Electric cars are more pricey than gas-powered ones. Do they actually save you cash in the long run? – WRAL News

As interest in electric cars climbs along with gas prices, some incentives have expired

Interest is rising in electric vehicles with the average price of gas in North Carolina, which on Tuesday was averaging more than $4.15 per gallon.

And one of the selling points for electric vehicles – the federal New Qualified Plug-In Electric Drive Motor Vehicle Credit — has expired for some of the most popular models.

That is by design. The tax credit of up to $7,500 depending on the weight of the car and size of the electric battery is available until a manufacturer sells 200,000 cars. Tesla sold that many just in 2020.

EV buyers in some states, like Colorado and Louisiana, can get an additional $2,500 tax credit, but North Carolina does not have any state credits.

Mike Beanland, owner of a boutique car dealership that helps people find electric cars, says that the switch is worth it even without the tax credit.

It costs him around $7 each month to fully charge his Tesla at home. He estimates he spends around $50 on electric charging for every $200 he would spend on gasoline.

“It depends on the car you drive, but about 25 to 30% of your gas cost you can count on spending on electricity,” he said. “It’s a pretty good savings.”

While electric cars are becoming more affordable, they are still on average far more expensive than gas-powered cars. On top of being more pricey, electric cars are harder to find right now. Some people have to wait for months before making the purchase.

Beanland said that he hopes within the next three to five years the price of an electric car is going to be more affordable and accessible.

“This is the future,” he said. “There is no doubt about it.”

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