How To Afford Electric Car

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Buying the only electric car I can afford…..

Using the Nerd Wallet standard of paying 10% of monthly take-home income for a car payment, a person making a median salary could only afford a $338 monthly payment. That wouldn’t be enough for any new EV currently for sale.

A review of EV new car prices and incomes by TheStreet shows that it will take a much higher income than $51,480 to afford a monthly payment on a new EV. All of the following loan scenarios used a 72-month loan period, since 70% of new car loans in the first quarter of 2020 were for more than 60 months, according to Edmunds. All the prices of the vehicles excluded taxes and registration fees that would vary from state to state.

Ford

Nissan Leaf For Less Than $10000

The Leaf is both one of the oldest and highest-volume electric cars ever, which results in a decent used car market.

Ive found 2011, 2012, and even 2013 Nissan Leafs for $5,000 to $6,500.

Those electric cars will generally have closer to 50,000 miles on the odometer, and they rarely list the battery degradation on their listing. You should always ask the seller.

If you are willing to pay a little more, between $7,000 to $10,000, you have a lot more choices, and they are also available in a bunch of different markets in the US. Youll find plenty of cars that still get over 100 miles of range.

You can check with CarsDirect and reach out to local dealers to see their inventory of used Nissan Leaf electric cars.

Doesnt Dacia Have An Electric Car

So far, Dacia has been notably absent from the electric scene. Behind the scenes, however, the Romanian car maker has been busy at work to apply its unique and charming low-price concept to EVs as well.

Finally, it seems, the wait is over.

Very recently, Dacia has announced it will present its very own 100% electric model, the Spring, in 2021. It has said the price will be below £20,000 and less than the Mii. This will make the Spring the cheapest EV in the UK and a perfect entry level car.

In a feature, Auto Express revealed some of the alluring benefits of Dacias first electric vehicle

This sounds enticing for sure!

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Electric Car Batteries: Should I Lease Or Buy

The cost of an electric car battery might be included in your total price, or it could be an extra cost.

This is because you can either buy the battery outright or you could pay monthly for an electric car battery lease.

Not all manufacturers give you the option between buying and leasing, so check first before committing to buy.

Car batteries tend to last for around 10 years, but this depends on how much you use the car, and how well you take care of the battery.

For example, leaving the battery flat for a period of time could mean it then isnt able to charge.

Spare The Child The Paddle

MY FEEDLY: Morgan 3

To the Editor:

Re Paddling Makes a Comeback in Missouri :

Let me understand this: Institutions of learning are teaching children what? Oh, OK, I get it now. Hitting a child with a wooden paddle is the way to teach them to behave and show respect.

Does it work? No. Countless scientific studies have shown that physical punishment is not effective. Humiliation and pain lead to alienation, bitterness and revenge not increased self-control, cooperation and empathy.

So, in whose interest is this brutality? Perhaps frustrated teachers and parents gain relief by administering corporal punishment.

For starters, what about investing in adequate mental health services, offering parent education programs, and training teachers in effective classroom management techniques?

Children benefit more from a helping hand than from a striking one.

Lawrence BalterNew YorkThe writer is professor emeritus of applied psychology at New York University and the author of Whos in Control? Dr. Balters Guide to Discipline Without Combat.

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Electric Car Mandates: The Latest Frontier In The Elites’ War On The Middle Class

Joel Kotkin OpinionElectric CarsCalifornia

California is working overtime to prove something that is obvious to most middle-class Americans: Electric vehicle mandates are something of a scam.

A week ago, California announced it would ban the sale of new gas-powered cars by 2035only to beg residents this week to stop charging their electric cars for fear of breaking the power grid amid a massive heatwave.

This is the untenable future that California’s green agenda promises. California Governor Gavin Newsom‘s decision to eliminate gas cars over the next decade represents an enormous bet on a single, increasingly pricey technology which will assuredly raise basic costs to middle and lower-income Californians in the decades ahead. And it places the once proud auto industry at the mercy of China, which dominates the market for electric vehicle components and the raw materials that go into them.

Perhaps the most dubious aspect of the all-electric policy is the simple question of where will the new juice come from to power these cars. In the UK, EVs are projected to double the demand for electricity by 2040, and the government is already looking to ban the use of home chargers during peak hours.

Nor will electric cars provide much relief to middle or working-class families. The price of rare metals and computer chips has surged of late, raising the prices of EVs electric truck maker Rivian recently raised the price of their pickups by $12,000, to nearly $80,000 .

Calculate The Running Costs

While EVs might often cost more than their traditional counterparts, their running costs are far less making them ultimately more affordable not less. Indeed, research by LV Insurance compared the combined purchase and running costs of some popular EV models with their petrol or diesel equivalents. Over seven years of ownership the EVs worked out cheaper.

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Which Automakers Win And Lose Under This Law

Based on what’s currently available on the market, higher-end electric car companies like Rivian stand to lose customers who qualify for the tax credit based on the cost of their vehicles.

Companies like Tesla or General Motors that have been producing cars in the U.S. and have already shifted their supply chains are better poised to meet the many requirements.

“They’re probably at the forefront of this technology right now with some vehicles on the market and many more on the way,” says Jessica Caldwell, executive director of insights at Edmunds.

Meanwhile, international automakers, like Toyota and Hyundai, face some big decisions.

“For the Asian and European automakers who have some limited production in North America, that’s where we might see some more weighing of the scales in terms of, ‘Is it worthwhile for us to shift production of vehicles or sourcing of materials to qualify for this, or do we just walk away?,’ ” says Michael Fiske, associated director of Powertrain and Compliance for S& P Global Mobility.

Buy A Used Electric Car

Australians will be ‘forced to buy’ electric vehicles ‘most cannot afford’

If you feel like the moment is right to make the transition, thats great. But unless you can afford it for 100%, you should avoid buying new.

Perhaps you dont feel entirely safe going for a second-hand EV. After all, this is a new technology and reliability may be more of an issue here. Also, batteries do lose their longevity after a while, so who knows if those fuel cells under the hood are still up to the job?

We beg to differ. Precisely because electric mobility is still a fairly recent phenomenon, only time can tell which models are actually a good investment. Reviews are helpful, without doubt, but nothing beats the hands-on experience from drivers.

This means that you can only tell the true value of a particular car after its been on the market for two to three years. Buying used makes this possible. Whereas, if you pre-ordered a fancy new model because you thought it was exciting, you bear the entire risk of things going wrong.

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So Are Electric Cars Becoming Cheaper

Lets put it this way: Things are a bit confusing at the moment.

So far, the main focus has been on some of the more exotic and powerful EVs. Some of these are well beyond the grasp of 99.9% of us.

Take the Porsche Taycan, for example. Its a spectacularly looking car for sure and its performance is second to none right now.

But, as Carwow midly puts it, this electric car is not cheap. The cheapest, bare-bone version will set you back £116,000, which is why its a waste of time to even think about it.

On the other hand, more affordable models are becoming available. At a mere £4,000, the Renault Twizy has challenged the rules of the market. That said, its business model is different: To be able to drive a Twizy, you will need to rent a battery. This means youll need to work out how much the actual cost of use is. On top of that, selling one of these may be harder than with a regular model.

Can Californians Afford Electric Cars Wait Lists For Rebates Are Long And Some Programs Have Shut Down

Uploaded: Sun, Aug 7, 2022, 9:19 pm 0Time to read: about 11 minutes

Quentin Nelms, who lives in Tulare, qualified for a state subsidy but the electric car’s cost rose too fast. Photo by Larry Valenzuela, CalMatters/CatchLight Local.

When Tulare resident Quentin Nelms heard California was offering a hefty state subsidy to help lower-income residents buy electric cars, he applied right away.

But it wasn’t as easy as he thought it would be.

Nelms spent four months on a waitlist before he was accepted into one of the state’s clean-car incentive programs in January. He qualified for $9,500 that he planned to use to buy a 2022 Ford Mustang Mach-E. But after discovering that several dealerships had raised the car’s price by more than $10,000 during the time it took to get the grant, he could no longer afford the roughly $53,000 cost.

“We got into this program and it’s not helping like it’s supposed to,” Nelms said. “It’s useless at this time because there’s nothing out there and the cars that you do find, everything’s gone up in price.”

Affordable and efficient electric vehicles are critical to California’s efforts to tackle climate change and clean up its polluted air by 2035, the state plans to ban all new sales of gas-powered cars.

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But the state’s incentives and rebates for lower-income people who purchase electric cars have suffered from inconsistent and inadequate funding.

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Taking It Month By Month

Drivers who dont want to commit to long leases have the option of taking them by the month with a Netflix-style subscription.

A new generation of companies has emerged which has insurance, tax, maintenance and other essentials included under the one price. Contracts usually renew each month, so, as long as you keep on paying, the car stays with you.

Elmo offers a Fiat 500e for £449 a month, or a Renault Zoe for £469. Both have a limit of 800 miles, and come with a £95 one-off admin fee.

Onto, which includes public charging in its prices, offers a Renault Zoe for £489 a month with a limit of 750 miles, or a Vauxhall Corsa-e for £549.

Ontos founder Rob Jolly says it has 6,000 cars with subscribers. Base prices start at £379 a month, with mass-market cars around £500 a month.

Key Electric Car Facts And Statistics

Think you can

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Older Cars Have Shorter Range

Range is a limiting factor in the used-EV market. You cant jump in and drive to St. George in your Nissan Leaf or Fiat 500e, but theyre especially attractive as second cars for families that have a gas burner for longer hauls.

Range is also an indicator of battery life. Electric cars commonly come with battery warranties that extend for eight years or 100,000 miles, but what happens after that? It depends on how many charges and what kind of conditions those batteries have faced, but, with normal usage, the batteries will last years past the warranty.

When theyre fully charged, electric cars will tell you how many miles they can go. So comparing a cars current range to what it was when the vehicle was new can give prospective buyers an idea of how much charging ability the batteries have lost.

When batteries do start to fade, they wither slowly, and that may be livable.

Dont expect a 100% battery life report on a used electric car, but dont be dismayed if the vehicle only offers three-quarters of its original range, explains Kelley Blue Books 10 Things to Know Before Buying a Used Electric Car. Most drivers dont add more than 40 to 50 miles to an odometer a day anyway. If youre buying a used electric car for your commute, a shorter range may be just fine.

Electric vehicles can be more affordable than Teslas, especially when shorter commutes are required.

Are Electric Vehicles Affordable Here’s How The Costs Break Down

If you had to buy a car last year like I did, you probably felt the sting of rising inflation driving out of the dealership. Couple that with gas prices hitting all-time highs this year, and the idea of getting from point A to point B in a fully electric car is looking more and more appealing. But for a lot of us, the cost of an electric vehicle is still prohibitive or is it?

According to Kelly Blue Book, the average price of all new vehicles reached a new record high in June. Supply shortages and high demand have seen the average price of a new non-luxury car hit an all-time high of $44,000. In June, the average price for a new electric vehicle hit $66,000. But when talking EVs, the sticker price doesnt tell the whole story. Owning an electric car requires adopting a new mindset about its costs.

First there are federal tax credits of up to $7,500 for buying an EV. Currently, there are limits on which cars are eligible, so check if your car applies before purchasing. Next there are several new electric car options right now for around $50,000, and a few will be available by next year for under $30,000 And dont forget about gas. Charging your electric car from home is still going to be less than pulling up to the gas pump, and many EV owners I spoke with are taking advantage of the free car charging memberships they received with their new set of keys.

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You Will Never Be Able To Afford An Electric Car

Are you worried youll never be able to buy an electric vehicle? You should be. Now the government have announced plans to ban petrol and diesel cars from UK roads, well all have to take the plunge into electric mobility soon.

And at current prices, that transition is going to be a bumpy one for many of us.

This is because green cars are expensive by todays standards. Even after deducting your subsidy, they tend to be around 50% more expensive than their petrol counterparts.

Add to that the fact that subsidies are gradually being phased out and youve got a disaster in the making.

Will driving only be for the rich in the future?

Read on if you want to know how you can stay behind the wheel over the next few years.

California Is The Source

John Graham: Who can actually afford an electric car?

Green and Cayaffa agree that California is an important source of used inventory for them. The Golden State has offered cash incentives to EV buyers for years, and many used EVs come available when leases expire.

Chip Browne, who owns Electric Vehicle Exchange in Lindon, said some used-car dealers are paying big premiums for EVs at auctions, and in some cases the same model is selling for thousands of dollars more than it was a year ago.

The number of electric vehicles registered in Utah has doubled in the past two years, but it remains a tiny number. About 0.6% of vehicles registered for 2022 are all-electric.

Browne says Nissan Leafs are the darling of the electric market along the Wasatch Front, with many priced under $15,000.

Listings on KSL.com include a handful of electric cars over 8 years old that are under $10,000. There is a smaller number of plug-in hybrids, which allow people to run all-electric by charging them while still having a gasoline engine that can give them hundreds of miles in range.

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