Whether you've accepted that we're already in a recession, you're anxiously awaiting an unavoidable recession or you're optimistically hoping we might totally avoid a recession, concerns about the economy are abundant and appear to be a shared national concern as we head into the final months of a very volatile 2022. Millions of Americans have already started their own recession prepping, and for savvy e-bike riders, this includes replacing car miles with a far more efficient way to ride. Here are all the ways you can save money with an e-bike:
Avoid High Gas Prices
With gas still at meteoric highs, it’s estimated the average American will spend $4,000 on gas this year. Compare that to the shockingly low cost of charging an e-bike, estimated at around $30 per year according to Eco Cost Savings. Not only are you saving thousands of dollars at the pump, but you’ll also be pitching in to help reduce global dependency on oil and reducing carbon emissions. Transportation alternatives and lifestyle changes are quickly becoming a financial necessity for American consumers and an electric bike is a way to avoid the pump and save big!
No More Parking Fees or Insurance
Parking fees and car insurance add up to quite a hefty amount for U.S. drivers every year. In urban areas, riding an electric bike can save you hundreds, maybe thousands, in parking fees. And, the average cost of car insurance for a single vehicle is around $1,770., according to BankRate.com. So if you’re looking to prep for a recession and have a car you’re willing to part with, you will save thousands per year! Not to mention, you’ll make money when you sell it. According to the U.S. Bureau of Labor Statistics, used car prices have increased by 40.5% from January 2021 to January 2022. If going totally car-free isn’t an option for a multi-driver house, consider replacing just one of your vehicles with an e-bike.
Goodbye Gym Membership
No more gym fees! Riding an electric bike is a great way to keep in shape and get an effective low-impact workout. You can still pedal with vigorous intensity even when you’re using pedal assist. The electric motor helps with inclines and fatigue. This allows you to get the same health benefits as riding a standard bicycle without overexerting yourself. One rider burned almost 500 calories in just 45 minutes of riding his e-bike, so get off the treadmill and start riding!
Very Little Maintenance
Maintenance on an e-bike is a tiny fraction of what it costs to maintain a car. On average it costs around $200 a year to replace things like brake pads and tire tubes and maintain the components. Compared to around $1,200 of maintaining a car, according to AAA, and you will save at least $1000 a year when you make the switch to an e-bike!
Don’t Miss These E-Bike Rebates
With more Americans going green and looking to save in the process, states and cities are stepping up with tax credits and e-bike rebates to help consumers save EVEN MORE when purchasing a new e-bike. Check out our updated 2022 guide to the electric bike rebates and tax credits currently offered in your area!