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Go Green with an Electric Car on a Tight Budget

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You might have decided to help the planet by living an eco-friendlier lifestyle or maybe you want to reduce your spending on gas. Perhaps you’re looking for an effective way to keep your motor vehicle maintenance expenses down; there are several compelling reasons to consider getting an EV. 

Perhaps the most intriguing thing about electric cars is that they have a significantly lower carbon footprint compared to cars that run on the conventional combustion engine.

However, one significant drawback of EVs is that they are often a bit pricier in comparison to their gasoline equivalents. 

For this reason, many people tend to shy away from buying an EV due to the relatively higher purchase costs.

Thankfully, there are various ways to go green with an EV even if you think you can’t afford it.

What Makes EVs Expensive?

One of the reasons behind the high EV prices is the high-tech components they run on. These include their lithium-ion batteries, which are made from other rare earth metals like cobalt and nickel. 

The electric mortar and transmission together with the research and high-end technology needed to assemble the complex electronic systems also go a long way in justifying the high costs of EVs.

Affordable Ways to Go Green with an EV 

Utilize Federal EV Tax Credits

More common in the US and UK, car tax credits are one of the popular incentives used by governments to encourage the purchase and use of EV cars. If you qualify for an EV car tax credit, you could save up to $7,500 or $4,500 in your purchase of a new or used electronic car respectively.

While these are currently provided as tax deductions you can make from the next filing season, buying an electric car from 2023 will see consumers enjoy these benefits at the time of purchase.

Buy a Used EV

If you have considered switching to an electric vehicle, one thing is for sure. You may need a specific type of EV but can’t afford a new one. If this is the case, you always have the option to buy a used car.

As long as you won’t get the maximum tax credit relief from your purchase, a used electric car will most probably be more affordable than a similar new model at the dealership or straight from the manufacturer.

Shop Around for Lease Deals

You don’t always have to own an EV to drive it. Especially if you need a car just for a few days, weeks, or specified duration, leasing is inarguably more affordable than buying. It simply means renting a car for the time you want to use it, signing an agreement, and returning the car at the expiry of your contract.

EV Subscriptions

This is an even better, more flexible option compared to leasing. An electric car subscription allows you access to a range of EVs, used, and brand new. You pay a monthly fee and unless you cancel or default on payments, you’re free to access and use any car from the fleet as specified in your subscription agreement. It gives you the chance to enjoy going green with an EV without having to actually buy one.

Consider a Car Salary Sacrifice Scheme

If you’re permanently employed and earn a salary above minimum wage, this could be your best shot at owning an EV affordably. An electric car salary sacrifice simply involves working with your employer to give up a part of your monthly gross income. The portion you give up goes to financing your electric car purchase, meaning that you can own an EV even without having the money upfront.

And since the payments will come directly from your employer, a sacrifice scheme can be a great way to secure the most affordable deal when purchasing an EV.

Electric cars do come with multiple benefits to the planet and the human race. And in a world where global warming and climate change are increasingly slamming the headlines, it calls for as many people as possible to get on the bandwagon of living green. 

If you think you can’t afford one, the above are just a few of the many ways to keep your urge of going green with an EV alive.

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