If you’re interested in purchasing an electric vehicle, now might be the perfect time to tap into the electric auto landscape. From decreasing production costs to a number of attractive EV tax credits, there are so many ways you can save on your next electric vehicle purchase.
Read on to learn more about how an EV can be affordable and whether purchasing a new or used electric vehicle may be for you.
Electric Power Is More Affordable Than Gas
The cost of electricity is generally more stable than the cost of gasoline which typically fluctuates with the economy. Because electricity is typically locally generated and highly regulated, the cost of electricity is expected to remain pretty stable. This means you won’t have to deal with ever-changing costs the way you might experience at a gas station.
Depending on where you live, you may also be able to enjoy free charging stations for your EV. Many employers offer free charging stations for employees, and there are a number of public charging stations that can be free or relatively cheap.
EV Battery Costs Are Slowly Dropping
The main cost of an electric vehicle is its battery powertrain. Luckily, improved technology and more streamlined supply chains have helped lower the cost of battery production. This drop in battery costs means that the overall cost of an electric vehicle will likely drop as well in the coming years. According to the latest data, EV battery costs have been steadily dropping and will likely continue to do so at least in the near future.
Say Goodbye To Costly Maintenance Fees
Unlike traditional gas-powered vehicles, electric vehicles have an all-electric powertrain. An electric vehicle has only one major moving part, the motor. Meanwhile, gas-powered vehicles have hundreds of moving parts. Fewer moving parts means fewer maintenance requirements which helps lower overall maintenance costs. For example, you won’t have to deal with routine oil changes, and services like a transmission fluid change or brake fluid flush happen less frequently.
More Electric Vehicles Means More Competition
In true capitalist fashion, as more electric vehicles enter the automotive landscape, costs will automatically be adjusted and pushed lower. More competition means automakers will be putting out their best EVs available, all while offering them at relatively competitive price points. As a shopper, you can enjoy affordably priced electric vehicles that won’t break the bank.
Enjoy EV Tax Incentives
If there’s ever been a time to buy an electric vehicle, it’s now. Purchasing a qualifying electric vehicle can allow you to snag some great savings come tax time. Qualifying plug-in hybrid electric vehicles or fuel cell electric vehicles may qualify you for a credit of up to $7,500 under the Clean Vehicle Tax Credit.
It’s not just new vehicles that can qualify for this tax credit either. Qualifying used electric vehicles can allow you to enjoy EV tax incentives that can help bring down the overall cost of electric vehicle ownership.
Depending on where you live you can enjoy even more tax breaks thanks to state and local EV tax incentives. Learn more about qualifying vehicles by visiting IRS.gov or speaking with your local tax office.
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