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EVs are expensive, but there are ways drivers can keep costs manageable. Here are seven moves all EV owners should try.
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Electric vehicles are better for the environment and can save drivers money in the long run. But the high upfront costs still prove a pretty significant barrier to many drivers. Not only is there the vehicle purchase itself, but there are all the necessary extras, like auto insurance, vehicle registration, and charging station costs.
It might be a while before EVs are as affordable as their gas-powered cousins, but with the right strategies, you may still be able to squeeze one into your budget. Here are seven tricks wallet-conscious EV owners can use to keep their costs as low as possible.
1. Choose your car wisely
Some new EVs qualify for a federal tax credit of up to $7,500, while select used EVs qualify for a credit of up to $4,000. Beginning in 2024, you can apply this credit to the point-of-sale purchase, effectively reducing your purchase price. Check FuelEconomy.gov to learn which cars qualify for the tax credit.
2. Go with a green auto loan
Green auto loans are available through some banks and credit unions for EV buyers. They work the same way as a traditional auto loan, except they typically have lower interest rates. This can help you pay less overall. However, not all financial institutions have these types of loans so you may have to search online to find lenders that do.
3. Shop around for auto insurance
Auto insurance for EVs is typically more expensive due to the high repair costs for these vehicles. Shopping around is crucial to ensure EV buyers get the lowest costs possible. It’s best to get quotes from several top auto insurers before purchasing a policy. Drivers may also want to seek out insurance companies that offer discounts for the purchase of hybrid or electric vehicles.
4. Be strategic about home charging
Charging your electric vehicle at home is typically cheaper than using a public charging station. This is especially true for those who charge their vehicles overnight. Electric companies typically offer lower rates when fewer people are using electricity, which makes the middle of the night one of the most affordable times to charge your EV’s battery.
5. Look for free public charging stations
If you have to charge your EV on the go, look for free public charging stations. Sites like PlugShare can help you find the ones nearest you. You’ll often find these at car dealerships, some workplaces, and even in shopping areas.
6. Drive carefully
Driving carefully reduces your risk of an accident, which can save you a ton of money in and of itself. But it can also help your EV’s battery last longer. Fast acceleration and braking deplete the battery more quickly, so sticking to moderate speeds and smooth transitions will help you go farther on each charge.
7. Maintain your EV
EVs may need less maintenance than gas-powered vehicles, but they still need some. Keeping up with all recommended maintenance, including tire rotations and alignments, can also help your EV go farther on a single charge and last longer over time.
Even taking the above steps, be prepared to pay a high upfront price for EVs. If that’s not realistic for you right now, consider holding off for another year or two. EV prices are already starting to come down, and auto loan rates will also likely come down in time, which should make EV ownership more affordable for the masses.
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