How Much Money You Can Save Switching to a Hyundai EV in Virginia Beach

As gas prices keep climbing and car repairs become more expensive, many locals in Virginia Beach are considering switching to electric vehicles (EVs) to save money. With Virginia expanding its network of charging stations and Hyundai rolling out some impressive electric cars, switching to an EV could save you thousands of dollars each year.

An Overview of EV Cost Savings

Switching from a gas-powered car to an EV significantly changes your car ownership costs. Gas-powered vehicles can be expensive to run due to fuel, oil changes, and engine repairs. Electric cars tend to be more economical, which is one of the reasons why the EV market is expanding so rapidly. It was worth $388.1 billion in 2023, but is expected to hit $951.9 billion by 2030.

In 2022, global EV sales exceeded 10 million units, accounting for 14% of all new cars sold, up from 9% the year before. In the U.S., the share of EV sales jumped from 2.3% in 2020 to 7% in 2022. By the end of 2023, approximately 3.56 million EVs were registered across the U.S.

Virginia Beach is a great place to own a Hyundai EV. Our electricity rates are significantly lower than the national average, and the state has over 1,800 vehicle charging stations. Hyundai is making strides with cars that consume minimal electricity, rarely break down, and come fully loaded with advanced technologies. Choosing a Hyundai EV could save you money for years to come.

Fuel Savings

One of the biggest financial benefits of owning an EV is that you’ll no longer need to pay for gas. The average American drives about 14,000 miles a year, or 40 miles per day, so gas costs add up fast. Gas typically ranges from $3 to $4 per gallon, depending on the fuel type, while electricity costs are about 17 cents per kilowatt-hour. This means that charging an EV costs substantially less than filling a tank.

A University of Michigan study found that EV owners only spent about $485 annually on “fuel” compared to $1,117 for gas-powered vehicles — that’s a 60% reduction in fuel costs. Smart charging can enhance these savings still further. Plug in during off-peak hours and you can lower your electricity costs by another 30%. For Virginia Beach residents who can charge their vehicle overnight, you’ll benefit from the lowest rates while you sleep and wake up to a fully charged vehicle.

Maintenance and Repairs Savings

Owning an EV means saying goodbye to many of the pricey maintenance needs of gas cars. With an EV, there are no oil changes, transmission issues, spark plug replacements, or muffler repairs. Electric cars have fewer moving parts, so their motors need almost no maintenance compared to complicated gas engines. This fundamental difference can cut your repair bills in half — EVs typically cost 50% less to maintain than gas vehicles.

Incentives and Rebates

Currently, some new Hyundai EVs qualify for a federal tax credit of up to $7,500. This applies to customers who purchase a new 2026 IONIQ 9 or select new 2025 IONIQ 5 vehicles from an IRS-registered dealer. If you’re considering a used Hyundai EV, you could also be eligible for up to $4,000 in federal tax credits. These potential savings make owning a Hyundai EV an even smarter choice, but take advantage now. These tax credits are set to expire in September 2025. 

Hyundai EV Options at Checkered Flag Hyundai World

Checkered Flag Hyundai World offers four outstanding EV options for Virginia Beach drivers: the 2025 IONIQ 5, the 2025 IONIQ 6, the 2025 KONA Electric, and the all-new 2026 IONIQ 9. With starting prices ranging from $32,975 for the KONA Electric to $58,955 for the IONIQ 9, there’s a Hyundai EV to suit a variety of needs and budgets.

U.S. News & World Report ranks the 2025 IONIQ 6 as its top electric car thanks to its excellent fuel economy and range. The 2025 IONIQ 5 and KONA Electric also rank highly, sitting at second and fifth place, respectively, on the list of top electric SUVs.

Start Your EV Savings Journey Today

Switching to a Hyundai EV in Virginia Beach can save you thousands each year through reduced fuel and maintenance costs, plus potential state incentives. At Checkered Flag Hyundai World, we can help you find the right Hyundai EV to maximize these savings.

If you’re ready to save money at the pump, contact us today to schedule a test-drive and chat with our EV specialists. We’re dedicated to helping Virginia Beach folks make the switch to electric while keeping more money in their wallets.