The car you drive can have a significant impact on your life. Certain models cost a lot to operate because of poor fuel economy, while others excel in this category and leave you with ample spending money. If you want to buy a new car, you should consider an electric car if you are a homeowner.

Save Huge on Fuel Costs

The main reason why being a homeowner is so important is because you can fuel up at home. The best place for installing an electric car charger is in a garage, but it will work regardless of where you put it as long as you own a home. Each state has their own rules and regulations regarding these chargers, so you want to contact the local authorities to find out if you need to do anything special to have a legal installation.

The savings that you will enjoy is substantial, especially if you live in a state with low electricity rates. In comparison to other cars, you can expect to save over $13,000 when compared to a standard gas-powered car and around $5,000 in fuel costs compared to a hybrid vehicle. Being able to spend as little as $421 on fuel each year is unheard of with a car that runs on gas, but it is a reality for electric car owners.

Enjoy a Federal Tax Credit

Electric cars have access to a federal tax credit that can save the vehicle owner thousands of dollars. To be precise, buying a brand-new all-electric vehicle grants you access to a $7,500 tax credit. These credits are not available to those who are buying used cars, so it gives new car buyers a huge edge in savings. It is a necessity to look at total spending, as opposed to what you pay initially because of this credit.

Gain State Incentives

While the federal tax credit is impressive enough, some states offer similar benefits. At least 20 states have incentives for those who purchase a brand-new electric vehicle. It spans from $1,000 to $6,000 in rebates or credits, so it is not something to overlook when looking at cars to buy.

Even if your state does not provide people with incentives for buying an electric car, this does not mean you should bring your search to a complete halt. The fuel costs and federal tax credit should be more than enough to provide you with long-term savings compared to a gas-powered or hybrid car.

For more information, contact a local company like Wills Toyota.