State credit information should already be finalized, and we'll know more about which cars apply to the 2023 federal credit by year's end.įor now, here are the most noteworthy affordable EVs hitting the market next year and what you need to know to cash in on tax credits. There are also state tax credit options available, plus the new federal $7,500 EV tax credit. One study (Opens in a new window) found EVs require 31% less maintenance, and when they do the bill is 22% less. Maintenance costs on battery-powered cars are also generally lower than their gas-powered counterparts because they have no engine (no oil changes) or transmission, and fewer parts overall. Sure, they’re not as cheap as, say, a $15,580 gas-powered Nissan Versa (Opens in a new window), but prices are steadily coming down, making EV ownership more attainable and fun for the average car buyer. Several EVs in the $30,000 to $40,000 range are already out there now, and more are coming in 2023. But that's no longer the case, as drivers look to save on gas and take steps to address the climate crisis. Like most emerging technologies, electric vehicles hit the market with high price tags, and were initially viewed as playthings for those who had $100,000+ to throw around on a car.
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