Friday, January 27, 2023

How Much Does An Electric Car Cost

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Level 2 Public Charging

How much does it cost to Charge an Electric Car?

Level 2 is the most prevalent type of pubic charging, and youll find units installed in retail parking lots, public parking garages, and new-car dealerships, typically in or near larger cities, college towns, and other areas where theres a higher concentration of EVs.

Some Level 2 public charging stations can be used at no cost, while others charge a fee. This can either be on a pay-as-you-go basis using a credit card, or via an account with a charging network like ChargePoint or Blink. The cost to charge an EV differs from provider to provider and from state to state. Some states allow pricing based on the kWh of electricity used, while others only allow providers to charge on a per-minute basis. While the ChargePoint network allows the property owner where the charger is situated to set rates, Blink charges between $0.04-$0.06 per minute or from $0.39 to $0.79 per kWh, in states where thats permitted.

Chevrolet says its Bolt EV will get back an average 25 miles of operating range per hour of Level 2 charging. Thats a cost of between $2.40 and $3.60 at the above rates, compared to the EPAs estimate of $2.15 to drive a gas-powered Chevrolet Cruze for 25 miles.

General Motors To Invest $7 Billion In Manufacturing Electric Vehicles

And they found a lot more vehicles to choose from, as a flood of new electric models, in a wide range of sizes, styles and prices, have come on the market. They include the Kia EV6, Ford F-150 Lightning and Mercedes-Benz EQS. And more models are on the way. More than 50 are expected to be available by the end of the year.

For many drivers, the decision to buy an EV will be driven in large part by the answer to one question: Will I save money? On energy, immediately. But you have to consider the total ownership cost, said Carla Bailo, CEO of the Center for Automotive Research. And thats where things can get complicated.

Here are some of the biggest factors to consider:

Purchase price. The sale price for an EV, on average, was $60,054 in February. That compared to $45,596 on average for all new vehicles, including electric ones, according to data from Edmonds. When compared to comparable gas models, EVs typically cost 10 to 15 percent more, although prices have been climbing steadily over the past couple of years and are expected to continue to rise. This week, for instance, Tesla announced it would raise prices on all its models. The Model 3, Teslas least expensive and most popular car, jumped $2,000 to $47,000.

Bailo believes the price gap between EVs and conventional automobiles will narrow, as battery costs drop and lower-priced models, some below $30,000, become available. She predicts that by the middle of the decade, well have parity between comparable models.

The Gem Brand: A Legacy Of Quality Electric Vehicles

Since 1996, GEM has sold over 50,000 electric vehicles, making it one of the worlds largest electric vehicle manufacturers. They now operate as a subsidiary of Polaris, and they anticipate that they will be able to increase sales even further. Those looking for a small, electric vehicle that is street legal in 47 states can now choose from the vehicles listed below. With prices starting at $13,049, you can be confident that you will find a gem car that will fit your requirements.

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Government & State Incentives For Electric Cars

Government incentives vary per state, from nothing to almost $900 in some areas, but there are electric vehicle subsidies to be found if you look hard enough. These have been factored into our calculations in the map above. Currently, all states benefits from federal tax credits, and there are additional state incentives and/or discounts for California, Colorado, Delaware, Georgia, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Hampshire, New Jersey, New York, Oregon, Pennsylvania and Vermont.

Potential Rebates And Incentives

How MUCH Does That Electric Car REALLY Cost You To Own?

According to the U.S. Department of Energy, all-electric vehicles that you purchase new may be eligible for a federal income tax credit of up to $7,500.

The amount of your federal tax credit will vary based on the particular brand or type of EV you buy, depending on the capacity of the battery used to power the vehicle.

Many states also offer incentive programs for new EV purchases, which, utilized in combination with federal tax credits, can go a long way toward helping defer the cost of your new car.

Currently, Colorado and Connecticut offer the highest tax rebate for new EV purchases.

State
$2,000

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Paying Off The Ev Premium

While electricity is a cheaper fuel for cars, the initial cost of an electric car is roughly $19,000 higher than a comparable gas-powered car, according to the Natural Resources Defense Council. This is often reduced considerably by manufacturer rebates and a federal tax credit of $7,500. Furthermore, many people opt to lease an EV rather than buy one, and manufacturers offer lease specials at dramatically reduced costs.

In my case, I found a financing special from Hyundai that allowed me to lease my Kona for $2,000 down and a monthly payment of $254. I applied for a rebate from the California Air Resources Board, and two months later I received a $2,000 check, effectively reimbursing my down payment.

Still, if you want to calculate the true fuel savings, you have to pay back any premium you paid for a more expensive electric car. And the fastest way to do that is charging at home in off-peak hours.

About the author:Philip Reed is an automotive expert who writes a syndicated column forNerdWallet that has been carried by USA Today, Yahoo Finance and others. He is the author of 10 books.Read more

Initial Ev Purchase Costs

Purchase price is a major difference between gas-powered and electric cars, although EVs are moving closer in initial cost. Take the Chevrolet Bolt EUV for example, with a starting price of $33,995 for a well-equipped but not luxurious LT trim level. A comparably equipped Chevrolet Trailblazer LT begins at $25,340. That represents a premium of about 25% for an electric vehicle. The initial sticker price definitely plays into the calculation.

Thatâs not all there is to purchase pricing. EVs may be eligible for as much as $12,500 in tax credits. Whether or not youâre eligible for the credits is important because they could actually put the purchase price on par withâor belowâa traditional vehicle.

Take a look at a premium EV such as the Tesla Model S. It starts at $99,490 for a dual motor, all-wheel drive version with an estimated range of 375 miles. A popular comparison could be the Audi A7 Sportback, with a sticker price for the top-end Prestige trim starting at $78,350. Thats a difference of around $20,000 to go electric over gas-powered. Getting the tax credits would be crucial in making the costs more comparable.

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Tax Credits Can The Lower Cost Of An Electric Vehicle

While surveys show that the price gap between EVs and gas-fueled vehicles is expected to shrink in the next decade, that will depend on continued improvements in battery technology, which could result in cheaper production costs.

In the meantime, customers can offset some of the premium paid for EVs through tax credits. The federal government offers a non-refundable tax credit worth $2,500 to $7,500 for newly purchased electric vehicles made after 2010.

However, the credit only applies to the first 200,000 vehicles a manufacturer sells. Tesla and General Motors already surpassed this number, so no credit is available from these manufacturers. A list of electric vehicles that still qualify for the federal tax credit can be found here.

It’s also possible that your state offers its own tax credit or rebate. The EV advocacy group Plug In America has an interactive map that shows electric car incentives in each state. New York, for example, offers a rebate worth up to $2,000.

How Much Does It Cost To Buy An Electric Car

How much do Electric Cars cost to Charge?

Buying an electric car is the most expensive part of the process. That said, electric car prices are falling consistently, with American EV-maker Tesla leading the way. For example, its no more expensive to purchase a Model 3 luxury sedan than a BMW 3 Series or Audi A4.

It makes total sense to consider a Tesla if you have at least $70,000 to spend. In the luxury segment, EVs are relatively close in price to their combustion-engined rivals.

But that isnt yet the case for mainstream cars with petrol and diesel engines, which continue to be cheaper to buy than their electric counterparts.

Thats why were using the Kona as our example, because you can buy the exact same car with a petrol engine or with a fully electric powertrain.

In the case of the Hyundai, the electric version is about $25,000 dearer than the petrol car. For your $62,000, though, you receive an electric car with a 64kWh battery. The Kona Electric is capable of at least 450km in the real world.

Both Konas receive things like leather-accented upholstery, alloy wheels and a premium stereo, but the Kona Electric is much more refined in the real world thanks to the absence of engine noise. Although they have the same amount of power, the Kona Electric has much more torque and so it feels faster.

So there are some tangible benefits to electric cars swift performance and impressive refinement that can go some way to justifying their expensive price.

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Additional Costs To Consider

Before you make the final decision to purchase an electric vehicle, keep in mind some additional cost considerations.

If your homes power grid is older, it may require an upgrade to properly run a home charging station. The national average cost to install a home charging station is $1,200.

Another thing to keep in mind is that since new all-electric vehicles have a higher upfront cost compared to gas-powered vehicles, you will likely see an increase in your insurance premiums. Since theyre more expensive assets, drivers of all-electric vehicles tend to pay about 21% more annually in car insurance versus drivers who drive gas-powered cars.

Its also important to remember that automakers and engineers across the world are constantly working to make electric vehicle battery technology more affordable and easier to produce on a mass scale. As EV batteries and fast charging technologies become easier to produce, their initial upfront costs will likely decline.

Looking to reduce fuel costs without paying huge upfront fees? Consider EVs that are not all-electric, such as hybrid or plug-in hybrid cars, each of which offers considerable fuel savings and emits far fewer harmful gases than traditional gas-powered vehicles.

Can Electric Vehicles Handle Canadian Winters

In wintry weather, electric car batteries can lose more than half their range. You can make up for this in part by warming up the car while its still plugged in, using economy mode settings and sticking to the speed limit. Canadians who drive 20 to 100 km a day and have access to a charging station may find that an electric car is the right choice, even in the winter. Another solution is to buy an electric vehicle with a longer-range battery, but of course it costs more.

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Youre Our First Priorityevery Time

We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

How Fast Does A Gem Electric Car Go

How Much Does it Cost to Charge an Electric Car

How fast do GEM cars go? GEM vehicles are equipped with a top speed of 25 miles per hour in order to meet U.S. federal safety standards.

What about enthusiasts who want to go even faster? Fortunately, there is a solution available in the form of the Ride-4-Fun Speed Kit. A 2016 GEM or newer can reach a top speed of 42 miles per hour with the kit included. These late-model GEMs are equipped with high torque AC motors that can easily support the gear change without causing significant acceleration or range degradation. As a result, if you want to go faster than the 25-mph top speed of a federal safety low-speed vehicle standard, the Ride-4-Fun Speed Kit is the ideal vehicle. It is simple to install and will ensure that you reach your cruising speed of 42 miles per hour with ease.

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The Global Chip Shortage

One of the biggest reasons EV prices have jumped is the global chip shortage, which led to supply chain problems and affected vehicle sales worldwide.

Companies like Tesla have increased their prices several times in 2022, and even newer players like Lucid Motors and Rivian have increased their prices. The Rivian R1T comes with fantastic features, which has no doubt attributed to the rising costs. Even Ford, an industry stalwart, has increased its prices this year.

Electric Car Charging Cards

In addition to smartphone apps, radio frequency identification electric car charging cards are provided by some of the major UK public charging networks, such as Polar, GeniePoint, Ecotricity, Shell Recharge and ChargeYourCar. To use public charging points, you’ll need to register with a membership scheme before use.

Zap-Map can help identify which charging schemes charging points belong to. There are alternative maps you can use too, here’s a few to get you started:

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Get Informed Before You Buy

Choosing an electric vehicle can be a good investment both for your wallet and the environment. While there will likely be some higher upfront pricing for the vehicle and car insurance, the long-term savings could make it well worth it. If you want to learn more about how much car insurance might differ with an electric car, enter your ZIP code below and get a free quote from Compare.com.

Compare EVs Near You

Nick Versaw

How Much Is The Congestion Charge

True Running Costs Of An Electric Car!

As of April 2019, electric vehicles are eligible for an exemption form both the London Congestion Charge and the Ultra Low Emission Zone charge.

In order to qualify for these exemptions, drivers will need to register their electric vehicle with Transport for London at a cost of £10, which needs to be renewed each year.

The Congestion Charge zone runs every day, between 07:00-22:00 . Unregistered vehicles will need to pay £15 each day you drive within the boundary.

The Ultra Low Emission Zone, by contrast, runs 24 hours a day, seven days a week , within the same area of central London as the Congestion Charge. Most vehicles that aren’t registered will have to pay £12.50 per day. Although heavier vehicles, such as lorries, may need to pay up to £100 per day.

That means a typical daily charge for an unregistered car to drive in London is £24 per day. Register an electric vehicle today to avoid paying more than you have to.

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Gem Electric Commercial Vehicle

Gem electric commercial vehicles are battery-powered, zero-emission vehicles that are designed for use in a variety of commercial applications. Gem electric commercial vehicles are available in a variety of sizes and configurations to meet the specific needs of your business. Gem electric commercial vehicles offer a cost-effective, reliable, and environmentally-friendly solution for your business transportation needs.

For a limited time, Mars Cars is offering a $750 discount on all 2022 vehicles. GEM e2 is an alternative to golf carts that can be used on the road. This street legal vehicle has the best performance because it has the most nimble handling due to its narrow turning radius and small footprint. The GEM® e4 combines superior comfort and security features to provide an optimal on-road transportation vehicle. GEM e6 is the ideal tool for moving people from campus to town, town to town, and community to community. We provide optional factory-warranted accessories in addition to the standard accessories that are installed in factory and can be ordered directly from us. The Mars Special Edition has a more aggressive appearance, a higher level of performance, better handling, and greater stability.

So Which Is Cheaper Overall

A U.S. Department of Energy report shows that after 15 years, electric cars generally cost less than similar gas-only models, when you factor in the price, maintenance, financing, repairs, the federal tax break and fuel costs. The electric version of a small SUV costs $0.4508 per mile, $0.0219 less than the $0.4727 per mile rate you get with a similar gas-based model.

Based on the average lifespan of a car 200,000 miles, according to Car and Driver the cost of a gas-fueled car would then be $94,540, while a similar EV would be $90,160, for a difference of $4,380. Note that this total does not include a possible state tax breaks, however, since they were not included as part of the study.

While EVs are generally cheaper than their gas counterparts in the long run, newer EVs with a battery range above 300 miles can end up costing more. Electric light duty vehicles that cover 300 miles with one battery charge have a per mile cost four cents higher than similar gas models, although that’s mostly because they’re newer, cutting-edge electric vehicles that are sold at luxury car prices.

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