How much are electric bikes? The true cost of investing in e-bikes

It’s time to talk about money! We break down different ways an e-bike can help you save costs directly and indirectly, both short-term and long-term. So, if you care about the numbers in your bank account, read on!

Lots of people talk about how amazing electric bikes are for the environment and their health but they rarely talk about the financial side of things. Not only are e-bikes a budget-friendly investment but they also help you save costs in ways you probably haven’t thought of (we’re not just referring to savings at the gas pump!). If this is your first time buying an e-bike, stick around and find out why this might be one of the best investments you’ll ever make for you and your loved ones.

Gloves off, it’s cars vs e-bikes

(Based on average US prices as of 2021 unless stated)

1. Purchasing: a basic commuter e-bike costs $1,000 to $4,000, while a customized high-end e-bike can range between $10,000 to $12,000. The Momentum Voya E+ commuter e-bike costs $2,800 in US for example. In comparison, a second-hand car costs approximately $27,000, while a new car can cost about $47,000. This means for the price of one used car, we could’ve bought nearly 10 new e-bikes!

2. Recharging: in an optimistic scenario where you drive a fuel-efficient car like a Toyota Corolla Hatchback, you’d be paying ~$0.10 per mile in fuel costs. In comparison, if we take the Voya E+ as an example, we’d be paying ~0.04 per mile in electricity costs (excluding Hawaii). And considering office workers commute about 32 miles each day according to ABC News, that means you’d be paying $3.2/day if we drive and $1.28 if we bike using the pedal assist.

How much is an e-bike, Electric bike cost, electric bikes

3. Maintenance: like all vehicles, e-bikes also need some love to keep them in tip top shape. They usually require annual tune-ups, new tires, brake pads, and having the battery replaced every 2-5 years on average. Over a period of 5 years, maintenance can cost $754 per year for e-bikes. A car also requires tune-ups, and having the engine oil and other liquids, the air filter etc. changed annually. A year in maintenance costs can add up to approximately $1,186 according to the American Automobile Association (AAA) in 2017. It’s expensive maintaining any vehicle but e-bikes definitely come in cheaper. And don’t forget, Momentum e-bikes come with a warranty. To learn more about our warranty, hit the link, select your location and search ‘warranty’

4. Parking: with cities growing at the pace they are, it has become impossible to find available parking, let alone for free! Daily parking rates can cost ~$40 for expensive cities like New York. What’s more, research done by INRIX also shows we spend $345 per driver per year on wasted time, fuel, and emissions looking for parking. With e-bikes we get more flexibility and parking is always free. Most cities also have designated areas just for bikes. Need we say more?

5. Insurance, License, Taxes, Depreciation and Car Payments: if you own a car, you know first-hand how troublesome this is. Even without car payments, all other costs can add up to ~$5,668 per year according to AAA. E-bikes, despite being classified as a vehicle, do not require license registrations, taxes, or insurance by law. We do, however, recommend riders obtain insurance for safety reasons just in case. Better safe than sorry!

Check out our article 17 Bike Safety Tips For A Great Ride.

How much is an e-bike, Electric bike cost, electric bikes

Say hello to a healthier – and wealthier! - you by getting around by e-bike

What most people don’t think about is how their health also affects their bank account! If you take it up a notch and stick to riding as a form of regular exercise, it’s a great way to boost both fitness and endorphins (aka the feel-good chemicals in your body). There’s plenty of research that shows how physical and mental health are tied together, and how good health can reduce the number of doctor’s visits.

Did you know more than 50% of Americans now owe at least $1000 in medical bills that could’ve been avoided? Or that on average we pay $60 to $120 per session for therapy? Sure, health insurance might cover $20 to $50 per session but that would still add up to roughly $480 per year as a conservative estimate.

Time is money, e-bikes save both

Every minute counts. There’s no denying that. Who wouldn’t want to spend more time with loved ones, nurturing hobbies, or even sleeping in for an extra half an hour? If you don’t live next to the office, you know how torturous the journey can be, and commuting to work by e-bike can make a huge difference in your life. You can check out different routes and your estimated time of arrival on Google Maps if you’re not sure.

Owning an electric bike is the best investment you’ll ever make

Money savings from electric bikes go beyond the most obvious costs, like purchasing. There’s also commuting time and our physical and mental health. These are also important and can be costly over time. We don’t want to wait for another 5 years until we realize just how much we’ve spent in gym memberships we rarely use, doctor’s visits, therapy and health insurance etc. It can all add up to thousands and thousands of dollars. Ready to energize your life? Why not start with Voya E+, our lightest ever commuter e-bike?

Learn more about Momentum’s new commuter e-bike.