Fully electric vehicles, or EVs, have been in existence for a while. It wasn’t until the last five or six years that a wide range of models became available, making EVs a feasible option for almost anyone, regardless of how frequently you drive.

In addition to being emission-free, EVs boast a number of additional advantages. Instant torque, a quiet and serene cabin, and a plethora of modern tech features all contribute to the highly satisfying experience of driving one of these eco-friendly vehicles. With numerous options available, you can select something like the Tesla Model X Plaid – one of the fastest production cars. Or, if you prefer something more budget-friendly with similar features, EVs like the Nissan Leaf can be purchased for around $30,000.

In order to give you the most up-to-date and accurate information possible, the data used to compile this article was sourced from various manufacturer websites and other authoritative sources, including IRS.gov, Forbes, and Car and Driver.

If You’re A Fan Of Saving Money, EVs Are Right Up Your Alley

Many people consider switching to a fully electric vehicle to save money, and EVs deliver on that promise. According to a University of Michigan study from 2018, “The average cost to operate an EV in the United States is $485 per year, while the average for a gasoline-powered vehicle is $1,117.” This means you’d spend less than half the amount to charge your EV compared to filling up a gasoline-powered vehicle over the course of a year.

In addition to fuel savings, EVs offer various other long-term cost-saving benefits, many of which may go unnoticed until after purchase. These benefits include potential tax credits, reduced maintenance and repairs, and the absence of emissions meaning no more emissions testing.

Tax Credits

One significant money-saving aspect is the possibility of obtaining tax credits. Due to the Inflation Reduction Act of 2022, up to $7,500 in credits is available, subject to factors such as:

• If the EV is for personal use
• If it is driven primarily in the United States
• Adjusted gross income (AGI)
• When the vehicle was purchased, and if it was purchased new
• Battery capacity and vehicle weight
• Where the vehicle was assembled

These factors may not apply to every EV, and there may be additional factors affecting the amount of tax credits you’re eligible for.

Several conditions determine eligibility for EV tax credits and the quantity of credits you can receive. If you’re still in the market for the perfect EV, it’s worthwhile to review the IRS site to ensure you fulfill all the requirements for the vehicle that suits your driving style while maximizing your savings potential. There’s no point in going electric if you’re not taking advantage of all possible savings.

How Much Money You Can Expect To Save

You might be thinking, “Can’t I just buy a gasoline-powered vehicle with a lower retail cost and save just as much money?” While that may sound appealing initially, it’s important to recognize the progress of EVs. Today, you’re not limited to buying a $60,000 Tesla if you want an EV. Advancements in battery technology and manufacturing processes have lowered the overall production cost. As a result, it’s now common to see entry-level EVs retailing for prices similar to or even cheaper than some popular internal combustion engine vehicles, such as a Honda Civic or Toyota Camry.

Avoiding The Gas Station Is A Game-Changer

It goes without saying that many people don’t realize the significance of being able to avoid gas stations until the need arises. Whether you’re on a road trip, heading to work, or simply enjoying a drive, gas stations can be frustrating and time-consuming, especially in busy areas. Not only does this save you time, it also allows you to focus on the task at hand – getting from point A to point B. Dealing with traffic on your way to work and then having to stop for gas due to the additional driving time can be very annoying and lead to a further delay.

Charge At Home, Not At Recharging Stations

Fast-charging docks are increasingly common at gas stations, providing the option to stop and quickly recharge if you forget to plug in your EV at home. However, this convenience is not always necessary.

By using your home charger (the standard AC cord provided with EVs), you can plug in your vehicle at the end of the day and have it fully charged by morning. This means no more “quick” refueling stops that somehow always take longer when you are in a rush.

You Might Find Yourself Feeling Like Dominic Toretto With The Instant Torque

Dominic Toretto, one of the most iconic figures from the Fast & Furious franchise, may not be associated with electric vehicles in the films, but there is a similarity between Dom’s favorite type of vehicle (muscle cars) and EVs – the incredible torque and acceleration.

Instant Torque And Acceleration