It’s been called the Year of the EV but is 2022 really the best time to buy an electric vehicle?
Let’s take a look at the facts.
With so many new luxury EVs and hybrids coming on the market, from sedans to SUVs this is a big year for plug-in fully electric vehicles.
So why buy an electric vehicle?
For starters, they’re good for the environment.
You want to help the planet. The good news is that if you drive an EV, unlike gas-powered cars, you are putting out zero emissions into the atmosphere. Those emissions are part of what contributes to climate change.
So, it's a fact that EVs are responsible for less pollution overall than conventional gas-powered vehicles despite the fact that cumulative environmental impact will vary depending on the source of electricity, of course.
Electric vehicles of today are super fast.
That's because that electric motor puts out all of its available torque instantly - and continuously. Especially when it comes to luxury or sports EVs.
Many luxury electric vehicles can now get you to 60 mph in as little as 3.0 seconds! (Or less if you are talking something like the Porsche Taycan).
Additionally, performance can be better. The W battery pack is normally mounted beneath the passenger compartment so your EV has a lower center of gravity that contributes to quick cornering abilities you would only see in a sports car under most circumstances.
Yes, upfront costs can be high compared to a car with a conventional gasoline-powered engine. But over time high-end EVs are easier on your wallet.
Taken together, that means that a growing number of potential car buyers are weighing whether it's time to buy their first electric vehicle.
Lower fuel costs are a big benefit.
Charging an EV at home can work out to be much cheaper than paying for gas every week – especially as gas prices are going up over time in recent months.
And, as an added benefit, EVs don’t need all the maintenance of gas-powered vehicles. In fact, they only require an estimated one-third of the maintenance. That means one-third of the cost!
No fluid and filter changes or tune-ups. Nor do they need new spark plugs, hoses or belts, etc. You're only required to do things like rotate the tires and replace windshield wipers while checking brake pads - plus a few more routine service items.
Additionally, there's still that one-time $7,500 federal tax credit for people buying electric vehicles.
The Biden administration has proposed extending the credits for all automakers and even increasing them depending on where a vehicle is built and whether union labor is involved.
Several states, including California, offer incentives for EV buyers and those who lease an EV.
The California Clear Fuel Reward Gives you Yet Another Incentive to Buy Electric in 2022
Did you know you can save big on your EV purchase when you buy an eligible EV? And you may be able to combine that with existing incentives announced in the past several years.
The California Clean Fuel Reward (CCFR) is now available to anyone who buys or leases a new electric vehicle with a battery capacity greater than 5 kWh. While there are no income or location restrictions within California, you have to register your electric car in California and you must live there.
The goal of the California Clean Fuel Reward is to put more electric vehicles on the streets for a carbon-neutral future. Carbon neutrality means having a balance between emitting carbon and absorbing carbon from the atmosphere. It is essential to reduce carbon emissions in order to reach a state of climate neutrality.
It’s easy to obtain the reward. When you buy or lease an EV at an enrolled retailer in California, the retailer will simply include the reward in the transaction at the point of sale. The customer does not need to provide any paperwork or fill out any forms.
Additionally, Pacific Gas and Electric Company and other electric utilities have teamed up with the California Air Resources Board to offer the reward, which is even offered on a sliding scale depending on your car battery size.
Discounts of up to $1,500 are offered on cars with larger batteries that carry a bigger charging capacity. And, the incentive is also available on leased electric vehicles. Only vehicles purchased or leased from approved participating retailers are eligible.
If you purchased your vehicle before your retailer was approved in the program or if you did not purchase at a participating retailer, you can visit your electric utility’s website or search Additional Incentives because you may still be eligible for rewards.
You can view additional CCFR program rules here.
“The goal of the program is to accelerate the number of electric vehicles on California’s roads and highways,” said CARB Vice-Chair Sandy Berg. “The instant point-of-sale price reduction of up to $1,500 will help make these ultra-clean cars more affordable, especially for low-income families or those living in disadvantaged communities.”
So far, more than 20 cars from 15 manufacturers are eligible for the reward including 2021 models eligible to receive the full $1,500.
Moreover, the CCFR can be combined with existing post-sale federal, state and local incentives. These include the Clean Vehicle Rebate Project, Clean Cars 4 All, and the Clean Vehicle Assistance Program. Together that can potentially save you $10,000 on your EV purchase. It’s a good time to buy electric!
PG&E’s EV Savings Calculator helps customers who are considering purchasing or leasing an EV to compare cars and evaluate total cost of ownership of an EV compared to gas-powered cars. The tool provides customers with a personalized recommendation that includes estimated costs, savings, and rebates or incentives of up to approximately $10,000.
Additionally, the EV Savings Calculator allows customers to explore EV rate options available to them for residential charging and find public charging stations in their area. Since launching two years ago, the tool has helped more than 350,000 users calculate their savings.
Make sure you check out our luxury EV car inventory.
