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Is an electric car a good investment?
Electric cars are awesome, but are they too good to be true? I recently inherited some extra money, and I’m looking to make a smart choice. Since my 2003 Honda is on the fritz, I figure I might as well use the cash for a new car. Is an electric car a good investment?
Elaine Duvet · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I completely agree! There are pros and cons to everything.
Electric cars are definitely the future
; by 2030 over half of the car sales are expected to be EVs. When deciding what type of vehicle is best for you, consider your budget, lifestyle and personal preferences.
Here’s what we know about investing in an electric car:
- Your exhaust won’t produce any emissions, and you’ll save tons of money on gas and overall maintenance.
- Many EVs are tax free, and you could also be eligible for the $7,500 federal tax rebate.
- You’ll have to give up some spontaneity on the open road, as you’ll need to plan for charging points along your journey.
- While you’ll end up saving money in the long run, EVs come with a hefty upfront fee.
Now that you know more about investing in an electric car, you can decide if owning one is the right choice for your inheritance. Whatever vehicle replaces your 2003 Honda, make sure it’s covered by the best car insurance on the market. No one has time to be overpaying for their policy every month.
Questions about your coverage? Download the
Jerry
super app. The savings keep coming even after Jerry finds you great insurance at the lowest price. Before every policy renewal period, you’ll be presented with new competitive quotes, which means you’ll always have the best coverage at the best price. If you want to switch policies, no worries! Jerry can help cancel your old policy.MORE: Honda Takes Another Step In EV Plans By Announcing Two New EVS
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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