You’re in luck. The federal government is offering a tax credit of up to $7,500 for anyone who purchases a qualified plug-in electric vehicle after Dec 31, 2009. The credit will begin to phase out after a certain manufacturer sells at least 200,000 of its vehicles in the United States. Both the Chevy Volt and Nissan Leaf qualify for the tax credit, which can help offset the sticker price. In addition, some states offer tax credits or other perks if you purchase an electric vehicle. President Obama has called for the United States to have 1 million electric vehicles on the road by 2015.
What are the pros and cons of electric vehicles?
The pros and cons in part depend on the type of vehicle you buy. The Volt, for example, can run on both battery and gasoline power. A fully charged battery lets you travel about 35 miles. After that you can use the extended-range, gasoline-powered feature, and drive for another 375 miles before plugging in the Volt or filling it up again.
The Leaf, on the other hand, is completely electric, and you can travel an estimated 100 miles on one charge, and create no vehicle emissions. The miles you can go depend on the temperatures outside, the speed you travel and driving conditions.
Maintenance of such vehicles is much lower than with a gasoline-powered vehicle, and with the Leaf you can avoid purchasing gasoline altogether. One drawback, however, is concern over a lack of electric charging stations, because many motorists fear being stranded on the side of the road.
Is there anything else I should consider?
If you decide to purchase an electric vehicle, be sure to shop around for an auto loan. Some financial institutions offer a lower interest rate if you buy an energy-efficient vehicle, such as an electric car.
About the Writer
Susan Ladika has been a writer and editor for 25 years. Her freelance work has covered everything from business to travel to science to international issues, and have appeared in such publications as Science, Town & Country, HR Magazine, Developer, The Wall Street Journal-Europe, The San Francisco Chronicle, and many others. She has also done extensive editing as a newspaper and wire service editor holding positions such as the Tampa Tribune Bureau Chief.
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