This is a guest post on the financial benefits of ebikes, written by Guest Poster John Murphy. John points out 7 financial reasons to buy an ebike! While many people see ebikes as expensive luxury items, you are likely to be surprised to find how many ways ebikes can actually save you money. Over to John …
Ebikes have become very popular over the last few years. You may have seen someone in your neighborhood riding one down the street, or you may even have a friend who owns one. There are many reasons why people love ebikes. No wonder, as they are a great way to get around and they come with many unexpected benefits. This post highlights the financial benefits of Ebike ownership.
No. 1: Electric Bikes Will Keep You and Your Bank Account Healthy
One of the first financial benefits that we will explore is your health. When you think of good health you might not automatically think of money. But the healthier you are, the less money you are going to need to spend at the doctor’s office. Doctor’s visits and medications can be very expensive, even if you have good health insurance. Ebikes are a great way to stay fit and fend off serious illnesses, which will save you a lot of money in the long run. As we age, we often find it harder to keep in shape but if you own an ebike, you can get the exercise you need without having to hit the gym. A recent study conducted in the Netherlands and the UK showed that people who own ebikes experience a significant increase in mobility and fitness. This study also showed that people with mobility issues were likely to prefer an ebike over a traditional bike because of its ease of operation.
No. 2: No Need for Expensive Gym Memberships
Ebikes save you even more money when it comes to exercise. Many of us have expensive gym memberships that cost hundreds of dollars a year. These monthly fees really start to add up and most of the time, people find it hard to make it to the gym anyway! On the other hand, if you own an ebike, you can get a great workout without having to hit the gym. Almost all ebikes come with the option to pedal, which will help you burn fat and build strength. Ebikes provide a low-impact workout that is great for people who suffer from limited mobility.
Unlike a normal bike that requires you to pedal 100% of the time, ebikes can be powered by the motor sometimes, giving you a much needed break. This is great for those just starting to get back in shape, or anyone wanting to shed a few extra pounds without having to do strenuous exercise. Over time, you will get into the best shape of your life, and you will have more money in your bank account.
No. 3: Ebikes Can Actually Earn You Money
If you live in a mid to large size city, you can make some good money with your ebike. There are many companies out there that are looking for people just like you to deliver food, flowers, documents, and other items. While these jobs are not the highest paying, they can help you earn some quick money in your spare time. In fact, the money you earn while being an ebike delivery driver could help you pay for the bike. Once you have recouped your initial investment, it will be all profit!
Another way that you could earn some money with ebikes is by purchasing several of them and starting your own ebike rental company. Since your investment won’t be very large, you can start seeing profits in less than a year. Not many types of businesses can turn a profit this quickly. So if you are wanting to start your own business, this could be a very wonderful opportunity for you.
No. 4: With an Ebike, You Save Time – and Time is Money
Commuting to and from work every day can really take a lot of time away from you. What most people don’t realize is that time is actually worth money. Having a few extra hours each day can give you a chance to make some extra money. Many people have a side hustle that they like to do after they get off from work. You might be asking yourself, how is this possible? How do they find the time?
Many choose to add some time to their day by cutting down on commuting time by riding an ebike. Ebikes can get in and out of traffic very easily, and many cities have bike lanes that let you avoid traffic all together. This means that you won’t waste time stuck in traffic, and you will have more time to do whatever it is you love to do. Also, you won’t have to worry about being late for work because you will be avoiding the morning rush hour. This will make your boss very happy and you may even get a pay raise as a result!
No. 5: With an Ebike, You Will Never Have to Pay for Parking Again
Let’s face it, nobody likes to have to pay for parking, but it is a part of living in the city. Parking fees can really get expensive. Depending on where you live, you may even have to rent a parking spot at the building of your residence. Many apartment dwellers are burdened with monthly parking rent. Owning a car in the city can become expensive quickly.
Instead of purchasing a car, you should consider owning an ebike. With an ebike, you can bring it inside at night and never have to worry about paying for parking. This could potentially save you hundred of dollars a year or more! Also, when you go to work or are out running errands, you will not have to worry about feeding a parking meter. Most cities have bike racks that you can use to safely store your ebike free of charge. This will surely save you a ton of money over the years, which you can use for more important things in life.
No. 6: Upfront Costs for an Ebike are Low, and there is No Costly Upkeep
When you purchase an automobile, there are a lot of upfront costs. Not only do you have to come up with a handsome amount for the down payment, but you will also have to pay dealer fees, delivery charges, and of course taxes and insurance. Then when that is all said and done with, you will have a monthly payment of several hundred dollars. But this is simply not the case when you buy an ebike. For a few thousand dollars, you can buy an electric bike. There will be no hidden fees to worry about and if you pay cash, you will not have a monthly payment. Even if you did finance your new bike, the monthly payments would be extremely low. So compared to the purchase of a car, an ebike is more affordable and more obtainable for those who are working with a smaller budget.
Also, unlike cars that cost a lot of money to maintain, ebikes can be kept in great shape for very little money. The general cost of driving a typical motor vehicle is around 50 cents per mile. This cost of operation includes gas, tires, and general maintenance. Now let’s compare that cost to the cost of operating an electric bike. The cost of operating an ebike, which includes cost of tires, battery replacement, general maintenance and the cost of electricity comes in at just 18 cents per mile. That is a huge savings, which over the years could help keep more money in your pocket. This is why so many people are choosing to purchase ebikes instead of cars.
No.7: Tax Incentives for Ebikes
Depending on where you live, you may benefit from purchasing an ebike in the form of tax incentives. Some countries like the USA are offering large tax breaks for those who choose to purchase an electric bike. In 2012, the US government approved a tax credit of $2,500 for the purchase of an ebike. This incentive was designed to help the environment and cut down on the cost of infrastructure. Other countries like Belgium have even more attractive tax breaks. This European country give its residents a yearly tax break based on the number of kilometers they bike to work. France has also issued a similar tax break that is based on the number of kilometers ridden. As you can see, there are many different progressive tax incentives out there that can financially benefit you!
As you can see, there are many different ways you can benefit from the purchase of an ebike. Not only can an electric bike save you money, but you can actually make money with it, if you choose to do so. Ebikes are a wonderful way to get around and you will become much healthier if you ride one to work everyday. While they are not recommended for extremely long commutes, if you live 20 miles or less from your job, they can be perfect modes of transportation. The best part is you won’t have to spend a dime on gas ever again!
Thanks to our Guest Poster, John Murphy
John Murphy says: “I’m a full time corporate employee for General Electric living in a small Italian town on the coast of Liguria. I have been aspiring to become a location independent entrepreneur. With a passion for climate change, eBike Generation is the best of both worlds as I promote using renewable energy and eBike Generation donates a portion of each sale to ACORE (American Council On Renewable Energy); so morally I sleep well at night. I plan to grow my business and make it my full-time venture and keep growing.”
Thinking of buying an Electric Bike? Check out my new 2018 edition of How to Buy the Best Electric Bike! Buy it here.
Read all about How to Buy the Best Electric Bike here.
Did you like this post or find it useful? If so, please support us and our blog:
Please consider clicking through to one of our reputable affiliates for your online shopping needs. We are proudly affiliated with Amazon, which sells pretty much everything except puppies - and has outstanding, free return policies. For your cycling and other athletic shopping needs, we are affiliated to Competitive Cyclist, Bike Wagon, Raleigh Bicycles, Jenson USA, REI Co-op, Backcountry, Commuter Bike Store, and Moosejaw. When you buy from our affiliates we make a small commission, and this is the only way we earn some income for the many hours of work we put into our reviews and posts. Plus, it costs you nothing at all - a real win/win situation!