Electric Vehicles And Their Potential For Reducing Wildlife Habitat Disruption – Electric vehicles have been attracting people’s interest for years. And now, with the recent rise in gas prices, the idea of not being dependent on fuel is even more appealing. So is it time to buy an electric vehicle? Here’s what you need to know.
Whether you’re looking for a new or used car, gas or electricity, you’ll pay more in 2022 than in previous years. It is not only the cost of buying the car, but also the cost of running it. Experts say it’s important to break out the calculator to see if an electric vehicle gives you the savings you need in your wallet.
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“When it comes to saving in general, I think the mistake a lot of people make is they think, ‘Yeah, electricity is more expensive than gas, so I’ll start saving right away.’ But you have to consider what it is. This vehicle costs more than a traditional gas vehicle, and I think you start to run into an issue where it takes a long time to break even,” says Ronald Montoya, Edmonds’ consumer advice editor. . Also, if you are buying a new car, you need to make a payment on the vehicle.
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For example, the new 2022 electric Nissan LEAF costs about $27,400 and gets about 100 mpg/city. The 2022 Nissan Sentra is a comparable gas vehicle that costs about $19,600 and gets about 30 mpg/city. Depending on your driving pattern, it may take a long time before it stops. The US Department of Energy offers a helpful side-by-side calculator where you can compare vehicle models and potential savings over time.
Aside from cost, AAA Automotive Technical Engineer Matthew Lum says your lifestyle should be considered when choosing between an electric and gasoline car.
“Consider your typical driving behavior and compare how many miles you typically drive per day to the range estimates provided by the EPA. Keep in mind that these driving range estimates may be much lower than what you might find based on your driving environment,” says loom. “To account for these differences it’s a good idea to look for a vehicle that has more range than you would drive on a typical day.”
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Although the initial sticker price of an electric vehicle is higher than its gas equivalent, many new electric vehicles may qualify for a federal tax credit of up to $7,500. In addition, state and local incentives apply.
It’s important to do your homework and research incentives before making your purchase to make sure you know what you’ll qualify for and how you’ll be compensated.
“Even though it’s often billed as a car deduction, it doesn’t work that way. It’s a credit on your income tax,” Montoya said. “If you have a refund, you will get the full amount, but it will be discounted if you owe it. Depending on your tax situation, you may not get the full refund in your pocket.’
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If you choose to lease an electric vehicle, some companies will use a tax credit to lower your monthly payment.
With an electric car you won’t stop at a gas station, but that doesn’t mean you won’t spend money – charging at home or at the station – to power your vehicle.
To estimate how much it costs to charge an electric vehicle at home, look no further than your current electric bill to see how much you’re paying per kilowatt-hour (kWh).
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As of December 2021, the national average price of electricity was 13.75 cents per kWh and some experts say an electric vehicle could travel four miles per kWh. If you drive 1,200 miles per month, you’ll need about 300 kWh to charge your car, which will cost you $41.25 per month.
Another thing to consider when considering an electric vehicle is what the charging infrastructure is like in your area. There will inevitably be cases where charging at home is not an option. If you’re on the highway or forget to plug in and charge, you need to know where the public charging stations are. Public charging stations are operated by third parties, so prices vary.
In addition to knowing where the charging stations are, you need to allow time for charging. “Sometimes when you go to gas stations during rush hour, you might have to wait a while, it’s not like someone fills up and you’re walking out five minutes later,” says Montoya. “You have to sit in your car for 20 to 30 minutes until a space becomes available.”
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There are three levels of charging stations: Level 1, Level 2 and Level 3. Depending on your driving habits and potential charging needs, you may need to consider installing a charging station in your home, which may not be possible if you live in one. housing or apartment complex.
Electric vehicles can save money in areas beyond the pump. “Maintenance costs for electric vehicles can be much lower because there is no oil or belt to change and less brake use due to regenerative braking,” says Lum. In general, you need to make sure the tires are rotating and the windshield washer fluid is full.
According to data released by the U.S. Office of Energy Efficiency and Renewable Energy in 2021, on average, gas-powered vehicles cost $0.101 per mile to maintain, compared to $0.061 for electric vehicles.
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Initially, electric vehicles can be more expensive to maintain than gas vehicles. After three months of use, electric vehicle service costs are 132 percent higher than gasoline-powered cars, according to predictive analytics and data firm WePredict. However, after three years, the average service cost of an electric vehicle is 31 percent lower than that of a gasoline-powered car. Lower maintenance costs are mainly attributed to electric vehicles having fewer mechanical parts.
As with all important financial decisions, it is important to carefully weigh the pros and cons when purchasing an electronic vehicle. If you’re not ready to go all electric and fuel economy is your main concern, a hybrid or plug-in hybrid might fit the bill. Hybrid cars combine a battery-powered electric motor with a gas-powered internal combustion engine. Plug-in hybrids run on electric power until the battery is depleted, after which the vehicle switches to the internal combustion engine. Both types of vehicles have better fuel economy than conventional gas vehicles.
Whatever type of vehicle you’re in the market for, your decision shouldn’t be based on emotion.
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“Don’t make impulse decisions because gas prices are high these days,” advises Montoya. “Take the time to do your research and do the math to compare the vehicle you drive to the vehicle you want to drive, because cars are more expensive in the long run. It may not be the silver bullet you think it is.”
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