• What Are The General Costs of Electric Car?

    Knowing the electric car costs is imperative before buying an electric car. There are some costs to know in addition to pricing the vehicles that can affect the total cost.

    Tax Credit

    First, to start off with money in your pocket is the national electric car tax credit. This credit is a minimum of $2,500 off of your purchase price. It depends on factors such as efficiency, weight, emissions and price. The maximum credit for the most expensive electric vehicles (i.e. Tesla Roadster) nets you $7,500 off.

    EV Costs

    With an electric car, there is no need for gas anymore. This means your entire gas budget has been freed up. Typically, people spend at least $1,000 or more on gas every year. Alas, an electric car needs electricity to power it, so some of that budget will go towards the electric costs. Luckily, electricity costs much less than gas. You should spend at least five times less on electricity than gas, so you will be looking at $200 to $300 for your fuel. One thing that makes electric cars a little pricier is their batteries. These long lasting batteries are not cheap. If you amortize the cost of the battery every year, as a way to depreciate the cost throughout a number of years, it comes out to about $100-$150 per year. So now you are looking at a total cost of about $300 to $450 per year. Don’t forget about maintenance like oil changes, tune ups, etc. that you won’t need. When it is all said and done, you should be saving more than 50 percent of the costs when compared to a gas car.

    Tesla Roadster

    The Roadster is the most expensive electric car out there. After the max tax credit of $7,500 it is still a fraction over $100,000. Add in the home battery pack which will be an extra $3,000 plus taxes, tags, etc, the total upfront cost should be around $110,000. With that price you get performance that rivals any gas car and can beat many gas cars. The electric battery can go 250 miles on a charge. It can match speeds and acceleration. It has a solar roof that can capture energy to help recharge the battery and power some other systems.

    Tesla Model S

    The Model S is the new Tesla sedan that will retail around $57,000. It would also be eligible for $7,500 off and go right under $50,000. It has QuickCharge technology which can recharge the battery in 45 minutes or less. The battery has a range of 300 miles. Tesla has gone above and beyond in the electric car market. The sedan is a luxury sedan that can fit seven.

    Chevy Volt

    The Volt is priced a little bit better for the average working person. It will retail around $30,000 and be eligible for a small credit. It has a 50 mile electric range and also uses gas. However, it has 150 miles per gallon fuel efficiency rating, so it is practically an electric car when it comes to mileage and emissions.