You'll Never Guess Which States are Offering the Highest Tax Breaks for Electric Cars (Hint: It's No
The fully electric Nissan Leaf does better in terms of offering overall cost savings with a lifetime ownership savings of $7,661 but the average number of years it would take for either a Leaf or Volt owner to break even compared to a conventional gas car is eight-nine years -- longer if gas prices stay low.
Takeaway: tax incentives may make buying an EV more affordable than ever but ...
The decision on whether or not to buy an electric or plug-in car is a very personal one, and depends on many variables, including what state you live in and what your driving and car ownership habits are. For example, if you're the kind of person that holds onto a vehicle for 10 plus years and drives it into the ground then an EV or Plug-in hybrid is probably right for you. This is especially true if your commute is short and you live in an area where you have access to overnight charging -- apartment dwellers may not -- so range anxiety in an EV is less of a factor.
However, if you like to switch cars every few years, have a very long commute, and are thinking about an EV purely to save money then you may want to reconsider -- even if you live in a state that offers a generous EV tax incentive program.
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The article You'll Never Guess Which States are Offering the Highest Tax Breaks for Electric Cars (Hint: It's Not California) originally appeared on Fool.com.
Adam Galas has no position in any stocks mentioned. The Motley Fool recommends General Motors and Tesla Motors. The Motley Fool owns shares of Tesla Motors. Try any of our Foolish newsletter services free for 30 days . We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy .
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