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5 Ways to Immediately Save Money with an Electric Car

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White Tesla Model S, front end

If you have never considered buying an electric car (EV), now might be the right time to look into one. EVs are cheaper than most people think, and there are a few tricks that a prudent car buyer like yourself can use to save even more money. In this article, we look at 5 ways to make the ownership of an EV easier and much more affordable than even you probably imagined.

Whether you like it or not, conventionally-power cars will inevitably make way for alternative vehicles like electric cars, hybrids and fuel-cell hydrogen cars, so it’s in your best interest to stay up to date with the times, both technologically and financially. Having said that, here are how you can save money on an electric vehicle:

Buy It Used

It shouldn’t come as a surprise that buying a used car instead of a new one can save you a lot of money, not to mention it’s not unusual for people to purchase an EV only to realize it doesn’t meet their needs. After all, EVs have their disadvantages, such as their ineffectiveness at towing trailers (runs down the batteries quickly) and the dreaded range-anxiety.

The fact that many early adopters bought EVs without necessarily needing them means there are many on the used car market with very low mileage. It’s a buyer’s market…

Buy The Right EV

Like regular cars, not all EVs are the same and there are a wide variety of makes and models to choose from. Carefully doing your research before opting for one can shave thousands of dollars off your purchase.

When comparing different models, make sure to consider more than just the base price. Look at such factors as their mileage, range, battery life, charge times, battery replacement and maintenance costs, horsepower (kW), creature comforts, and general specifications so that you can get the best vehicle possible for your unique lifestyle.

Watch Gas Prices

Here is an interesting fact: When gas prices are low, both hybrids and electric cars tend drop in price; when high, they increase in demand and, thus, price. It’s the magic of supply and demand at work…

To elaborate, saving money on gas is one of the major benefits of owning a hybrid or electric car, so when gas prices drop, there is less of a compelling to get one. You may be able to use this newfound knowledge as a bargaining tool when purchasing a new or used electric vehicle.

Take Advantage Of Incentives

Depending on where you live, purchasing an electric car may make you eligible for incentives that can significantly reduce how much money you end up spending. For instance, the sales staff at Arrigo Automotive tell us that buyers in the United States can get as much as $7,500 in federal tax credits and another $2,500 in state incentives for making the switch to a more environmentally-friendly vehicle.

There are many other perks of owning an EV, such as gaining exclusive use of special lanes on certain roads and highways and having access to free charging in designated EV charging stations. These are very significant savings when considered together, and they don’t apply to the purchase of any gas-powered vehicle.

Lease It

All vehicles, regardless of whether they are gas-powered, electric or hybrid, depreciate in value very quickly, especially in their first year after purchase. If you aren’t planning on keeping the vehicle for a long time, consider leasing it so as not to worry about the large initial depreciation hit.

There are some great lease deals available and the low monthly payments can save you even more in the end.

Bottom line

When looking to purchase an electric vehicle, look at the many ways you can save money. As good as EVs are at cutting gas costs, there are many other ways that owning one can save you money. We hope you put the information we’ve provided here to good use.

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