Electric vehicles (EVs) have been in the news a lot lately. They’re the hot new car trend, but, let’s be real, what really matters to you is the bottom line. Can they truly save you money?
Overall, the answer is yes…but it depends on several factors, so read on to see if an EV is right for you and your budget.
The upfront cost: sticker shock
When you first start shopping around for an EV, you might get a bit of sticker shock. Yes, they can be more expensive upfront than their gas-guzzling counterparts, typically costing between $26,0000 to $100,000, depending on the make and model.
But don’t let that initial price tag scare you off. There’s more to the story. It’s like buying a house; the initial cost might seem high, but the long-term benefits can outweigh the initial investment. Here’s how:
No more gas stations
First off, say goodbye to your local gas station. With an EV, your fuel is electricity, which is much cheaper than gasoline. You can save about $800 to $1,000 per year on these costs compared to a gasoline-powered car.
Plus, you can charge your EV at home, which saves you the time and headache of making those frantic trips to fill up the tank. Imagine waking up every morning with a full tank. Sounds pretty good, right?
Maintenance: less is more
EVs have fewer moving parts than traditional cars, which means less can go wrong. No oil changes, no transmission fluid, no timing belts. Consumer Reports says you can save $4,600 in maintenance expenses over the life of your EV.
Incentives: the cherry on top
And let’s not forget about incentives. The federal government and many states offer tax credits for purchasing an EV. These can offset the vehicle's initial cost, making that sticker price a little less shocking. It’s like having a coupon that takes a big chunk off the price tag. Specifically, the IRS offers a tax credit of up to $7,500 if you buy a new, qualified vehicle.
WorkMoney partner, Zappyride, can help you see how much you can save with an EV and what rebates, credits, and incentives are available to you. Incentives are personalized for where you live.
See your potential EV savings>
A green bonus
And as a bonus, you’ll do your part for the environment. EVs produce zero tailpipe emissions, helping to reduce air pollution and combat climate change. So not only can an EV be good for your wallet, but it’s also good for our planet.
Making the switch
Thinking about going electric with an EV? Easy! Follow these steps to determine if it’s right for you: It’s a big decision, but it could be a smart one for your finances - and for the future.
- Compare different EV models and their features to find the best fit for your needs and budget.
- Check for state and local incentives, such as tax credits or rebates, to potentially reduce the upfront cost of purchasing an EV.
- Calculate your estimated savings on fuel and maintenance costs over the lifetime of the EV compared to a traditional gas-powered vehicle.
- Consider your daily commuting and driving habits, ensuring the range and charging infrastructure meet your requirements.
- Evaluate your commitment to sustainability and reducing your carbon footprint as EVs contribute to a cleaner environment.
Your money, your choices
At the end of the day, it’s your money and your choices that determine your financial future. Whether choosing an EV for long-term savings or finding other ways to cut costs and save money, every decision counts. And remember, you’re not alone in this journey.
Our team at WorkMoney is committed to helping you make smart financial decisions. We work hard to find direct discounts and products that save you money on everyday expenses. We help you navigate the world of EVs and other big financial decisions.
So why not join us? Sign up today and take control of your money. Together, we can make sure you’re getting the most out of your hard-earned cash. Because at WorkMoney, we believe that everyone deserves to live a good life, and that starts with smart money management.