As electric vehicles become more popular in the United States, one obstacle to their widespread adoption is the perceived higher cost.
While the average EV sells for more than a typical gas-powered car, per Kelley Blue Book, that's not the full story. One savvy Reddit user in California combined state and federal incentives to reduce the price of a new Tesla Model 3 by $15,000.
"Was spending $300 on gas on old VW," the Redditor explained. "Decided to make the switch to EV! After all tax discounts she came out to be around $21,000 + fees!"
California's Clean Vehicle Rebate Project offered up to $7,500 in rebates for purchasing clean vehicles to those who met eligibility requirements. The federal tax credit, which was part of the Inflation Reduction Act, also offers $7,500 for qualifying vehicles. The original poster's Tesla Model 3 qualified for both incentives. CVRP ended in November 2023 but may be revived if the federal EV tax credit is scrapped.
Interestingly, California isn't even the most generous state in the country when it comes to backing EVs. One commenter on the Reddit post noted: "Colorado is up to $26,500 if you meet all the eligibility requirements!" This would involve combining several statewide and federal incentives, but it is possible.
The cost of running an EV is also substantially lower than that of a car powered by an internal combustion engine. An EV costs around 5 cents per mile to run, while an ICE vehicle costs around three times more. For the average American, that would be around $1,350 per year saved by making the switch.
But it gets better. EVs don't require nearly as much maintenance as a gas-powered vehicle. Over the lifetime of the car, an EV owner will shell out about half the cost as they would on a traditional car.
Of course, the savings aren't just monetary. Over their lifetimes, EVs produce far less carbon pollution than gas-powered cars. This helps slow the planet's overheating and contributes to cleaner air.
Commenters on the post were supportive and just a little jealous.
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If you were going to purchase an EV which of these factors would be most important to you? Click your choice to see results and speak your mind. |
Good driving range 🔋 "Wow. Congrats. 15K in credits/rebates is insanely awesome," one commenter said.
"That's quite a deal," another added.
"Indeed, crazy deal," one more agreed. "I wish we had these in Europe."
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