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Can i afford an electric car?
I know that electric cars are the future, and I want to get into them before everyone else wants to and the prices go up. But they’re expensive. Can I afford an electric vehicle?
Bellina Gaskey · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Buying a new car is always expensive, and the first step is to do your research and find out how much the model you have your eye on will cost. Conversely, you can take a look at your budget, and figure out how much you can afford to spend on a car then work from there.
While electric cars are expensive, so are regular gas cars.
- The cheapest electric vehicles on the market currently start at around $28,000.
- The average electric vehicle costs roughly $56,000.
- The average cost of a gas car is $38,000.
The average cost of a gas car has increased exponentially recently. This means that to buy a quality car, you’ll be spending an average of $38,000 no matter what. There are also tax credit programs in place for people who buy a new electric car.
To help figure out your monthly payment, you can use an online auto loan calculator to estimate your monthly payments. Don’t forget to include your estimated insurance costs!
Although buying a new car is always expensive, you can save some money with
Jerry
. Take less than five minutes out of your day to find out how you can save over $800 on your insurance a year.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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