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How Can I Afford an Electric Car?

I want to purchase a vehicle that’s better for the environment and more cost-efficient in the long run, but even the entry-level ones are so expensive. How can I afford an electric car?

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Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We hear your concern. The good news is that like other cars, there are some affordable oand used model and government tax credit may be available.
In Europe, some dealerships and manufacturers have scrappage schemes—like a trade-in program— to help subsidize the cost of an EV. The U.S. also has a similar program called “Cash for Clunkers” with similar but slightly different features. These programs allow older, less efficient vehicles to be traded in for cash towards the new efficient vehicle.
EVs are also available used! Websites like Edmunds or AutoTrader can help you find listings for used electric vehicles.
According to the
US Department of Energy
, “All electric and plug-in hybrid vehicles that were purchased new in or after 2010 may be eligible for a federal income tax credit of up to $7,500”.
If you already own an electric vehicle, based on the size of the battery and your income tax, you may qualify.
Whether you buy a car new or used you need to buy insurance.
Jerry
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