range anywhere from $1,000-$3,500. 

As you can tell, electric trikes can be more expensive than two-wheeled eBikes. Also, compared to car prices, it can seem like a less significant investment at first.

That said, the price tag of an electric trike is an investment that will pay off in the long run. When you factor in running costs, maintenance costs, and fees, it’s no surprise that eTrikes are the better option. 

This is even true for two-wheeled eBikes, especially if you factor in the utility provided by an electric tricycle. 

Fees and Other Benefits

Financial experts have a good reason to call cars a “liability” and one of the biggest money pits for consumers. Apart from the price tag, and running costs, cars can also rack up insurance premiums, registration fees and more.   

On average, it costs around $1,500 annually for a regular car. This can rise significantly if your car is involved in an accident and needs more repairs. 

Meanwhile, an electric trike only needs around $50-$300 on things like insurance, extended warranties and other fees. In most states, these are purely optional so you can disregard this entirely. 

Wrapping Up

An electric trike might not be the most attractive investment. That said, it can improve your health and finances by helping you get more exercise and avoid using your car as much. 

During a period of over five years, you can save more than $30,000 and almost 90% of the amount of money you’d spent on a car. 

Sure, you don’t want to ditch your car just yet, but if you’re thinking about purchasing another car or EV, it’s better to go for an electric trike instead.