Is An Electric Car In Your Budget?

There are more EVs than ever on the market; in fact the annual growth rate of the industry has gone up by 19%, to $231 billion in the last 7 years. Furthermore, the Environmental Protection Agency is planning to introduce limits on carbon dioxide emissions, so there has never been a better time to think about investing in an electric car. So what should you consider in terms of finance and budget?

The cost of the vehicle
In general, EVs are more expensive than their fuel-driven counterparts, however worldwide demand means that prices are coming down. For instance the 2018 Nissan Leaf, with a retail cost of $29,990 costs $690 less than the previous year. You could easily finance your purchase with a loan or credit card. It is worth considering when deciding to purchase that you could be eligible for a federal incentive that you can set against the cost of your new car. This tax credit is currently $7,500 – a huge amount of money, that wouldn’t be available if you were purchasing a car that runs on gas.

Fuel running costs
One of the most significant savings that you will make with an electric car, is in the cost of fuel. You should be aware however that the electricity that you are using may come from many sources, including burning gas or coal, as well as more renewable sources such as wind power, turbine power and solar power. Some commercial electric hook ups for cars and other vehicles do specify the source of the electricity, and you may find that power from sustainable sources is marginally more expensive. However a study made by the University of Michigan found that the average cost per year of running a gas powered car is $1,117. The average cost of running an electric car is $485. That is a significant saving. Over a 10 year period you would save more than $6,000.

Cost of maintenance
Although you will have to replace tyres and brakes just as frequently as any vehicle on the road, the general cost of maintenance and repairs is less than a gas car, as you won’t have repairs associated with the internal combustion engine. These can become very expensive as your car gets older. The largest outlay you are likely to have over time, is a replacement battery pack, however many manufacturers offer a warranty on this.

The cost of EVs is coming down, and although they still might be more expensive to purchase initially than gas vehicles, the daily running costs are substantially less. Even better, the environment won’t be paying the price for the emissions produced by your new car.

1 Comment on "Is An Electric Car In Your Budget?"

  1. Bij de meeste Nissan garages kun je gratis laden sommige Nissan garages zetten hun snellader achter een hek dat ‘s nachts gesloten is de zodat je ‘s nachts in je auto mag slapen. De invoerder Nissan Belux speelt het zelfs klaar om maandenlang een defecte snellader voor de publiekstoegankelijke voordeur te hebben.Momenteel 13.11.18 is hij opnieuw defect we werden naar een 500m verder gelegen snellader gestuurd die het ook niet deed!De dame die na ons arriveerde, zat met het zelfde probleem. Nissan Belux schijnt zich alleen te interesseren voor’andere zaken’ van mij krijgen ze dus een dikke nul, op servicegebied (niet de dealers)! De Nissan Leaf daarentegen is naar mijn smaak de beste koop (drie jaar ervaring) . Model 2019 komt zeer ver!

    At most Nissan garages you can charge for free some Nissan garages put their quick charger behind a gate that is closed at night so you can sleep in your car at night. The importer Nissan Belux even gets ready to have a faulty fast charger for the publicly accessible front door for months.Currently, 13.11.18 he is again defective, we were sent to a 500m fast charger that did not work either! The lady who arrived after us, was with the same problem. Nissan Belux only seems to be interested in ‘other matters’ of me so they get a big zero, on service area (not the dealers)! The Nissan Leaf, on the other hand, is the best buy for me (three years of experience). Model 2019 is coming very far!

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