When I was recently considering buying an electric bike, I wondered if it would save me money in the long run. So, I did some research to find out whether or not e-bikes can be a good investment.
So, do electric bikes save money? 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 by using an e-bike by saving on gas, car payments and maintenance, but it’s not a given.
There are actually a lot of factors to consider when deciding if an electric bike can save you money or not and an e-bike might be a good investment for one person and a bad one for another.
Why an E-Bike Can Save You Money
There are a number of ways that getting an electric bike can help you to save money. Below I will detail a number of them.
- 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.
One user in this Reddit post says that getting an e-bike has saved them $476.26 per month since they haven’t needed to use a second car.
- Replace transport costs
If you plan on getting an e-bike so that you don’t need to use public transportation to get to work then you could save some money on your monthly transportation costs.
The only problem here is that this probably won’t offset the initial cost of the e-bike if you’re monthly transportation costs are not that high.
- More time
If you live in a busy city then it is likely that your roads are normally filled with traffic. Using an e-bike in this situation could actually result in you getting to work sooner.
Also, if you’re planning to upgrade from a normal bike to an e-bike then you will probably be able to get to places more quickly then as well.
These time savings mean that you could have more time to spend on other things such as working which could help you to increase how much money you can earn.
- 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.
- Less stress from commuting
For many people, their commute to work is a very stressful experience (I know it was for me). 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.
Why You Won’t Save Money
Even though buying an electric bike can save you money, there are a number of reasons that it won’t that you should consider.
- Battery and Electricity Costs
The battery on an electric bike can cost between $300-$600 and you’ll probably need to replace it every two years. You will also need to pay for the electricity to pay for the battery which might not offset the cost of gas for your car.
- Initial cost
Electric bikes can be costly. To get a high-quality electric bike you will be looking at having to pay at least $2000 for the bike. In order to pay for this, there will need to be some pretty large cost saving that the bike will be replacing.
- Keeping your car
Since the battery on the electric bike will need to be replaced every so often and the fact that the initial cost of the electric bike is often quite high, the bike won’t necessarily pay for itself in reduced car maintenance costs.
With that being said, if you plan on replacing your car with the electric bike and you plan on selling the car then you could potentially be looking at saving a lot of money since you’ll probably be able to get more money back from the car than the cost of the bike.
There are a number of benefits to getting an electric bike that are hard to put a number on but that you should still keep in mind when deciding on whether or not to get an e-bike.
A big reason to get an electric bike is that it could help you to become more healthy. Many people choose not to cycle because using an ordinary bike can be quite challenging at times such as when it is windy or when you’re going up a hill. The power offered by the electric motor of an e-bike can help to seriously offset those issues which could help you to be more likely to stick with it.
Another consideration to make that is becoming increasingly more important is that electric bikes have a much smaller environmental impact than a car. Every time you decide to use an electric bike instead of a car you’re helping to reduce the amount of CO2 that is being emitted into the atmosphere which will help to improve the lives of future generations.
- No license
Depending on the area you live in then you probably won’t need to get a license to use an electric bike. This can help save you some time since you won’t have to put any effort into getting one.
With that being said if you’re considering getting a throttle assisted electric bike, where it’s not necessary for you to pedal, then you’ll probably still need to get a license.
Electric bikes are generally easier than their alternatives. It’s a lot easier to park them versus cars, they’re easier to store and it’s easier to learn how to use them. All of these things make using an electric bike a much more pleasurable experience.
Cycling electric bikes can be enjoyable. When cycling an electric bike every pedal will make you feel like you have super strong legs and the process of actually riding it is fun for most people. Since they are fun it also means that you’re more likely to continue to use them which could help you to decide that getting one is worthwhile.
- More Social
There are a number of different clubs that you can join with your electric bike and you’ll be able to go out on it with your friends and family. This can make getting an electric bike something that will help you socially.
How fast do e-bikes go? Depending on local laws, electric bikes are normally limited to provide assistance up to 20 mph in some cases it’s 28 mph and in Europe, it’s closer to 15 mph. With that being said, there is nothing stopping you from cycling faster than that yourself so the real speed limit is how fast you can cycle.
How far do e-bikes go? With normal use, you can expect to go between 20-50 miles using an e-bike. The range will greatly depend on the size of your battery, the power of the electric motor, the speed that you cycle and the level of power assistance that you use.