Should I Buy An Electric Vehicle ##VERIFIED##

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Federal Tax CreditA substantial tax credit for battery-electric, hydrogen fuel cell and plug-in hybrid electric vehicles, ranging from $2,500-$7,500, may be available depending on the battery capacity. If you lease, the credit goes to the manufacturer. However, dealerships often factor it into the lease, lowering the down payment or monthly payments.

Clean Vehicle Rebate Project (CVRP)Provides rebate savings directly to purchasers and lessees of eligible electric vehicles. Applicants with low-to-moderate household incomes are eligible for increased rebate amounts.

Local Rebates and IncentivesLocal air districts and electric utilities often provide rebates for purchase/ lease of electric cars, and incentives for installing home charging stations. Search by zip code in the incentives search.

Fuel CostsElectric car charging in California costs roughly half the price of powering a standard gasoline car for driving the same distance. Most drivers charge their electric cars overnight at home and wake up to a full charge. With the growing availability of workplace and public charging stations, you will never be far from a charge. Check for public charging using apps or online maps. Most hydrogen fuel cell cars have a current added bonus of free fuel for three years offered by hydrogen automakers. Learn more about hydrogen fueling.

Maintenance CostsElectric motors have far fewer moving parts and never require oil changes, new spark plugs or fuel filters. Regenerative braking also extends the lifespan of brake pads by using the electric motor to decelerate the vehicle. This typically translates to lower overall maintenance costs and increased savings. Our electric car overview goes into depth on the various benefits for the different electric car types.

Utility Rates Many electric utilities offer special time-of-use rates that vary based on the time of day when energy is used. Off-peak rates offer much lower charging costs, and electric cars can be programmed to charge when you want. Pair these lower rates with the simplicity of electric car charging for great fuel savings. Read driver reviews to find out what current drivers love about their cars.

Environmental and Health BenefitsIn full electric mode, an electric car produces zero tailpipe emissions, dramatically lowering smog and greenhouse gas emissions even when considering electricity generation.

When we got our first electric vehicle (a used 2016 Volkswagen e-Golf) two years ago, my family, friends, and neighbors became curious. Many began asking me if they should buy an EV. Now, as EVs have quickly become more mainstream and the number of available models has skyrocketed, the question changed from if they should buy an EV to when? Is the price at the right point now, or should I wait a couple of years? Are there enough models to choose from that fit my lifestyle? Is it hard to find a place to charge?

One nice thing about charging stations around town is they are often installed at places your car will be parked at for some time like shopping centers, restaurants, and grocery stores. While on road trips you can find charging stations at popular hotels to charge overnight, at national parks, and more and more, large gas stations are installing EV chargers. Both Apple Maps and Google Maps show electric vehicle charging stations within their route planning, and there is a growing movement of smart planning options to help you find charging stations while you stop for lunch or to stretch your legs.

This question is one I hear a lot. Given the materials needed to manufacture electric vehicle components, and the fact that many electrical grids in America are still majoritively powered by natural gas, do EVs actually have a lower carbon footprint?

Three separate, independent, high-quality studies have shown that even if you take into consideration all lifecycle stages of an EV, including vehicle production (extraction of raw materials, processing, assembly, painting, etc.), vehicle use (driving, charging, maintenance, etc.), and end-of-life (re-use, recycling, disposal to landfills, etc.), electric vehicles, hands down, are better for the environment and produce far fewer emissions than ICE vehicles.

The long answer:Once you file your taxes, you can use the $7,500 federal tax credit towards reducing your tax bill. In the above examples I gave, this immediately brings the EV and ICE vehicles to an almost identical price point. And even better, it looks like that tax incentive may be increased up to $12,500 next year, which would put those EVs at around $4,500 less than their ICE counterparts.

On top of federal incentives, take a look at state incentives for EVs where you live. Some states like California and New York offer grants and rebates from $500-$5000 depending on the model. As more and more states adopt friendlier EV policies, we should see more states adopt more incentives.

This equation gets even better if your utility has a time-of-use rate that lets you pay cheaper rates when charging on non-peak times. For example, I schedule my electric car to charge from 12:00 AM to 5:00 AM when electricity is only 7.3 cents per kWh. Meaning driving 14,263 miles only costs me $359.03 compared to more than $1,500 in one of the most fuel-efficient ICE vehicles on the market.

The nuts and bolts of an electric vehicle are actually quite simple. An electric car uses an electric motor to turn the wheels, and a lithium-ion battery pack usually feeds it. There are typically two motors in an EV with all-wheel drive; one for the front wheels and another for the rear wheels.

EV motors are usually AC synchronous electric motors. A controller delivers power from the battery pack to the motor (or motors). The driver uses the accelerator pedal like a traditional gas pedal, but it controls a pair of variable resistors that tell the controller how much power to send to the motor.

Every EV and PHEV has an official electric range and MPGe rating from the EPA. The electric range is pretty self-explanatory; this is how long an EV can drive on electricity alone before the battery depletes. EVs with a range of over 200 miles are getting more common and include cars like the Chevrolet Bolt EV and EUV, the Volkswagen ID.4 VWAGY, -1.30%, and the Nissan NSANY, -1.49% Leaf Plus. Some even achieve a range over 300 miles, including most Tesla TSLA, +2.28% models and the Ford F, -0.22% Mustang Mach-E.

Car buyers have had a tough go looking for their next road warrior. Inventories are low due to supply-chain troubles, which means prices for new and used cars have skyrocketed thanks to increased demand. If you add in the gas price hikes that dominated summer news headlines and passage of the EV-friendly Inflation Reduction Act, you now have a cacophony of issues to consider when searching for a new vehicle. And that includes whether or not an electric vehicle is in your near future.

For those worried about how they are going to charge their new vehicle, factor the price of installing a home charger into your cost analysis. According to HomeAdvisor, homeowners can expect to pay, on average, $833 for a Level 1 charger or $1,300 for a Level 2 charger, including labor and materials. The Inflation Reduction Act helps on that front, too.

If you install a home EV charging station, the tax credit is 30% of the cost of hardware and installation, up to $1,000. Localities may offer subsidies on chargers or even the electricity itself for EV owners. Check out for guidance based on your zip code. Or your dealer may help pay for the charger. Chevrolet, for example, offers to cover the installation of Level 2 home chargers for qualified 2022 Chevy Bolt EV and Bolt EUV buyers or those in lease agreements. (The EUV is styled more like a crossover SUV.)

When you have to charge a vehicle far from home, note that not all charging stations are created equal. Some are proprietary and work only with one brand of EV; for example, Tesla charging stations only support Tesla models. You also have to weigh how much your time is worth if it takes an hour or more to charge your vehicle. To find chargers in your area, charging networks such as PlugShare, ChargePoint and EVgo have smartphone applications that will show you where to go.

Worst case, you may not be able to get into your vehicle at all. Reports of frozen door handles on Tesla Model 3s circulated as early as 2019. Currently, Tesla has a winter-maintenance guide that instructs owners to use WD-40 to preemptively prevent ice buildup.

Buying an electric car can save you money in the long run, and it's worth considering if you're environmentally conscious. But they can be expensive to buy and may take some lifestyle adjustments, particularly when it comes to charging times and conserving battery power.

Buying an electric car can be a prudent financial move in the long term, but it commonly results in higher upfront costs. That's why buying an electric car can be a balancing act of compromises for many people who are doing so in order to save on transportation costs.

Charging the battery on an electric car isn't free, but it's a lot cheaper than paying for gasoline. The cost of electricity can vary depending on where you live, but according to data analyzed by the Yale Center for Environmental Communication, the average equivalent cost per "gallon" to charge an electric vehicle in the U.S. is $1.41. As of September 2022, the average price per gallon of gas around the nation is $3.74, according to AAA.

Just keep in mind that tax credits are earned when you file your tax return for the year in which you purchased your electric car, so it won't reduce your upfront costs immediately. Also, there are income limits depending on your filing status and whether the vehicle is new or used.

Electric vehicles aren't entirely emission-free because they still rely on coal-powered energy sources. But according to the Department of Energy, they still reduce your emissions significantly compared to gas-powered vehicles. 2b1af7f3a8