SHOPSMART AUTOS – CUSTOMER INFORMATION – JANUARY 2, 2021 (PT. 2)
Is buying an electric car worth it?
Electric costs also vary widely by state. Certain states, like Alaska, Hawaii and California have a high cost of energy in general, which could drive up your electric bill, said Mays. But costs will still be lower than owning a car that uses gas. Buyers can also get a federal tax credit of up to $7,500 with the purchase of an all-electric or plug-in hybrid car. The size of the tax credit depends on the size of the vehicle. Some states also have their own tax credits for electric cars. Learn more at the Department of Energy website. There is a caveat: The tax credit is only available for each manufacturer until 200,000 vehicles have been sold. Currently, no manufacturers have been phased out yet, but Mays expects the credit to begin phasing out for some manufacturers by the end of the year.
Drawbacks to electric cars
Electric cars are typically more expensive up front. They also require additional infrastructure, like a charger, which can be an additional few hundred bucks, said Mays. “It’s really important to consider what your utility costs are at home,” he said. “Assuming that you’re not gonna do anything really substantial, like put solar panels on the roof of your house.” Learn if you should go solar to save electricity. Depreciation also impacts the lifetime cost of owning an electric car. The AAA reported that in 2017, electric cars lost $5,704 off their original value, which is higher than most average cars. Many current electric cars have 200-plus mile ranges, she said. But it’s important to think about where you can plug your vehicle in, when you would be able to charge it and what type of charger you would need. If you end up using the car for road trips or other long trips, “chances are you’re going to have to find a place to charge your car,” said Mays. “And just because there’s a place listed online to charge doesn’t necessarily mean the infrastructure’s currently working.” Borseth said she’s never had a problem finding somewhere to charge. Whenever she needs to stop to charge her car during a road trip, which takes about 40 minutes, she uses it as a chance to recharge herself. “I go for a walk, read a book, grab a bite to eat,” she said. “It’s a nice break. It’s an enjoyable experience.” END OF PART TWO Make It A Champion Day!
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