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Do you pay yearly sales tax on electric cars?
I have an electric vehicle, and I save by charging at home. I don’t miss buying gas, but will I have to start paying a sales tax on my EV?
Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re right!
Electric cars
are big money savers. Depending on the state you live in, you may have to pay an electric car sales tax.Governments depend on the revenue collected through a gasoline tax. This money funds repairs and improvements to the country’s infrastructure. With EV sales representing roughly 2% of all car sales in America, state governments see a decline in available funding.
It’s causing quite a concern. Some states have already implemented an annual electric car sales tax as a solution. Others have been resistant with hopes that there will be a better alternative. As electric vehicle sales continue to grow, the decline is becoming more noticeable. If Governments don’t reach a better solution, you may see a new tax come to your state very soon.
Here is how you can save money in the meantime. The
Jerry
app is a licensed broker that does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even help you cancel your old policy.And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price. This level of service is why Jerry earned a 4.6/5 rating on the App Store and made it the top insurance app in the country.
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