Although electric vehicles are more expensive to purchase than similar sized gas-powered cars, they may very well be cheaper to own in the long run. Despite the obvious fact that running on electricity is currently cheaper than running on gas, there are other ways that electric vehicles can save you money.
Tax Incentives
The Inflation Reduction Act recently passed in congress made some changes to the tax incentives for purchasing an EV, but the savings are still strong. Choose the right EV and you can save up to $7,500 on your annual tax bill, and possibly even more. Keep in mind though, that your total household income could affect the total amount of the credits you can claim. In addition to the federal tax credits, several states are offering incentives of their own, so check with your state for eligibility guidelines.
Maintenance
EVs have fewer moving parts than gas powered vehicles and they don’t have to have regular fluid changes. That equates to significant savings on maintenance. EVs are not maintenance free though. They still require the same kind of maintenance as gas powered cars such as tire rotations and replacements, alignments, and brake jobs. All other things being equal, the maintenance costs for an EV can be as low as 50% of that for a gas powered vehicle.
Charging Costs
Charging an EV is generally cheaper than buying gas. That of course depends on energy costs where you live, as well as whether you charge at home or at a public charging station. Installing a home charging station has some cost, but over time, you can avoid using those public charging stations which are more expensive. Some manufacturers are offering a discount or credit for the installation of a home charging unit. Be aware that these offers change from time to time, can vary based on the make and model, and could expire at any time. Recent studies have reported that taking all of these factors into consideration, the cost of charging can be up to 60% less than the cost of filling up with gasoline.
Free Charging
While charging your EV at a public station is more expensive than charging at home, some manufacturers are now offering free charging as an incentive to purchase their cars. These free charging offers can vary. Some measure by kilowatt hours, some by how long you’re plugged in, and some are just credits for a specific dollar amount. Also, they’re usually only available on one charging network of several nationwide charging networks available.
Improved Technology
Sales of electric vehicles reach 6% of all cars sold in the US during the third quarter of 2022. As the use of EVs becomes more widespread, there’s much more incentive to make electricity cheaper and more efficient. Some automakers are developing smartphone apps that automatically charge the car overnight when rates are at their lowest.
Resale Value
Many factors influence the resale value of any vehicle, gas or electric. Make, model, size, reputation, trim levels, and range will all be factored into the resale value of your EV. Taking into account the tax savings on the initial purchase, it appears that EV’s hold their value as well or better than similar gas-powered models.
Located in Westborough, Route 9 Nissan proudly serves Nissan car shoppers and owners throughout the Northborough and North Grafton areas with a diverse inventory of new and used vehicles. Whether you need a spacious, family-friendly SUV, an adaptable pickup truck, or a sleek sedan, we have a new Nissan model ready to suit your needs. Our highly trained sales team is here to help you select your next vehicle, and our factory trained certified service technicians are equipped to handle any of your service needs.
If you have any automotive needs, we hope you’ll stop by and let us take care of you. For more information about or dealership visit our website or give us a call at 866-922-2762. We look forward to meeting you!