With the ongoing situation, our economy is seeing hard times. Millions of people are out of work, and money is tight for everyone right now. For many of us, however, a light pocketbook is no reason to stop being environmentally conscious, and we may still be looking to invest in an electric car. If you are considering a purchase right now, it might help to have a few leads on deals, affordable cars, and other relevant information like tax credits. In this article, we will cover various topics that will help to save you money, while still being able to invest in an electric car.
Affordable Electric Cars
Chevy Bolt EV
The Chevy Bolt was already a pretty great little car, and was very affordable even before GM decided to offer a deal in response to the current events. They are offering $4,750 in cash discounts, with 0% APR financing for 72 months. As if that were not good enough, qualified buyers will not be required to make any payments for 120 days. That means that the Chevy Bolt Premier can be purchased for as little as $36,000 right now, and the LT is down to 29,000.
The Chevy Bolt EV has a very impressive range of 259 miles per charge, and a 10 hour charge time with 220 volts. The Bolt has about 200 horsepower. Considering how affordable this electric car is, it actually comes with some decent perks and features.
Ford Focus Electric
Although there currently aren’t any sales or stimulus packages being offered for the Ford Focus Electric, it is still a very affordable electric vehicle. It starts at about $29,000 for the 2018 model, which is extremely affordable. The 2020 model is expected to have a great deal of upgrades, so the price may vary when that one is released. The mileage on the Focus Electric is not quite up to the standard set by the Bolt, but it is a respectable 115 miles per charge. The charging time is about 5 hours with 220 volts. This may not be the car you want if you are planning to hit the race track or do some off-roading, but in this time of financial difficulties, this is a reliable and affordable vehicle that also reduces your carbon footprint.
Kia Soul EV
If there is one thing that Kia has always excelled at, it is making very affordable vehicles without sacrificing the little perks and comforts we want. The Kia Soul EV starts at about $33,950. The battery range is about 111 miles per charge for the 2019 model, which isn’t anything all that impressive, but it’s enough to get you around. However, the 2020 mode has about double the range of its predecessor, so if you’re looking to buy new, you’ll have it made. Kia is definitely a good place to start if you need something affordable while we are in this economic downturn.
Starting at roughly $33,000, the Volkswagen e-Golf is basically just an all-electric version of the Golf. Many reviews claim that it handles more or less the same as its gas-powered predecessor, but it does it without any gasoline. The major downside of the e-Golf is that it only has a range of about 125 miles per charge, but it also has a faster charging time than many of its rivals.
Tesla Model Y
Tesla’s cheapest model of course is also a great option to consider. The standard range version of the car comes in at just under $40,000 and comes with 250 miles of range and the most advanced tech features of any cars on this list with its Autopilot system.
Tax Breaks for Electric Cars
Every little bit helps right now, and it doesn’t hurt to set yourself up for a little extra next year as well. Besides being affordable, reliable, inexpensive to maintain, and environmentally conscious, electric vehicles are also a way to receive a federal tax credit. If you purchase an electric vehicle, you can receive a tax credit for between $2,500 and $7,500 depending on how much you earned and how much you owe. While this may not offer any immediate help, it is a great way to set yourself up to benefit from the purchase in the not-so-distant future. There are a few things to keep in mind before you make that purchase.
- The electric vehicle manufacturers are given a limited number of tax credits, although they have not expired or used up as of the time this article is being written.
- The tax credits do not apply to leases. You only get it if you purchase the vehicle to own.
- The tax credits do not apply to used or pre-owned vehicles. It only applies to new vehicles.
- The tax credit is determined by the capacity of the battery, the size of the vehicle, and possibly by other factors such as your income.
Be sure to research the tax credit further before purchasing an electric car. You’ll want to ensure that you aren’t missing anything that will disqualify you from the tax credit later.
This one might seem like a no-brainer, but the fuel costs for an electric vehicle is much lower than a traditional gas-powered vehicle. Although gas prices are actually very low at the moment, they aren’t going to stay that way, and now is definitely the time to save money in any way possible. If you’re already planning to buy a new vehicle in the near future, consider the money you’ll save over time if you don’t have to pay for gas.
While it does look like we will be getting the economy back on its feet pretty soon, we cannot be entirely sure what the future holds. It’s hard times for everyone, but if you need a new car already, it’s a good idea to consider the benefits of buying electric cars instead of traditional cars, and to know where to go to save some money while you’re at it. Be sure to continue researching this topic, since dealers and manufacturers are doing what they can to incentivize purchases right now. With that in mind, this could actually be a great time to buy a new electric vehicle.