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Saving Money With An Electric Car: What You Need To Know

Saving Money With An Electric Car

Who would’ve imagined that electric vehicles (EVs) would reach their height of popularity today? Back then, EVs were considered a novelty by many car drivers and vehicle industry experts.

Nonetheless, all thanks to technological innovations, the shifting sentiments of consumers, government incentives, and so on, EVs are now becoming one of the prime choices of car buyers – whether it’s their first time buying one or they’re switching from their gas-powered auto.

Besides that, one of the primary reasons why people are looking to buy an electric car is because of the savings owners will enjoy. But what are these? Keep on reading to learn about electric vehicles.

EVs 101: What Are They And How They Help Car Owners Save Money

According to Drive and other reliable sites, EVs are a popular and eco-friendly option for those who are looking to own their first-ever vehicle or are planning to switch from their old auto.

EVs are electric-powered automobiles that have a lesser greenhouse footprint compared to conventional cars that run on fossil fuels. There are four popular types of EVs in the market: battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs).

BEVs are a type of EV that fully relies on energy stored in a large battery component to run and power their feature. Recharging can be done by plugging the EV directly into the electric grid.

Meanwhile, HEVs, also known as parallel hybrids, are a kind of EV that has both an electric motor and an engine. The former is powered by electricity while the latter is run on fossil fuel. These two work alongside each other to power the electric car.

On the other hand, PHEVs are like HEVs. Their difference are the following: first, you can select which type of fuel to use on the engine; next, the EV can be recharged by a battery pack; and finally, the battery can be recharged externally.

Lastly, FCEVs are said to be the cleanest and most eco-friendly among all of the types of EVs available on the market. It’s because they depend on the stored chemical energy of the battery cell of the car to run the auto.

Keep in mind that each type of EV comes in different models, price ranges, feature options, and so on – depending on the EV manufacturer, the existing rules and regulations in your country or state, and so on. For guidance, reach out to an EV dealership near you.

At the end of the day, it’s believed that all of these types of EVs bring forth many financial advantages to their owners. Some of them include the following:

EVs Slash Down Fuel Costs

Source: planet.outlookindia.com

Remember the sky-high fuel prices that wreaked havoc across the country a few months back? Fuel prices are greatly influenced by geopolitics, market conditions, oil supply and demand, and many more. These factors are beyond the control of the everyday car driver; hence, they’re left powerless when the price of fuel increases dramatically.

Having to deal with very high fuel prices can eat up your monthly budget. Instead of being able to allocate a few extra hundred dollars for leisure and the like, you end up having to put that money for gas instead.

That’s where EVs come in handy. Because they run on limited fuel or nothing at all, you wouldn’t be greatly impacted by the sudden upswings in the prices of petrol in your local gas station.

EVs Are Low-Maintenance

Source: ackodrive.com

Part of being a car owner includes allocating a certain amount annually for repairs and regular vehicle checkups. Making repairs as soon as issues come up is crucial to avoid having to deal with costly repair jobs and/or replacements later on. The same goes for regular checkups. Both costs are significant and can add up.

Conventional gas-powered vehicles require regular repairs and maintenance because they have many components that are susceptible to wear and tear.

On the other side of the coin, EVs require less maintenance because they possess far fewer moving components compared to their traditional counterparts. Besides that, many EV companies offer better and extended warranty programs on their car offerings – further adding that peace of mind to you and your pockets.

EV Owners Get To Enjoy Tax Breaks And Various Government Incentives

One more financial perk of owning an electric car is that there are many forms of government support available. Nevertheless, the programs and the amount allocated depend on the laws in your country or state – it’s best that you raise the question of what state benefits you’re entitled to when buying an EV from your car sales representative.

For instance, there are countries that offer tax breaks for EV car makers to encourage higher EV turnout in the market. How can this affect you? This makes the costs of EVs go down.

On the other hand, there are countries and/or states that offer tax breaks for individuals who own EVs. They do this in their bid to promote greener movements and higher EV ownership.

EVs Allow You To Save More By Charging Smart

Charging Smart
Source: washingtonpost.com

Did you know that you get charged differently by your electricity provider depending on the time of the day? This is called variable-rate charge, which is influenced by multiple factors like market conditions, demand and supply, the time of the day, and so on.

Nonetheless, you can take advantage of the abovementioned and game the system. If you own an EV and charge it during off-peak hours of the day, when electricity rates are lower, you’ll be able to save on your electricity bill.

To top that all off, there are electric companies who are making an effort to promote green initiatives, offering discounted electricity plans for homeowners who own an electric car and have a charging port installed at home.

Some Employers And Companies Offer Incentives To Their EV-Owning Workers

Companies, big or small, are all riding the green wave these days. They introduce a variety of programs to show to their clients and stakeholders that they care about the environment and not just making profits.

One of the most notable examples of companies participating in the green revolution is offering incentives to their employees who drive EVs. These benefits depend on the company, but some examples include electricity bill subsidies and so on.

To Conclude

EVs are a wonder of technology that offers a lot of advantages to their owners. They not only are planet-friendly, yet they allow car owners like you to save money in a variety of ways as well. What are you waiting for? Make the switch to electric car today!

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