The average price of an electric car recently surged to $66,000. That represents a 13% price increase over the last year, and it also brings the cost of buying a new electric car up to almost $20,000 more than the price of a new gas-powered car.

But there are two reasons why you shouldn't let this put you off. First and foremost, you shouldn't be afraid to consider buying an electric car because many of them cost well under $66,000. You can find an electric car from an automaker such as Ford for a lot less than you might think.

You also shouldn't let the upfront cost of going with an electric car put you off because going this route will save you a significant amount of money over time. If you keep an electric car for long enough, it might actually end up paying for itself within a matter of years.

Stop wondering, "How much can I save if I get an electric vehicle?", and find out the answer below.

You Can Save Thousands of Dollars on Gas Each Year

Electric car charging point by Hotzeplotz is licensed with CC BY-SA 2.0

As we all know, gas prices have gone through the roof throughout the course of 2022. They've come down just a little bit since the end of the summer, but it sounds like they could be on the rise again soon. If you drive a gas-powered vehicle, this means you're going to have to spend thousands of dollars every year putting fuel into your car every time it runs out.

This isn't a concern when you drive an electric vehicle. Electric vehicles rely on electricity to power their battery rather than fuel, and that will help you save thousands of dollars at the gas pump every year. When everyone else is panicking over high gas prices, you'll be as cool as a cucumber, knowing you won't need to fill up your car with gas again anytime soon.

You Can Save Hundreds of Dollars on Car Maintenance Each Year

People who own gas-powered vehicles will need to be prepared to spend an average of around $1,000 to maintain their cars, trucks, and SUVs each year. And it isn't all that out of the ordinary for some people to have to spend even more than that.

You aren't going to be able to get away with not spending any money on car maintenance when you own an electric vehicle. You'll still need to have your electric car serviced from time to time and pay to replace things that experience wear and tear, such as your vehicle’s tires. But because electric cars don't have traditional motors, you'll be able to spend much less on car maintenance than you would otherwise have to with a gas-powered vehicle.

The simple fact that you won't have to arrange to have oil changes when you own an electric car will save you both time and money and make you so glad you have an electric vehicle. You'll love knowing that you can save hundreds of dollars without putting in any real effort on your part.

You Can Earn a Federal Tax Credit on Some Electric Vehicles

The federal government has started to scale back the federal tax credit that it has traditionally handed out to people who buy electric vehicles. Certain electric vehicles are no longer eligible to help people earn federal tax credits. But there are still plenty of electric cars that will enable you to secure a federal tax credit of up to $7,500.

If you're in the market for an electric vehicle, you might want to do some digging around to see which ones will help you get your hands on a federal tax credit. It'll be well worth doing some research on this once you see how much money you could save.

You Can Earn a State Tax Credit on Some Electric Vehicles

In addition to earning a federal tax credit when you buy an electric vehicle, you might also be able to earn a state tax credit of up to $2,000 in Pennsylvania. The state recently retooled the way in which it gives out state tax credits to make things slightly easier for those who want to try to secure one.

This is another thing you’ll want to do some research on before you buy an electric vehicle. Everything from your income to the price of the electric car you choose will affect whether or not you're eligible to earn a state tax credit.

You Can Avoid Spending Money on a New Car Anytime Soon

Some people worry that they’ll need to replace their electric car’s battery at some point in the future. They think this will eat into the length of time they're able to keep their electric car and put them in a position where they'll need to cough up for a new car sooner rather than later.

But this couldn't be further from the truth. There are some electric car batteries that will last for up to 20 years. This means you shouldn't be concerned about how long your electric car will last you. It could very well give you more life than a gas-powered vehicle and help you save money since you won't have to worry about needing to replace it in the foreseeable future.

Speak With Us About Saving Money With an Electric Car

Now you have a better idea of how to answer the question, "How much can I save if I get an electric vehicle?", why not start shopping around for one. And feel free to reach out to us if you have any more questions or concerns about buying an electric vehicle.

We can show you a wide range of electric vehicles at our dealership in York, Pennsylvania. We can also give you additional information about electric cars and the many benefits of driving them. Contact us today and let us take care of all your driving and vehicle needs when it comes to electric cars.

Categories: Finance, Green