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Is Now the Time to Buy an Electric Vehicle?

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I filled up my car at the gas station today and guess what – it cost $85. As gas guzzled into my car and the price ticker went up and up, I couldn’t help but think: is now the time to buy an electric car?  I considered the uncertainty of COVID-19’s impact on the future economy and the tumultuous war in Ukraine, and the answer that came into my head was yes, yes, and yes!

Electric cars (EVs) have been selling like hotcakes; Tesla reported delivering over 312,000 cars in the first quarter of 2022, a nearly 68% increase from last year. However, buying an electric car is an intimidating endeavor, and there are a lot of things to consider; so, after I broke the bank at the gas station, I went home and did some research to see how much money I would actually save by purchasing an electric car.

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The most popular EV is the Tesla Model 3, and it has a starting cost of around $46,000. That’s not a cheap car by any means. According to Tesla, owning an EV would save the average driver $1,400 to $2,100 a year on gas alone. Not to mention, you wouldn’t have to change the oil, worry about coolants, or any other of those pesky maintenance fees that quickly add up. 

Okay, you’ll save a couple thousand dollars a year on gas, but how much does an at-home charging station cost? A Tesla charger is only around $400; however, installation fees can cost between $750-$1,500.  That means the money that you would save the first year on gas would go straight into the charging station, but after that, you’re in the green! Keep in mind, if you charge up your EV at a public charging station, it will cost around $15 – cheaper than the $85 that I spent today, but still not free. 

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All these numbers started to get overwhelming, and I needed to get a clear idea of how much I spend on gas every month, what my monthly payments would be for a Tesla, and all that nitty-gritty stuff. When I plugged in all the information to https://www.carpaymentcalculator.net, a site that helps you calculate car loans, gas mileage, and a whole lot more, I found that – for me – buying a Tesla Model 3 or another EV would be worth it in the long run and save me money. 

Buying an electric car is not just about saving money, though. When looking at the data, Tesla models are by far the most energy-efficient vehicles that produce the least amount of carbon dioxide. With continued discussions about global warming and climate change, it’s hard not to feel pulled into buying an EV.

After doing all this research, it looks like now is the time to buy an electric car. Not having to cough up a fortune at the gas station, never having to get another oil change, and driving an environmentally friendly vehicle sounds too good to pass up. Is now the right time for you?

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