Electric vehicles are typically pricier than comparable gasoline cars but have lower maintenance costs and cheaper per-mile fueling when charged with electricity. A $7,500 federal subsidy expires at the end of September, and buyers must meet income and vehicle eligibility requirements to claim the credit. Leasing transfers the credit to dealers, who choose how much to pass on to lessees, making leasing potentially attractive. Hybrids can save money long term but generally do not qualify for subsidies. Ownership cost calculations should include upfront price, fuel or electricity costs, and maintenance. Assumptions include about 11,000 annual miles and maintenance rates of $0.10 per mile for gas and $0.06 per mile for electric, with home charging assumed and prices subject to change.
Thinking of getting an electric vehicle? The federal government's $7,500 subsidy expires at the end of September. (Though you might not need a subsidy to make the math work.) E.V.s tend to be pricier than comparable gas cars, but they have lower maintenance costs. And charging with electricity is typically cheaper than stopping at the gas pump. Our calculator takes into account the major upfront and ongoing costs of ownership gas/electricity and maintenance
and does the math for you, though we don't include every possible expense or rebate. (We also give you an estimate of greenhouse gas emissions, if money isn't your only incentive.) It's not straightforward to compare buying versus leasing, but leasing an E.V. could be a particularly good deal right now. Hybrids might also be a good money-saving option in the long run, but they mostly don't qualify for the subsidies.
Pick a model, or enter your own details. (You can look up vehicle efficiency here.) Hatchback Nissan Leaf $29,500 Sedan Tesla Model 3 $44,000 Compact S.U.V. Chevrolet Equinox EV $35,000 Luxury S.U.V. Cadillac Lyriq $60,000 Pick a model, or enter your own details. Hatchback Kia Soul $22,000 Sedan Toyota Camry $30,000 Compact S.U.V. Chevrolet Equinox $30,000 Luxury S.U.V. Lexus RX $50,500
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