The automotive industry, and the subsequent landscape of purchasing a vehicle, continues to shift with the rise and popularity of electric vehicles. With increased electric vehicle (EV) infrastructure and tax incentives, there is a definite rise in EV ownership.
Of course, environmental and climate concerns also factor into the growing amount of EVs on the road. However, one of the many issues surrounding EV adoption is the price tag. Many people wonder if the higher upfront cost of EVs compares to an internal combustible engine car.
If you’re weighing the pros and cons of getting an EV, there are some factors to consider to determine if the cars are worth the higher initial investment.
Tax Incentives
Thanks to various tax incentives and rebates from the IRS, purchasing an EV might be more enticing. By buying a new and qualifying plug-in EV, you can potentially receive up to $7,500. These tax credits, rebates, and incentives can offset the higher upfront cost of buying an electric vehicle. Before dismissing electric cars because of the price tag, it’s worth exploring how the available incentives might reduce the price point.
Lower Maintenance and Operating Costs
Electric vehicles require less maintenance and upkeep than gas-powered cars. EVs don’t require regular oil changes, for example, which can easily save you several mechanic runs throughout the year. Even better, electric vehicles have “regenerative” braking.
This feature allows an EV to recover energy by storing it for later use. In short, regenerative braking functions like a generator, storing and releasing energy as needed to power the EV. Between this feature and fewer parts overall, EV owners can enjoy substantial savings in the maintenance department.
Fuel Savings
Fueling a gas-powered vehicle is significantly more expensive than charging an EV. Electricity is generally cheaper than gasoline, which saves owners a significant amount of money over the life of the EV. Additionally, EV owners have the opportunity to take advantage of off-peak charging rates, which can further reduce their energy expenses. Over time, these fuel savings certainly contribute to the higher cost of an electric vehicle.
Environmental Benefits
Electric vehicles continue to grow in popularity and demand because of their ability to reduce greenhouse gas emissions. EVs produce zero tailpipe emissions, which ultimately contribute to achieving cleaner air and reducing the environmental impact. Globally, as more individuals, societies, and governments begin to pursue climate change policy, electric vehicles hold their value and make the cost worthwhile due to environmental objectives.
Are Electric Vehicles Worth It?
With a high upfront cost, many people find the price a barrier to purchasing an electric vehicle. However, an electric vehicle’s value extends beyond its initial purchase price. With lower operating costs, tax incentives, and fuel savings, EV owners find themselves spending less money throughout the life of the car.
If you add in the environmental component, there’s even more long-term value to investing in an EV. As the automotive industry continues to embrace sustainability and provide individuals with tax rebates and incentives, owning an EV is becoming more and more affordable.
EVs, though a potentially expensive upfront cost depending on your financial situation, are a worthwhile investment that forward-thinking consumers can continue to see value and benefits from in years to come.
