How much money can you save by riding an e-bike?

Pedal assisted bicycles, more commonly known as e-bikes, are also increasingly used by older people, above all to get to work.

Nowadays it is known that there are plenty of benefits to riding an e-bike. Many choose to commute or move around with an e-bike because it helps to improve their health and mood, is more agile in urban travels, it is a greener alternative to driving. Or simply to enjoy relaxing time and leisurely rides away from traffic.

These are the quick responses you might receive when you ask someone “why do you ride?” But could there be more benefits from riding an e-bike? 

When we take into consideration how else riding an e-bike impacts our everyday life we will discover that it will also benefit our pockets. Let’s discover how much money you can save by riding an e-bike?

Fueling-up vs. Charging

It is common knowledge, especially among commuters, that fuel costs have surpassed all-time highs. In Europe, the private car is still the most common vehicle of transportation. A European citizen travels an average of 11,313 km per year by car. The main reason for commuting every day is to get to work.

Taking Italy as an example, the average cost of gasoline is 1.80 euros per litre, while that of diesel reaches 1.87 euros. We can estimate that the annual fuel cost of using a car to move around is about 1300 euros per year, excluding maintenance!

Now, let us compare those numbers to the cost required to charge an e-bike.  Recharging an e-bike, on the other hand, is almost free. Remaining in Italy, the cost of electricity is around 0.31 euros per KWh. Most urban e-bikes, have a 250 Wh battery, with an average range of about 100 km. Traveling 100 km by car we will spend 11.50 euros against 0.08 euros in e-bikes. 

Yes, but then, how much do you save? Of course, it is not always possible for everyone to completely replace car trips. But if you can switch out just half of your car trips with a ride on an e-bike, such as short-distance errands or quick trips, you will be able to save more than 600 euros a year!

Travel by your imagination and turn savings into flights tickets, new experiences, something you’ve wanted to buy for a long time.

Riding an e-bike: how else can you save?

We spoke about the fuel costs that affect the budget on a daily basis. But we also know that fuel is not the only expense that comes with a car. 

There are fixed costs that car owners usually have to bear. We are talking about car insurance (about 500 euros/year), car tax (about 200 euros/year), other taxes and general maintenance. According to an article from N26, the average cost of owning a car in Europe is about 616 euros per month!

On the other hand, owning an e-bike is definitely a less expensive and complex deal.  Once you purchase your e-bike, you do not have to worry about additional expenses to pay: no taxes, fees, or required insurance for owning it!

Of course, there might be those expenses along the way to up-keep and maintain your e-bike. But fortunately the costs are still significantly lower than those of cars. If you then opt for a belt-driven e-bike where maintenance is almost zero, the costs are reduced even more.

What about parking fees?

Living or working in the city is logistically convenient.  Being surrounded by shops and markets, and with everything being a short distance away makes running daily errands easy.  

But those who work in the city know that every morning they will have to race against time and arrive well in advance to find an available parking space after turning around for at least a couple of time.

Not to mention the cost of parking fees. In a study done across the cities of Europe in 2016, it assessed that the average parking cost per hour is  3,00 euro  If you multiply that by a regular working day of 8 hours, that is a total of 24,00 euros per day, for five working days, that adds up to 120 euros per week. You can figure out by yourself how much it will cost for all 52 working weeks in a year!

We know that those calculations are ‘worst case scenario’, and there will be days when you will find a free parking spot, or you are able to find a better deal than the standard price.  However, we can ascertain that no one enjoys paying parking fees and particularly driving around looking for an available parking space. 

So now let’s see, what is the rate for parking a bike? The answer is: free!

The ideal driving profile

The pedal assisted bicycle is an excellent alternative to cars and motorbikes, especially over medium/short distances. Those who work a few kilometers from home (10/15km) clearly obtain the maximum economic savings. In fact, to travel just over ten kilometers it is not essential to take the car.

The situation might be a little complicated for those  who travel several kilometers to get to work. But often it will just be a matter of planning your time and route, and wearing the right clothing!

Ready to start saving up?

Therefore, can you save money by riding an e-bike? Well, yes if you are willing, to replacing some commuting with an e-bike will deliver significant savings. Implementing these little changes,  from the first month you will you will find that all those previous expenses needed to operate a car are going to add up into savings.

We know that making the decision to purchase an e-bike can be a daunting choice due to the initial investment. But if we do take into consideration the many ways you can save afterwards, then the savings can be unlimited! 

Think about a year into commuting with your e-bike. Saving on fuel, parking, and even on that monthly gym membership since you are automatically taking care of your body, you might calculate that it already paid part of your initial investment!