For the past five years, Dave Atkinson rode around town on a bright orange electric cargo bike as his main mode of transportation. Now, the cyclist and road.cc founder is sharing exactly how much money swapping a car for an e-bike saved him.
In a recent YouTube video, Atkinson gives curious viewers an inside look at the finances of e-bike ownership. The cyclist spent the past half-decade riding a Tern GSD 2, racking up "thousands of miles" on errands, commutes, and family trips.
Atkinson says he uses his e-bike for "all the things you might do around town, really." That includes everything from toting his weekly grocery haul to giving his 6'7" son a lift. He added that the cargo e-bike is capable of carrying up to 220 pounds or simply getting you to work with ease.
"A bike like this can be for pretty much anyone," Atkinson says. "Why? Because it's just easy."
He adds, "If you try it, you'll get it."
Now for the numbers: Atkinson estimates that owning a used car over the past five years would have cost him around £10,000 (about $13,500). That figure includes typical expenses like car payments, maintenance, fuel, insurance, and other related costs.
Atkinson originally spent £4,500 (about $6,100) on his e-bike five years ago. Since then, he's replaced three chains, two rear cassettes, a speed sensor, and gone through "a lot" of brake blocks, thanks to the hilly terrain in his town. While he's handled most of the maintenance himself, he notes the average rider would likely take their bike to a shop once a year, which he approximates would cost around £200 ($270) annually. As for charging, which he does once or twice a week, Atkinson surmises it costs about 30p — less than 50 cents — per charge, adding up to just £25 ($34) per year.
Atkinson thinks he could sell his used bike for about £2,000 ($2,700) on the resale market, which helps offset the total cost. Factoring in the initial purchase, maintenance, charging, insurance, and a good-quality lock — and subtracting the resale value — Atkinson estimates his e-bike has cost him approximately £3,275 ($4,420) over five years. Compared to the estimated £10,000 ($13,500) cost of owning a car, that's a savings of £6,725 ($9,080).
That's enough to pay for his recently purchased Tern GSD 3 and some cool accessories.
Aside from cost savings, riding an e-bike offers a range of benefits for your health and the planet, especially for daily commuters. E-bikes provide a healthier way to get around — even with pedal-assist features, you're still staying active, which can boost your overall fitness and mental well-being. Plus, unlike gas-powered vehicles, e-bikes produce no dirty energy pollution, making your community a cleaner, quieter, and more breathable place to live.
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Sign me up 👍 If you want to boost your e-bike savings even more — and cut down on home energy bills — installing solar panels can make a big difference. By powering your electric bike with clean, renewable energy instead of electricity from the grid, you avoid relying on dirty fuel from the grid while lowering (or even eliminating) your utility bill. It's a win for both your wallet and the planet.
For those interested in harnessing solar for EV power, EnergySage is the way to go. The platform lets you compare quotes from vetted local installers, helping you save up to $10,000 on solar installation and easing the upfront cost of switching to solar.
And if you're ready to make the switch to an e-bike, there's a resource for that, too. E-bike retailer Upway offers a huge selection of high-quality e-bikes — many at up to 60% off retail prices — so you can find one that fits your needs and budget. Plus, if you're looking to sell your current e-bike, Upway also buys used models, making it easy to upgrade or pass yours on.
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