Why Owning an EV Keeps Getting Easier

Author: Angela Ash

EVs are gaining popularity although it’s only fair to say that the revolution is yet to boom. The main reason why some people are reluctant to switch to an EV is that they aren’t aware of all the benefits and haven’t done proper calculations to compare gas-powered vehicles to EVs.

Let’s take a look at why owning an EV is beneficial and why it is getting ever easier.

EVs Are Becoming Cheaper

The price gap between EVs and gas-fueled vehicles is ever shrinking, with the trend expected to continue. The price is mostly influenced by the improvement of the battery storage

  • the cheaper the production costs, the cheaper the EV.

Even though traditional gas-fueled vehicles appear to be cheaper, the thing is there are already tax credits (non-refundable) set in place, worth $2,500 to $7,500.

Keep in mind, however, that the credit is only applicable to the first 200,000 vehicles a manufacturer sells (e.g., Tesla and General Motors have already surpassed this number).

EVs Available for Tax Credits

Tax credits are available for the following EVs: AMP EVs, Audi EVs, Bentle’s 2020–21 Bentayga Hybrid, BMW EVs, BYD Motor’ 2012–17 e6 Electric Vehicle, BYD Motors’ 2017–22 Pacifica Plug-in Hybrid, CODA Automotive's 2010, 2012 CODA Sedan, ELMS' 2022 ELMS Urban Delivery, Electric Mobile Cars EVs, Ferrari's 2020–21 SF90 Stradale, Fiat's 2013–19 500e, Fisker's 2012 Karma Sedan, Ford EVs, Ford/Azure Dynamics' 2011–12 Transit Connect EV, Honda EVs, Hyundai EVs, Jaguar EVs, Jeep EVs, Kandi EVs, Karma's 2018–20 Karma Revero, Kia EVs, Lexus' 2022 NX Plug-In Hybrid, Lincoln EVs, Lucid EVs, Mazda's 2022 MX-30, McLaren's 2022 Artura, Mercedes-Benz EVs, MINI EVs, Mitsubishi EVs, Nissan's 2011–22 Leaf, Polestar Automotive EVs, Porsche EVs, Rivian EVs, Smart USA EVs, Subaru's 2019–21 Crosstrek Hybrid, Think's 2011 Think City EV, Toyota EVs, VIA Motors EVs, Volkswagen EVs, Volvo EVs, Wheego's 2011 LiFe, Zenith Motors EVs.

Tax Credit Eligibility

To be eligible for the credit, the vehicle must meet the following criteria:

  • Must be made by a manufacturer (conventional vehicles converted to electric drive don’t apply)

  • Count as a motor vehicle for purposes of Title II of the Clean Air Act

  • Must have a GVWR of up to 14,000 lbs

  • Must be propelled by an electric motor which draws electricity from a battery which:

  • Has a capacity of at least 4-kilowatt hours

  • Can be recharged from an external source of electricity

  • Must be a new vehicle

  • Is acquired for use/lease by the taxpayer, and is not to be re-sold (the credit is available to the original buyer only)

  • Is used mostly in the U.S.

  • Must be placed in service during or after the 2010 calendar year

Finally, some states offer their own tax credits or rebate. Look up Plug In America for additional information.

EVs Have Cheaper Maintenance Costs

While upfront purchase prices are usually higher than those of gas-fueled vehicles, EVs have significantly lower operating expenses. EV owners spend ca. 60% less on fuel compared to gas-fueled vehicles.

In addition, EVs have fewer parts, so maintenance costs are lower as well.

Finally, an EV charger saves a lot of money. It costs approximately $10-45 to fully recharge your EV battery at commercial stations.

As you can see, EVs are poised to slowly replace traditional vehicles, and benefits are only increasing. With more and more commercial stations offering recharging services, owning an EV keeps getting considerably easier.