Here’s What You Should Know About Electric Vehicles (EVs)
This biggest thing in auto news is the push toward electric. Over 2.3 million people in the U.S. have bought plug-in electric vehicles (EVs) since 2010. But that number is about to explode, as states are doing more to promote EVs and the federal government is chipping in some hefty incentives to lower the cost of getting one.
If you’re toying with the idea of getting one, a few factors might impact what you buy, how much it costs and what driving it will be like.
The Availability of Electric Car Options Is Growing
As climate concerns become a reality for people everywhere, the number of electric cars on the road has grown considerably. More than a third of drivers say they plan on or are seriously considering buying or leasing one, according to Kelley Blue Book. Do an online search and you’ll see the vast, growing range of EV options. Every major automaker is introducing battery cars, and plug-in hybrid options are also among the more popular models. Car and Driver lists the cost of purchasing these eight models new on the lower end of the price spectrum:
- 2022 Nissan Leaf—$28,495
- 2022 Mini Cooper SE Hardtop—$30,750
- 2022 Mazda MX-30—$34,695
- 2022 Chevrolet Bolt EV—$32,49.
- 2022 Chevrolet Bolt EUV—$34,495
- 2022 Hyundai Kona Electric—$35,295
- 2022 Kia Niro EV—$41,285
- 2022 Ford F-150 Lightning—$41,769
Federal & State Tax Credits Can Help Lower Car Costs
Due to the high cost of buying a new car, federal and state financial assistance are incentivizing more people to buy one. Contact your local government to see what’s available, and check out the Qualified Plug-In Electric-Drive Motor Vehicle Tax Credit for more information on how much you can save. The latest facts and figures include:
- A federal tax credit of $2,500 to $7,500 for each new purchase
- Your savings may depend on the car size and battery capacity
- State savings vary – in Illinois you can save $4,000 on an electric car and $1,500 on an electric motorcycle
- You may need to apply for a rebate within 90-days of purchase.
- Other criteria and documentation requirements may apply.
EV Charging Options Are Also Improving
There are thousands of EV charging stations in the U.S. – both networked and non-networked, or stand-alone units – and many more charging ports that anyone can access while on the road. It can even be done at home if you have the right equipment! There has been concern about drivers’ ability to get to a port when they need it. Fortunately, there has also been a push to produce and disperse many more charging options throughout the country. As technology rapidly develops, the time it takes to recharge your car battery is also shortening.
Speak to an Auto Insurance Agent
The world is changing, and so is the way people are choosing to drive, as well as what they drive. Any time you make a significant change to your driving habits, get in touch with an insurance agent to be sure you’re getting the services you need without wasting hard-earned dollars on ones you don’t. One of the roles of auto insurance is to control costs in case of an accident or event that causes damage to your vehicle. Failing to carry it can cause you to pay for repairs out of pocket and lead to potential legal penalties, as well.
If you have any questions about how owning and driving an EV might change your insurance needs, contact an insurance agent to discuss your options.
At Amigo, our agents are ready to help you compare quotes and find the best deal available! They will help you find an excellent insurance plan that covers all your auto needs.