5 Advantages of Owning Electric Vehicles

As technology advances, electric vehicles (EV) are becoming more affordable. This is clearly the wave of the future and not merely just a fad. Should you consider an electric vehicle for your next purchase? Here’s a look at 5 advantages of owning electric vehicles beyond the obvious environmental benefits.

1 – Tax Incentives

There are both federal and state benefits for electric vehicle purchases. The federal tax credit for EV’s is based on specific manufacturers and the battery capacity. It can be anywhere from $ $1,875 to $7,500. Visit fueleconomy.gov for a detailed list. The state of Massachusetts also offers a credit of $1,500 for full battery vehicles. Combined, this could lead to significant savings and is therefore one of the major advantages of owning electric vehicles.

2 – Save on Fuel Costs

Instead of fueling up a car every week at the gas station, owners of electric vehicles have the benefit of charging overnight at a significantly lower expense. On a full electric vehicle, savings are roughly 50%. The amount is even greater for individuals who work for companies that offer free charging or whose EV networks offer free charging (such as Tesla’s supercharging stations).

3 – Financing Discounts

Many lenders are promoting eco-friendly purchases by offering discounted interest rates for green vehicles. For example, at the time this blog was written, Digital Federal Credit Union had an advertised auto rate of 3.75% but offered a lower rate of 3.49% for certain electric vehicles.

4 – Lower Maintenance Expenses

Electric vehicles require far less maintenance than gas-powered ones. The lack of an engine means no oil changes, transmission fluid, coolant, etc. Other parts, such as break pads, may last longer in cars with regenerative breaking technology (i.e. Tesla’s).

5 – Improved Safety

Electric vehicles often include some great safety features. One of the most important is the lack of carbon monoxide emissions. For a full electric vehicle, you can warm up your car in the garage without having to open the garage doors. EV’s may also come with crash avoidance automatic braking, blind spot warning, lane departure alerts, adaptive cruise control, and more. These are great added safety features!

Summary of Advantages of Owning Electric Vehicles

If you have thought about purchasing an electric vehicle, we hope that these 5 advantages of owning electric vehicles will help with your decision making. Be sure to contact us for a quote on auto insurance rates before buying an electric vehicle. Rates are often higher, but there are also some insurance companies that offer discounts.