Happy Earth Day: Here’s Why Now Is A Great Time To Buy An Electric Car
Though electric cars still account for only a razor-thin share of the U.S. new-vehicle market, they’re gaining momentum. According to the tracking website InsideEVs.com, 361,307 EVs were sold last year, which is an impressive 81 percent increase over 2017’s totals. And with several new models having debuted for 2019, this is a great time to consider buying an electrified ride.
Even if you have no particular environmental bent, driving an EV can be a much cheaper way to go, especially with gas prices having spiked to a national average of around $3.00 per gallon. For example, the Environmental Protection Agency says the Hyundai Ioniq Electric, which is rated at the electric equivalent of 136 mpg in combined city/highway driving, will cost an owner $500 a year to run for 15,000 miles, based on average power rates. The EPA estimates an Ioniq Electric owner will spend $5,750 less in fuel costs over a five-year period than will someone driving an average vehicle the same distance.
What’s more, you’ll save cash on an ongoing basis because EV maintenance costs are much lower than they are with a conventionally powered vehicle. For starters, you’ll never have to take an EV in to the shop for oil and fluid changes or tune-ups. EVs use a simple one-speed transmission that has far fewer moving parts than a typical automatic gearbox. EVs further eschew wear-and-tear items like spark plugs, valves, muffler/tailpipe, distributor, starter, drive belts, hoses, and a catalytic converter. Regular service visits are typically limited to rotating the tires and checking brake pads and other components.
Best of all, the selection has never been greater. There are no fewer than 17 full-electric vehicles on the market as of this writing, and they include new models like the Audi e-tron and Jaguar i-Pace at the higher end of the pricing spectrum, and the more affordable Hyundai Kona Electric, Kia Niro Electric and the longer-range Nissan Leaf Plus.
The current crop of EVs range in size and price from the diminutive Smart EQ ForTwo at around $24,000 to the Tesla Model S that tops out at around $100,000. Most EVs, however, are priced in the $30,000 range. And that’s before taking advantage of the one-time federal tax credit granted to EV buyers. That remains at $7,500 for most models, though it’s been cut to $3,750 for Tesla models and the Chevrolet Bolt EV. That’s because those automakers have already reached sales of 200,000 electric vehicles, which under the current law triggers a one-year phase-out of the credits. There’s a bill before Congress that would extend the full tax credits for all automakers, but the White House has suggested they be eliminated altogether, so we’d suggest acting fast to ensure you can still take advantage of what amounts to a substantial price cut.
Source: forbes
