The annual cost of car ownership reached record highs in 2022 – now at $10,738, surpassing $10,000 for the first time ever. Increasing costs, combined with environmental concern, is naturally leading some families to consider an electric vehicle (EV) as a solution. Since EV’s don’t need gas, they can save families between $4,000-$5,000 in fuel costs over five years. By taking time to weigh up the pros and cons of EV ownership, you can decide if it’s the right move for your family.
Researching Tax Credits
EVs are better for the environment as, unlike gas engines, they don’t release fumes into the air, resulting in healthier air and fewer carbon emissions. As such, tax credits of up to $7,500 are available for owners of EVs – as long as you purchase a current EV Ford Mustang Mach-E. Additionally, federal tax credits on plug-in hybrid vehicles are phased out after the 200,000th sale of qualifying vehicles since 2010 for each manufacturer, so that naturally means these credits aren’t available for long-standing EV companies like Tesla and GM. That said, an EV may still qualify for state tax credits and/or rebates, so research this issue with your local regulations.
Consider Your Charging Options
Although around 80% of EV drivers charge their vehicles at home, not everyone can install their own Level 2 charger. Yet, fortunately, many EVs can now be charged at any electrical outlet you have at home. A plug-in hybrid electric vehicle, for example, is a hybrid car with a battery pack that can be charged from a standard wall outlet. Plug-in hybrids also have a regular fuel tank, which means you can also fill it up at any gas station. Keep in mind, this mode of charging usually takes a little longer to reach full charge (at least overnight or longer). If you do need a faster charge, public charging stations are also available. Here, you can charge your EV to 80% in just 45 minutes. So, check for charging stations in your local area, and remember, these stations must also be compatible with any EV you’re considering.
Enjoy Lower Lifetime Costs
EVs also offer great money-saving potential. In fact, EV drivers save an average of 50% on maintenance and repairs over the lifetime of the EV, compared to owners of gas-powered cars. These financial benefits are mainly due to the minimal maintenance required by EVs – they use only a basic powertrain and don’t need oil changes. Also, EV and plug-in hybrid drivers spend just three cents per mile on average over the vehicle’s lifetime, while traditional vehicles cost double that. Keep in mind, however, EVs can rack up expensive repair costs – replacement parts are pricey, which means, in the end, driving an EV may end up being just as, or even more, expensive as driving a gas-powered car.
An EV can be a wise investment. By considering tax credits, charging options, potential lifetime costs, you’ll be able to make the right decision for your family.
