The Number of Electric Vehicles on the Road is rapidly increasing. The impact on the environment will be very beneficial for years to come. There can also be benefits to your wallet.
The Savings on fuel costs with an Electric Vehicle averages between $3,000 and $10,500 throughout the car’s lifetime. Along with cheaper fuel costs, electric vehicles might qualify you for a tax credit of up to $7,500, depending on your state, income, car make and model, and the cost of your EV.
Something Else to Consider is the Cost of Electric Vehicle Insurance Cost The average annual cost of insurance is 25% higher than that of a gas-powered car. Insurance prices can range from $2,152 to $4,725 for the most popular electric cars.
Car insurance costs are typically higher for electric cars because Electric Vehicles tend to cost more to replace. There is a significantly higher cost to repair the vehicle, the most expensive being high-capacity batteries.
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