Myths of Latest Electric Cars are too costly to buy, maintain and repair

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Monthly Myth Latest Electric Cars are too costly
to buy, maintain and repair

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Total Cost of Ownership

• If, in previous Monthly Myth articles, weve
  convinced you that electric vehicles (EVs) have
  enough range, can be conveniently charged, and
  dont cause you to swap the tailpipe for a
  smokestack, perhaps the only myth still holding
  you back from making the switch to an EV is EVs
  are too costly to buy, maintain and repair.
  Lets review the facts.
• However, purchase price is only one factor to
  consider in a new vehicle. To understand the real
  benefit of switching to an EV, its important to
  consider all costs incurred during the vehicle's
  lifecycle. This is known as the Total Cost of
  Ownership (TCO).

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Vehicle Purchase Price

• A vehicle is usually the second most expensive
  item that a person buys after a home. EVs are
  more expensive to purchase up front but most are
  still eligible for federal tax credits of up to
  7,500.
• Note that the size of your vehicles battery, as
  well as the size of your tax bill, determine the
  tax credit for which you qualify. For example, if
  you owe 3,000 in federal income tax, you can
  claim a 3,000 credit even if your vehicle is
  eligible for the full 7,500. Visit the
  Department of Energy website for a full list of
  federal and state incentives.

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Fuel Costs

• Depending on the size of your EV and where you
  charge it, you may realize substantial savings
  over owning an gasoline-powered vehicle. Consumer
  Reports found that over a typical seven-year
  ownership span the average fuel savings for an EV
  over a gasoline vehicle is 4,700 for a sedan,
  6,300 for an SUV, and 8,800 for a pickup.
• Although electricity and gasoline costs vary
  nationwide, EV owners who charge their vehicles
  at home at lower electricity rates will see
  significant savings no matter where they live.
  The U.S. Department of Energy has a handy Fuel
  Costs and Savings calculator on its website.

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