SHOPSMART AUTOS – CUSTOMER INFORMATION – SEPTEMBER 29, 2021
Electric vehicle prices finally in reach of millennial, Gen Z car buyers (PT.3)
Lai, whose annual income is $100,000, said he prefers to lease his BMW i3due to how rapidly technology advances. He said he wouldn’t want to purchase a car in which the battery and technology would quickly go out of date with each new update. Even though the LEAF has a base MSRP of $29,990, more car buyers are interested in Tesla, which just increased the price for the most affordable version of Model 3 from $38,990 to $39,940. Electric cars make up around 2% of car sales, and the majority of the market share is Tesla, according to Cox Automotive’s research. There are federal tax incentives for electric car purchases, though those decline once a manufacturer reaches a fixed number of 200,000 cars sold, and Tesla’s models are already in the incentive phase out-period, with the original $7,500 credit now down to $1,875 tax credit available until the end of this year. Some states, including New York and Vermont, offer tax incentives for electric vehicle drivers. In some of these states, residents receive tax rebates by proving they’ve driven exclusively with electric power for a given number of miles, while in others, residents receive a rebate when they initially purchase an electric vehicle. In some states, electric vehicle owners are required to make yearly car fees, with owners in 11 states paying more than gasoline taxes. New York State resident Ian Bresalier, who leased a BMW i3, said he used the money from the rebate to purchase an in-home charging station. “Basically, it pays for itself,” the 24-year-old said. But Bresalier is an example of how long the road will still be for the mass adoption of electric vehicles. The deciding factor for him in buying an electric car was the fact that he was an BMW employee at the time and received an employee deal. He loved the electric car, but he no longer has one. Bresalier now drives a gas-powered 2015 Chevy Sonic because the car averages 40-miles per gallon on the highway and he does a lot of travelling. Range anxiety was a big issue for Bresalier. LaClair, who makes payments on his used LEAF every month, is focused on the long-term benefits. “While I now have car payments, I’m also spending about $250 less per month on powering my car” he said. “Even though I’m spending money to plug my car in at home, it is incredibly less than if I were filling up at the gas pump every week.”
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