Affordable EVs are Here

The electric vehicle (EV) market is experiencing a surge, offering a wider range of choices at attractive price points. With government incentives sweetening the deal, going electric is becoming a reality for many. This article explores how to find affordable new and used EVs, unveils federal and Massachusetts programs to jumpstart your EV journey, and offers tips to save money while making the switch.

Unveiling Affordable EVs: New & Used Options

• New EVs on the Horizon: While some EVs carry a premium price tag, the landscape is transforming. Budget-friendly options like the Chevrolet Bolt EV (starting around $31,000) and the Nissan Leaf (under $30,000) are leading the charge. Newcomers like the Kia EV6 and Hyundai IONIQ 5 offer compelling features around the $40,000 mark. Remember, these prices can be further reduced with federal and state tax credits.
• Pre-Owned Gems: Don't underestimate the value proposition of the used EV market. Studies show over 55% of used EVs were listed for under $30,000 in Q2 2024. Popular choices include the Chevrolet Bolt, Nissan Leaf, and earlier Tesla Model 3s. Keep in mind, some used EVs might not qualify for federal tax credits due to battery age limitations.

Saving Smarts: Strategies for a Cost-Effective EV Purchase

1. Embrace the Pre-Owned Market: Don't be afraid of pre-owned EVs. With extended battery warranties and lower prices, they offer excellent value.
2. Shop Savvy, Compare Deeply: Compare dealerships and online retailers for the best deals on new and used EVs. Utilize online resources like Kelley Blue Book or Edmunds to research fair market values.
3. Think Beyond the Sticker Price: While the initial purchase price might be higher, EVs boast significantly lower fuel and maintenance costs compared to gasoline vehicles. Factor in potential gas price increases over the life of the vehicle.
4. Long-Term Vision: Consider the long-term savings on fuel and maintenance.
5. Explore Financing Options: Many dealerships and financial institutions offer special EV financing with attractive loan terms and interest rates.
6. Home Charging Wins: Invest in a home charging station for convenient and cost-effective overnight charging. Many utilities offer special rates for EV charging.

Federal and Massachusetts Programs: Powering Up Your Savings

• Federal Tax Credit Boost: The federal EV tax credit allows you to deduct up to $7,500 from your federal income taxes when purchasing a new EV. This credit starts to phase out for manufacturers once they sell a certain number of electric vehicles, so research the specific model's eligibility. For more information, visit the IRS's Electric Vehicle Tax Credit webpage https://www.irs.gov/clean-vehicle-tax-credits.
• Massachusetts Offers More: The Bay State boasts a generous program offering a point-of-sale rebate of up to $2,500 for new and used EVs. Additionally, Massachusetts provides access to an extensive network of charging stations and offers discounted registration fees for EVs. Explore the details on the Mass.gov Clean Vehicles Rebate Program https://www.mass.gov/info-details/mor-ev-rebate-program.

The Road to an Affordable EV Starts Now!

The EV market is rapidly evolving, offering a wider range of affordable options. By combining savvy shopping strategies with federal and state incentives, you can significantly reduce the cost of going electric. Embrace the electric avenue and enjoy the ride towards a cleaner and more sustainable future!

At SCU Credit Union, along with low rates and great customer service, we offer savings on your Auto Loan when you purchase an EV. More information about our Auto Loans.

You can also stop in at one of our branch locations for assistance or reach out to our member service call center at 781-784-7725 or toll free at 1-877-661-3300.