With prices rising on just about everything and the cost of fuel refusing to budge, electric vehicles (EVs) are more popular than ever. Of course, in addition to the anticipated savings on fuel, EVs offer a clean, emissions-free ride.
Let’s look closer at EVs, their initial and ongoing costs, and the factors to consider before springing for this expensive yet environmentally friendly car.
How much do EVs cost?
EVs come in a wide price range, from $26,500 to $85,095. Prices are based on their range, how far they can drive on a single charge, as well as their durability, performance, styling and size. Government incentives can bring down the price as well.
There’s also good news coming. Lots of manufacturers are dropping prices as battery technology improves. Prices on Tesla and Ford have already lowered in 2023, and more models are expected to follow.
Electric vehicle maintenance
In general, EVs have lower maintenance costs than their gas-powered cousins. The typical maintenance issues for cars, such as replacing or repairing spark plugs, transistors and oil, are irrelevant to EVs. This means easier and less expensive maintenance for electric vehicles across the board.
While one of the primary draws of EVs is the savings on fuel costs, keeping your EV running isn’t free. You’ll need to pay for the electricity to run your car. It’s hard to put an exact price tag on charging an EV, though, as energy costs vary by state and fluctuate constantly. Some cost-saving energy measures to note include:
- Charging your EV overnight or on the weekend costs less than during weekday afternoons and/or evenings.
- Some utility companies offer special plans for EV owners.
- It’s best not to charge your battery to 100% unless necessary.
Will I qualify for a tax incentive for my electric vehicle?
To see if your chosen car is eligible, check out the IRS’s most recently updated list of vehicles that qualify for the incentive program. You can also look up the vehicle identification number (VIN) on the Energy Department’s website.
Is it a good time to buy an electric vehicle?
The jury is out on this one, as sky-high prices drive buyers back to traditional car sales, and the promise of newer, more updated EVs keeps them waiting for something better. Energy is also at a record high, so running an EV won’t be cheap. There’s no telling where the market will go, so it’s anyone’s guess if prices will fall enough to justify a wait.
Use this guide to make an informed decision that may also benefit your wallet and the environment.