How an electric car could save you money?

I really want to buy an electric car to be more eco-friendly, but the high price tag stops me every time. Could an electric car really save me money over time?

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Answer provided by
Allison Stone
Answered on Apr 13, 2022
Looking into buying a new car is an exciting time, and choosing to go electric is a great eco-friendly choice. An electric car can possibly save you money in a few ways including:
  • Tax credits and incentives. Buyers of a new electric car can get up to $7,500 in federal tax credits. In some states, eco-friendly and fuel-efficient drivers could be eligible for even more benefits and incentives.
  • Cheaper fuel. No matter how you slice it, the cost of charging an electric car is going to be less than you would spend fueling up for an equal amount of mileage at the gas station.
  • Fewer repairs. Electric cars are less mechanically complex and have fewer moving parts than a standard combustion-engine car, which may save you money on repairs over time.
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