Thinking about buying a new hybrid or electric car in Missouri? According to the US Department of Energy, the cost of operating an electric vehicle is roughly half of what it takes to run a similarly sized gas model. Plus, with tax credits, rebates, and incentives, you may cut thousands off your final out-of-pocket cost when buying an EV. These tips will help you minimize your initial investment and save some money when you choose to begin fighting the good fight.
Tax Benefits & Missouri Incentives for Fuel-Efficient Vehicles
All US residents can take advantage of EV credits offered through the federal government. These programs are designed to reduce pollution and the environmental impact of daily driving by making it more affordable for the average person to afford an electric or hybrid vehicle.
- The Plug-In Electric Drive Vehicle Credit gives a credit of up $7500 on your annual tax bill for the purchase of a qualifying vehicle. How much you receive depends on your car battery’s storage capacity. All who are approved for the credit receive a minimum of $2500. These credits will be phased out once sales of qualified vehicles reach 200,000 units. (Buy a green GM vehicle soon to take full advantage!)
- Missouri residents who choose vehicles powered by alternative energy sources don’t need to worry about emissions checks when registering with the Department of Motor Vehicles.
- Missouri residents who either work for or get their power from KCP&L or Westar are eligible for deep discounts on certain models.
These credits and Missouri EV incentives can make your new electric vehicle purchase fit more comfortably in your budget.
Save at the Charging Station
Even with an in-home EV charger, there will be times when you’ll need extra juice to get you through your day. Public charging stations, like gas stations, offer a convenient location for EV drivers to plug in and refuel. Stations offer various pay structures to use their equipment. Some of the ways your charges could be calculated include:
- Per hour
- Kilowatt-hours consumed
- Flat per-session fee
- Subscription-based with monthly or annual premiums
Many businesses around the state of Missouri offer free charging stations for shoppers or complex visitors. Take advantage of these whenever possible to reduce your EV operating costs. Find a smartphone app that locates stations near you or use this locator to find charging stations in your area.
If you don’t want to rely on a home charging station or the network of free chargers in your area, the best way to reduce charging fees is to subscribe to a service.
Brand Comparisons: Which EVs are the Most Fuel Efficient?
The Chevy Volt EV and Chevy Bolt are comparable to the most popular EV models in size, capability, and comfort. But how do they match up when it comes to fuel efficiency and range? On a fully charged battery:
- The Chevy Volt has a range between 380 and 420 miles;
- The Chevy Bolt gives driver up to 240 miles before it needs another charge;
- And the Chevy Malibu Hybrid has a max range of 637 miles and returns 46 mpg combined.
The fuel economy of these EVs is comparable to popular models that use traditional fuels. How much you save ultimately depends on many factors, including the price of electricity versus unleaded in your location. For instance, in Missouri the average gallon of gas was roughly $2 in January 2019; at the same time, an eGallon only cost about $.97.
It’s Settled: Driving an EV Saves Money
With electric car rebates, incentives, tax credits, and charging discounts factored in, many EV owners will realize a lower daily operating cost than their fossil-fuel dependent neighbors. If you’d like to join the r-EV-olution, visit our Marshall GM dealership to browse our selection of green vehicles for sale and lease, including the Bolt, Volt, and Malibu Hybrid. Contact us at 660-886-7495 to schedule a test drive or learn more about our monthly GM specials.