How much do EV drivers really save?
As electric cars become more mainstream and charging infrastructure expands, that gap is likely to close even more.
While the full tax credit is no longer available for popular models from Tesla, General Motors, or Toyota, there are still plenty of affordable options on the market that qualify for the credit like the Nissan Leaf, the Kia EV6, or the Volkswagen ID.4.
EVs also benefit from having lower maintenance, fuel, and tax costs to offset the upfront price.
The U.S. Department of Energy even reported that after 15 years, electric cars generally cost less overall when you factor in the price, maintenance, financing, repairs, the federal tax break, and fuel costs.
Calculating your potential savings with an EV
Anecdotal evidence from Forbes claims that after switching to an EV, Senior Contributor Marshall Shepherd slashed his monthly fuel bill in half from $600 to $300.
In addition to fuel savings, some states and localities have additional perks for EV drivers that could save you in the long run. For example, Georgia residents that drive EVs are allowed to use toll lanes at no cost.
At the end of the day, whether or not an EV will truly save you money depends on your lifestyle, but for most people investing in one can be a huge money-saving lifestyle change.
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