Saving money on an electric vehicle is definitely doable and with a bit of savvy planning, you can drive away in your dream car without breaking the bank. Let’s dive into some tips and tricks that can help you save big on your EV purchase, while keeping the process stress-free and enjoyable.
1. Take advantage of incentives
One of the biggest perks of buying an EV is the potential for tax credits and rebates that can significantly reduce the cost of your vehicle. The U.S. government offers a tax credit for qualifying EVs, which can be as high as $7,500. However, the exact amount you can claim depends on the specific make and model of the EV, as well as how many vehicles that manufacturer has sold. Be sure to check if the car you’re interested in still qualifies for the full credit.
Beyond federal incentives, many states and local governments offer their own incentives, which can include additional rebates, tax credits, or even perks like reduced registration fees or access to carpool lanes. Some states have programs that offer rebates at the point of sale, meaning you save money right when you buy the car, rather than waiting for tax time.
2. Look for manufacturer and dealer discounts
It’s always worth checking for any manufacturer incentives or dealer discounts that might be available. Automakers often run promotions to boost sales, especially toward the end of the month or quarter when they’re looking to meet sales targets. These incentives can take the form of cash rebates, special financing rates, or lease deals that can make your EV purchase more affordable.
Additionally, some manufacturers offer loyalty bonuses if you’re a returning customer or conquest bonuses if you’re switching from a different brand. These discounts might not always be d, so it’s a good idea to ask the dealer about any potential savings.
3. Consider leasing instead of buying
Leasing can be a smart way to get into an EV without the large upfront cost. When you lease, you’re essentially renting the car for a few years, with lower monthly payments compared to financing a purchase. This can be particularly appealing with EVs because it allows you to the latest technology every few years without worrying about depreciation or resale value.
Leasing also often includes the federal tax credit in the lease , which can lower your monthly payment even further. Plus, with many states offering rebates on leased vehicles, you could end up paying significantly less than you would if you were buying the car outright.
4. Shop around for the best financing
If you decide to finance your EV purchase, shopping around for the best loan is crucial. Don’t just settle for the first offer from the dealership—check with banks, credit unions and online lenders to find the best interest rates and . Even a small difference in the interest rate can save you hundreds or even thousands of dollars over the life of the loan.
Some credit unions and banks offer special financing rates for EVs, so it’s worth asking about any green auto loan programs they might have. These programs sometimes come with lower interest rates or other perks that can make your EV purchase more affordable.
5. Buy a pre-owned EV
While new EVs come with all the latest bells and whistles, buying a pre-owned EV can be a great way to save money. EVs generally have fewer moving parts than traditional cars, which means there’s less that can go wrong, and they often have longer lifespans.
When buying a used EV, consider the remaining battery warranty and the vehicle’s history. Many manufacturers offer certified pre-owned programs that include thorough inspections and extended warranties, giving you peace of mind. Additionally, some states still offer incentives for pre-owned EV purchases, further reducing your cost.
