The Expert Podcast

There are four different places that you can get credits incentives and even cash for purchasing an electric vehicle and these places can be done separate from one another meaning that you might be able to get the credits from all four sources it's not either or if you're buying an electric vehicle especially now while the government manufactures and utilities are all trying to get quicker adoption you may find there's more incentives for electric vehicles now than there will be in the future so let's take a look at those four sources for electric vehicle incentives.
Obviously the federal government has ev incentives for purchasing a new electric vehicle ranges from 2 000 up to seventy five hundred dollars in some cases most vehicles qualify there are two models of vehicles that no longer qualify for ev credits those are the gender motors volt and the some of the tesla models and the reason why is because these incentives came out up until a manufacturer sold 200 000 vehicles once a manufacturer sells 200 000 electric vehicles they no longer can get incentives for their clients for those vehicles so those are two brands of cars that have already passed that volume milestone all other vehicles currently qualify for electric vehicle credit from the federal government now keep in mind that if you're looking at a vehicle that the manufacturers kind of sell two hundred 000 of those pretty soon you want to act quickly.
Second source of possible incentive rebate or cash for an electric vehicle is the state government many states have an additional rebate that you can get several thousand dollars in the state of oregon it can be up to seven thousand five hundred for an electric vehicle purchase now some states have income criteria for these incentives they're trying to subsidize for lower middle class incomes but even if it's only a thousand or two that's on top of the federal government incentive.
Now if you're looking at a vehicle in 2022 you have another benefit of buying an electric vehicle and that is many utilities are providing incentives for people who buy electric vehicles and there's actually two incentives from utilities one is you get a discount or credit on your electric bill if you have an electric vehicle that's registered to you at your address where your service is located if you have an electric vehicle registration that you can show the registered garaging address is the same as your service address your utility might have a lower electric rate for your electric bill that rate may also apply to your normal use for your household use in addition to your ev charging that can save you money right off the bat.
In addition if you wish to install a fast charger at your residence in your garage many utilities will give you an incentive or rebate or discount on the installation of a fast charging system sometimes it'll pay for the whole thing so you can upgrade your home's electrical system have a fast charger in your garage which will also increase your home value and have the electric company pay for it in fact five six seven years from now when a higher percentage of electric vehicles are on the road it's almost going to be a requirement for a home to have a charging station inside the house and if you don't have it your house might be worth less it might be not as desirable of a piece of real estate so you want to get this done now once there's more adoption and more people are are buying electric vehicles and it's more popular they're not going to need to have these rebates anymore so take them well take advantage of them while you can.
And here's the last really big advantage for buying an electric vehicle right now they are not the mainstream type of vehicle less than one percent of vehicles on the road are electric vehicles because of that the manufacturers are not passing along all of the costs for electric vehicles in the form of the price of the car in fact gasoline vehicles are somewhat subsidizing the development of evs because they're making more profits on gasoline vehicles you've seen the dramatic appreciation in price of new cars and availability of new cars that's happened in the last 24 to 30 months electric vehicles have not gone up as much in price they're still at a level of two or three years ago so purchasing an electric vehicle now before the demand starts to pop can save you some money on the purchase price.
And here's the thing about electric vehicles unlike a gas internal combustion engine there's not much wear and tear that goes on electric vehicle there's an old saying in the car business everybody drives a used car even if you buy a new car two days later after a lot it's a used car so a gas engine vehicle is used the first week month you have it and it's starting to wear out the pistons and the drive train and the transmission and all the gears that's why it's internal combustion there's literally combustion happening inside the engine think about that there's explosions happening inside an internal combustion engine if an engine operates at three thousand rpms each revolution has depending if it's a two stroke or four stroke two or or one or two combustion cycles times eight cylinders or six cylinders there are thousands of explosions inside a gas engine every minute each one of those explosions wears that engine out a little bit now gas engines last a long time 100 000 miles easy 200 000 miles in some cases but each explosion is wearing away that engine.
With an electric engine electric motor there's not much wear there's no explosion happening there's no internal combustion happening it's electrical energy turning into motion that's why if you think about all the electrical motors in your house dishwasher dryer washer things that have electric motors they last forever the blower motor in your car that blows the air conditioning into your car those last forever they never wear out electric engines are very durable so if you purchase one now you're basically buying a car that two or three years from now is in almost the same condition as it was new where if you buy a gasoline engine two years later sometimes those cars are worth half of what they were new because of the wear and tear now you have to be careful the batteries you want to make sure you you treat your battery well and you'll see other videos about that but buying a an electric vehicle plug-in ev or full electric vehicle will put you ahead of the game to when it's more of a ubiquitous vehicle on the road and you can take advantage of those incentives and rebates and cash.
Now the federal government is putting billions of dollars into getting adoption of electric vehicles look even with the inflation that has happened in the last year and the gas prices have gone up every time they try to corner a politician about why the gas price is too much and what are you doing about it one of the pat answers they come back with is you should buy an electric vehicle if you have an ev you won't pay gas you know if you had an ev you won't worry about gas prices whether you agree with that or not or you agree with the politics or not doesn't matter the fact is electric vehicles are being pushed by the government take advantage of that they want to give you money take their money take it from the federal government the state government the utility and the dealer they all want to get these cars on the road at some point they're not going to care as much because everybody's going to want them anyways so by jumping in early you'll have the advantage of gobbling up all these incentives buying a car at a 2022 price versus a 2025 price which at the rate inflation is going three years from now cars might be twice as much so if you're gonna buy a car anyways take advantage of the money that's being thrown around out there for your financial budget and pocket it while the getting is good.