With prices still rising on just about everything, and the cost of fuel stubbornly refusing to budge, electric vehicles (EVs) are more popular than ever. Of course, in addition to the anticipated savings on fuel, EVs offer their owners a clean, emissions-free ride.
Let’s take a closer look at EVs, their initial and ongoing costs, and factors to consider before springing for this expensive, but environmentally friendly, car.
How much do EVs cost?
EVs come in a wide price range, from $26,500 all the way to $85,095. Prices on EVs are based on their range, or how far they can drive on a single battery charge, as well as durability, performance, styling and size. Government incentives can bring down the price as well.
There’s also good news coming for EV pricing. 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 get cheaper with time.
Electric vehicle maintenance
In general, EVs have lower maintenance costs than their gas-powered cousins. Lots of common maintenance issues for cars, like replacing or repairing spark plugs, transistors and oil, are irrelevant to EVs. This translates into easier and less expensive maintenance for electric vehicles across the board.
Electricity costs
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 it costs to run your car, and that can run you a pretty penny. It’s hard to put an exact price tag on charging an EV, though, as energy costs vary by state and are always fluctuating. 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 makes the cut, 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 keep them waiting for something better. Energy is also at a record high, so keeping an EV running won’t be cheap. There’s no telling where the market will go, though, so it’s anyone’s guess if prices will really fall enough to justify a wait.
Use this guide to make an informed decision that may benefit your wallet, and the environment, too.