How To Afford That Dream EV You Want

Most of us know the benefits of owning an electric vehicle, but only a very few of us actually have one. 

But why is this the case? The most common problem people mention is the cost. Even though there are plenty of finance lease options available, the price of an electric vehicle can still be exceptionally high. Fortunately, there are ways to bring down the price and make it more affordable even if you have a regular income. Here's what you need to know. 

By used

Buying a used electric vehicle is probably the biggest money save, but the discounts available here are enormous, primarily because people are worried about the cost of battery replacements. If you want to, for example, get a Tesla Model 3, then you may only be looking at $20,000 to $30,000 second-hand. If it has more than 50,000 miles on the clock, then you may be able to pay even less.

Depreciation is something that hits electric vehicles hard quickly, but then it trails off after three or four years. This means that you can actually get pretty big discounts on cars that are relatively new and have all of the technology that you need inside them. 

Join a salary sacrifice scheme

Using an EV salary sacrifice with The Electric Car Scheme is another tool. This scheme doesn't save you money directly, but it reduces your taxable income, meaning that you ultimately wind up with more money on the net income you received during the year. You can offset your taxes with the money you spend on electric vehicles, so reducing the cost indirectly. You will still have to pay the lease and all of the upfront fees associated with an EV, but overall, you may find yourself better off. 

Look for lease deals

Another way around this is to look for various lease deals. These are often much cheaper than paying a traditional car loan. You can rent out the use of the vehicle for a few years, and at the end of the contract you can opt to make a balloon payment. 

If you don't want to make the payment, you can simply continue the lease on another vehicle. Many people like this approach because they don't have to deal with the depreciation of the battery. Somebody else does that. All they pay is a subscription for the use of the vehicle for the time that they have it. 

Factor in lower fuel costs

While you're thinking about whether you can afford an EV, you also want to consider the fuel costs. If you drive more miles, then owning an electric vehicle can make more sense. You're not going to be paying high rates for regular fuel like diesel and petrol, and you'll be going further per mile in every unit of energy you add to your vehicle. Electric vehicles tend to be around twice as cost-effective per mile as regular gas vehicles. 

So, will you get an EV?

Here are some other articles related to your search: 

• The Ways to Install EV Chargers in Multi-Family or Commercial Buildings
• MG Comet EV: Best Choice for First-Time Car Buyers?
• How to Choose the Right Family Car for City Living