Q:

What are some costs to consider when purchasing an electric car?

A:

Quick Answer

Some of the costs to think about when buying an electric car include insurance costs and the cost of home charging equipment. The biggest cost is for the home charging equipment, which can cost anywhere from $500 to $1,500 on average, as of 2015.

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Full Answer

Though there is a high upfront cost for the home charging equipment, the other costs of owning an electric car are usually lower than owning a gas vehicle. However, depending on where a person lives, the cost of electricity is a factor. Those who have electric vehicles also tend to drive less than those with gasoline vehicles, so electricity costs are also lower. Insurance rates for electric cars are also usually lower than gas vehicles, and most owners receive a tax incentive of up to $7,500.

The maintenance costs of owning an electric car are also much lower than those of a gasoline car. For instance, there are no oil changes necessary, nor exhaust system maintenance. Studies show that these features help an owner of an electric car save about 35 percent over time. As of 2015, owners can save from $0.03 to $0.04 per mile of the cost of maintenance when comparing this type of car to one with a gas engine.

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