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Electric vehicles have been in the news a lot recently. It is supposed to be the car of the future as we move from fossil fuels to renewable energy. While the energy transition will take some more time, governments and car manufacturers are providing a lot of incentive to make it easier for people to purchase their first Electric Vehicle. We can take a look at a few benefits below so people can decide if they will buy an EV now or wait.
Tax Benefits Purchasing a car comes with additional expenses above and beyond the car itself. Additional taxes and fees are usually added to the vehicle cost to arrive at a final purchase price. Road taxes, federal and state levies can add up. Nowadays there are environmental surcharges that are usually added on as a tax. These levies sometimes amount to almost 8 - 10 percent of the vehicle cost. This is significant when you are budgeting for a new vehicle. With EV’s, the government and car companies are offering a slew of benefits, one of them being tax breaks. The US govt. offers a federal tax credit of up to $7,500 if you purchase a new qualified plug in electric vehicle or fuel cell electric vehicle. If used correctly, this tax credit and additional financial incentives provided by car companies can greatly reduce the price of your next car purchase making buying an EV now a no brainer! Cost Savings With the cost of living going up every day, people are looking for ways to save money and cut costs. We have written about the tax benefits that provide a direct cost saving of $7,500, but what about the running cost? Are Ev’s cheaper to use in the long run? Currently, gasoline and diesel all have taxes added to them in order to fund roads and other infrastructure. All these add ons increase the overall running cost of a conventional gasoline car. According to the EPA, an average EV uses around 35kWs per hour to drive 100 miles. This translates to around $15 of average public charge time or around $4 at home. This is quite a lot cheaper than if you were to run on gasoline. Additionally, EV’s have less parts in them that translates to savings due to less wear and tear. With high gas prices and a low cost of running an EV, it is a great time to invest in one if you are looking to purchase a new vehicle. These are just a few of the benefits of purchasing an EV, especially now that there is a big push for EV adoption. You can review many different types of EV’s on the market and see what sort of a vehicle you would like to purchase. There are various EV manufacturers who provide a wide range of vehicles and many price points and one that is suitable for you in the long run accounting for all of the costs is the best way to go. 6 reasons why the best time to go electric is now The benefits of having home EV charger Which Tesla wall connector is right for you? Maximize your Tesla charging experience with the wall connector
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