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Buy/Lease an Electric Car/Hybrid

Buy/Lease an Electric Car/Hybrid

Summary: Buy or lease EV, with GECA DriveGreen

Description

Why drive an Electric Car?   EVs reduce your emissions, are fun to drive, and are less expensive to operate and maintain. There are a lot of great models on the market and the choices are just getting better and better.

What are the benefits of buying an EV?

Where can I read a quick overview about EVs?  Click on the AAA 101 Guide.

Where can I buy an EV?  The answer to that is simple: you can purchase an EV from the same place you would buy a conventional vehicle. Do your research, find a brand that suits you, then visit your local dealerships for a test drive.

How can I compare EVs?   Click here to use the National Grid Electric Vehicle Hub EV Comparison Tool.  At the top of the page click on the "Benefits of EV’s" and then click on the "EV Comparison Tool" to compare models and find the EV that is right for you.  

What programs and financial incentives are there?  In Massachusetts, EV owners can participate in a number of programs for keeping costs down, including an off-peak charging program, as well as rebates for the purchase or lease of certain types of EVs.  To learn about the programs and incentives in Massachusetts, click on the link National Grid Electric Vehicle Hub link here

State and Federal Incentives

In 2023, a federal tax credit up to $7,500 for certain new EVs will be available. Income limits apply. Max MSRP of $55,000 passenger or max MSRP of $80,000 for vans, SUVs and pickup trucks. In 2024, the tax credits will convert to a point-of-sale incentive to the dealer, meaning you get that discount right away.   Estimate your savings via this calculator from Rewiring America.

In 2024, a federal tax credit of up to $4,000 for USED EVs will become available; income limits apply.  In 2024, the tax credits will convert to a point-of-sale incentive to the dealer, meaning you get that discount right away.  Estimate your savings via this calculator from Rewiring America.

Starting in 2023, households in low income or rural areas are eligible for a 30% tax credit up to $1,500 to install an electric vehicle charger.  Estimate your savings via this calculator from Rewiring America.

STATE INCENTIVES - Additionally, you can receive 2022 Massachusetts Mor-EV incentives of $2,500 for a new EV purchase or lease with a purchase price of less than $50,000 or $1,500 for a new plug-in hybrid EV.  Incentives for trucks are higher in a range of $5,000 - $15,000 for public and private vehicles with a gross vehicle weight rating of over 8,500 pounds.

Massachusetts Mor-EV incentives will go up in 2023 but the start date for these is unclear. The incentive will convert to a point-of-sale incentive to the dealer, meaning you get that discount right away.

2023 NEW EV incentives are $3,500 for EVs with a purchase or lease purchase price < $55,000, $1,500 for a new plug-in hybrid EV and an extra $1,000 when you turn in an internal combustion engine vehicle.

2023 USED EV incentives are $3,500 for EVs with a purchase or lease purchase price < $55,000, $1,500 for a new plug-in hybrid EV and an extra $1,000 when you turn in an internal combustion engine vehicle.

Where can I find more information?   The electric and hybrid car market is a happening place! So you will have the most up-to-date information, we partnered with DriveGreen, a division of the Green Energy Consumers Alliance, a local non-profit. To subscribe to their quarterly email newsletter with news on the latest models and deals, and invitations to EV showcase events, take the pledge (it is non-binding).

Buying and leasing - cost, deals, and incentives. Buying or leasing an EV costs about the same as buying or leasing an ICE (Internal Combustion Engine) car, but before you walk into that dealership, make sure to check with Green Energy Consumers Alliance about state and federal rebates (which vary according to the model, the make, and the price) and pre-owned EVs.

Deep Dive

Deep dive into all the details:

Massachusetts' goal is to have 300,000 EVs on its roads by 2025.  In Massachusetts, transportation accounts for a whopping 43%  of our greenhouse gas emissions. Electric vehicles, in combination with renewable, carbon-free electricity generation, can dramatically reduce your greenhouse gas emissions because they have lower lifecycle emissions than gas-powered cars, even after accounting for extra emissions from battery manufacturing.

With a renewably powered EV, the only source of emissions comes from the manufacturing process. If the electricity comes from fossil fuels, driving an EV is obviously not entirely pollution free. Still, according to the Union of Concerned Scientists, EVs and plug-ins have a much smaller carbon footprint than conventional cars no matter what the source of the electricity.

There are a lot of great choices on the market right now, from all-electric to hybrids with plug-in options. They are fun to drive with their great pickup and power. And they are cheaper to run. According to the Department of Energy, electric vehicles can save as much as $1,200 per year in fuel costs. EVs have fewer moving parts and are therefore much cheaper to maintain, they do not need oil changes, and have no transmission fluids, fuel pumps, timing belts and many other moving parts.

Range anxiety? Fully electric vehicles (EV) are constrained by their battery capacity, but the battery range improves by the year and the network of charging stations keeps expanding, with many apps that help you locate public charging stations and if they are available in real time. Most chargers are located conveniently at restaurants or roadside rest stops.

Newburyport has several public charging stations:

You can plug your car into any standard 110-120V outlet, but many EV and plug-in owners install a Level II 240 Volt charger, which speeds up charging time up to 6X faster. Equipment plus installation of these chargers cost in the range of $400 to $1,200, depending on the model and how your house is configured. This cost is tax deductible. And we can recommend an electrician to install one for you.

Rebates. Qualifying battery electric vehicles and fuel cell electric vehicles are eligible for rebates, and so are plug-in hybrid electric vehicles. Some electric vehicles qualify for federal income tax credits and state rebates. The amounts depend on the battery size of the vehicle, the model, and, of course, your tax liability (check here , and the dealer will advise you as well). 

Steps to Take

To get started:

1.    Go to  AAA 101 Basics  to read an overview of electric vehicles.

2.   Go to the National Grid Electric Vehicle Hub  to learn about the programs to keep costs down and rebates for the purchase or lease of certain types of EVs.

3.    Go to DriveGreen for information on how EVs work, EV maintenance, and the models that are available, etc. Take the pledge (non-binding) to subscribe to their quarterly email newsletter with news on the latest models and deals, and invitations to EV showcase events.

4.    You can also use the PlugStar “Browse Electric Cars” tool, an interactive online guide of models that helps you decide which vehicle is right for you by having you answer a few questions. 1) how many miles you drive per day; 2) what type of long trips you make; and 3) how much passenger and cargo space you need?

5.    Ensure you have convenient access to a standard 110-120V outlet to plug in your EV.  Or, install a Level II 240 Volt home charging infrastructure which speeds up charging time up to 6X faster with links to charging apps such as (ChargePoint, PlugShare, EVgo).

Once you know you want to go ahead

  1. Ready to walk into a dealership? Don't assume these dealers will offer you the DriveGreen deals if there are any: you need to bring the deal to them.
  2. Test drive cars at the dealers. It's free, no commitment!

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