If you're reading this, I'm earning money. Thanks for helping to feed my family. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not a CPA, lawyer, or doctor, although my parents wanted me to be all three. So, talk to a professional before acting on anything you read below.
Have you asked yourself this:
"How much would I save with an electric car?"
If so, you'll want to check this contributed post from Corrina Baird on saving money and staying healthy with an electric vehicle.
If physical health and financial health go hand in hand, then you should be driving an electric vehicle.
Not only can electric vehicle save you money, but they also improve the health of the planet. So when you have to drive somewhere, you know you’re in a vehicle that is healthier for everyone, not just you.
Don’t focus on the upfront cost of buying one. Like buying a house, or starting a business, there is always an initial cost.
But over time, your electric vehicle will actually save you money.
Filling up your brand new electric vehicle may cost you only a third of what you spend on a regular car. To put it another way, three times cheaper to recharge an electric vehicle than to put gas in your car.
It all depends on where you live. One study found you can save money all over the US. In Washington, it costs you only $372 a year to charge an electric vehicle, compared to $1,338 on gas – that’s nearly a quarter less. Motorists in Alabama spend $481 on electricity compared to $993 on fuel.
The money you save on fuel can go straight into the bank – or your next project.
Related: Money Mistakes To Avoid In 2019
While fuel prices tend to jump around all over the place, electricity prices are much more stable. In the past 10 years, fuel prices in the US leapt from $1.50 to $4 per gallon. At the same time, electric vehicle drivers paid a mere $1.20 for electricity for the same journey.
Some state utilities will make charging your electric vehicle cheaper, depending on the time you do it. But if you generate your own electricity it’s even cheaper. Solar panels have a high initial cost, but over time, will take care of your home and your vehicle. Not only that, you are the one in control.
Related: Pay Off Debt And Save Money In 2019
Sometimes when you buy a vehicle, you forget it has to be maintained to work properly. It’s one of those costs you’d rather not have. Owning an electric vehicle will save you big money because it doesn’t have an internal combustion engine to look after.
The trouble with the traditional engine is the parts – spark plugs, radiators, exhausts – all have to be maintained. They will cost you in parts and in expensive labor.
Your electric vehicle has few of these pesky parts. It may even have regenerative braking, where the electric motor does the braking. Look forward to saving money once or twice a year on maintenance.
You have to register your vehicle to drive on the roads, but nobody really wants to pay for that. But some governments make it cheaper for you to register an electric vehicle. They may offer discounts on registration or reward you with lower tax for lower emissions. Some insurers may even offer you cheaper insurance.
In the UK, electric vehicle owners don’t pay any road tax while other motorists have to pay 100-140 UK pounds for a typical vehicle.
Now who likes paying tax? In the US, you might get a Plug-in Electric Drive Motor Vehicle Tax Credit. This could save you $7,500 in tax. It’s definitely healthy for your finances. Government subsidies go a long way to keeping your finances and the planet healthy.
So these are five healthy reasons to buy an electric vehicle.
But there’s a big sixth reason. Electric vehicles are the future of motoring and, no matter how fast you run, you don’t want to be left behind.
Related: How To Make Money: 2019 Guide
How Coaches Help Your Company Thrive
How To Make Money: 2020 Guide
Tips To Help You Make Money From A Hobby
How To Invest More Into Your Side Hustle
6 Ways to Expand Your Real Estate Business
5 Reasons Why Renting an Office Space is Better for Small Businesses
How to Welcome New Employees: Start Off on the Right Foot
3 Things Lawyers Should Pay Attention To
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.