1 / 5

Monthly Myth: Latest Electric Cars are too costly to buy, maintain and repair

If, in previous Monthly Myth articles, weu2019ve convinced you that electric vehicles (EVs) have enough range, can be conveniently charged, and donu2019t cause you to swap the tailpipe for a smokestack, perhaps the on

mgmotorindia
Download Presentation

Monthly Myth: Latest Electric Cars are too costly to buy, maintain and repair

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Monthly Myth: Latest Electric Cars are too costly to buy, maintain and repair www.mgmotor.co.in

  2. Total Cost of Ownership • If, in previous Monthly Myth articles, we’ve convinced you that electric vehicles (EVs) have enough range, can be conveniently charged, and don’t cause you to swap the tailpipe for a smokestack, perhaps the only myth still holding you back from making the switch to an EV is “EVs are too costly to buy, maintain and repair.” Let’s review the facts. • However, purchase price is only one factor to consider in a new vehicle. To understand the real benefit of switching to an EV, it’s important to consider all costs incurred during the vehicle's lifecycle. This is known as the Total Cost of Ownership (TCO).

  3. Vehicle Purchase Price • A vehicle is usually the second most expensive item that a person buys after a home. EVs are more expensive to purchase up front but most are still eligible for federal tax credits of up to $7,500. • Note that the size of your vehicle’s battery, as well as the size of your tax bill, determine the tax credit for which you qualify. For example, if you owe $3,000 in federal income tax, you can claim a $3,000 credit even if your vehicle is eligible for the full $7,500. Visit the Department of Energy website for a full list of federal and state incentives.

  4. Fuel Costs • Depending on the size of your EV and where you charge it, you may realize substantial savings over owning an gasoline-powered vehicle. Consumer Reports found that over a typical seven-year ownership span the average fuel savings for an EV over a gasoline vehicle is $4,700 for a sedan, $6,300 for an SUV, and $8,800 for a pickup. • Although electricity and gasoline costs vary nationwide, EV owners who charge their vehicles at home at lower electricity rates will see significant savings no matter where they live. The U.S. Department of Energy has a handy Fuel Costs and Savings calculator on its website.

  5. THANK YOU! Visit Us: www.mgmotor.co.in

More Related