Yahoo Finance 7 Frugal Habits of EV Owners That Keep Costs Down
Electric vehicles deliver savings at the pump, but owning an EV doesn’t have to drain your wallet either. We tapped EV experts for their best tips to pinch pennies while enjoying these high-tech rides.
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Here are 7 frugal habits of EV owners that keep costs down.
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Strategic Charging Saves a Buck
“The most basic yet significant habit is utilizing off-peak hours,” said Ayden Morris, founder of Vehicle Sphere. Although specifics vary by region and utility company, most offer lower electricity rates late at night or early morning. “It means you can significantly reduce the cost per kilowatt-hour (kWh) by charging the EV during those hours,” he shared.
Many new EVs and charging stations allow drivers to schedule charging times automatically. “This way, you can plug in your vehicle when you get home, and it will automatically start charging – but only during the designated off-peak hours,” Morris explained.
Solar panels offer another charging perk. As Morris shared, “If you’ve installed solar panels at home, you can program the vehicle to charge during the day when solar energy is abundant.”
Stay on Top of Routine Maintenance
“Effective maintenance significantly reduces long-term repair costs,” said Robert Resz, founder and CEO of Rad Bronco Parts. Compared to traditional vehicles, Resz points out EVs generally have fewer moving parts, “making maintenance more straightforward and cost-effective.”
By staying on top of manufacturer-recommended maintenance schedules, EV owners further protect their investment while keeping repair bills at bay.
Exploit EV Tax Credits Before They Expire
Resz also encourages prospective buyers to capitalize on EV tax credits and rebates while available. As he shared, “These can substantially lower the initial purchase cost.”
Under the current Inflation Reduction Act, buyers can qualify for up to a $7,500 credit applied at tax time towards a new clean vehicle purchase. For many models, that discount makes entry costs comparable to gas-powered counterparts.
Adopt Energy Efficient Driving Habits
Stamatis Zotos, a mechanic and EV rental business owner advises efficiency-focused driving habits to make the most of precious battery reserves. Gradual acceleration, properly utilizing regenerative braking, and optimal route planning all help conserve energy.
As Zotos explained, “Adopting a smoother driving style, like gradual acceleration, helps in conserving battery power and extending range.” Meanwhile, mapping out the most efficient routes using navigation tools “can save battery power and reduce the frequency of charges.”
Smart Home Charging Setups Pay Off
Our experts agree installing a home charger beats relying solely on public charging stations. “Home charging can be more cost-effective, especially with solar panels to offset electricity costs,” shared Zotos.
Morris said scheduling capabilities also generally prove superior with home installations. As Resz shared, “Some utility companies provide rebates for EV owners, which can offset initial costs of charging equipment.”
Explore Leasing and Used EV Options
“Some EV owners find leasing to be more affordable than buying, especially with the rapid advancement in EV technology,” said Zotos. The used EV market also opens up cost-effective access for many drivers. As Zotos explains, “Purchasing a used EV can be a cost-effective option, as EVs generally have less wear and tear compared to traditional vehicles.”
Shop Around for the Best Insurance and Warranties
Comparing insurance rates and finding plans with EV-specific coverage leads to dramatic savings for some drivers. “Extended warranties for battery and key components can prevent unexpected high costs in the long run,” Zotos said. Both tactics help curb expenses over the life of EV ownership.
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This article originally appeared on GOBankingRates.com: 7 Frugal Habits of EV Owners That Keep Costs Down
