Is It Financially Smart to Buy an Electric Car?

The future is here—but is it financially smart to buy an electric car in 2023? While some might argue that it’s prudent to wait until the cost of new EV technology comes down, the truth is that there are plenty of reasons to take that leap of faith today. EVs might cost more than other vehicles—at least where up-front prices are concerned—but they cost less to own over the long term than their gas-powered counterparts.

Is It Easier to Finance an EV?

With all the talk of incentives and special offers that you hear these days, you might wonder: is it easier to finance an EV than it is to buy a traditional gas-powered car? The answer is somewhat complicated. Yes, there are plenty of existing incentives that can help to make your EV purchase smoother and easier than you might expect. Plus, most lenders are willing to offer higher loan limits to shoppers who are interested in EVS.

Balloon payment plans, which allow you to secure a lower monthly payment in exchange for the promise to pay off the remaining loan balance in a lump sum, later down the line, are also common in the EV market.

With all that said, the overall value of your EV loan might be higher than the value of a loan for a gas-powered vehicle. That’s not just because the latest EVs tend to have higher price tags than the luxury vehicles of yesteryear. It’s also because the value of your loan might include add-ons, like the cost of a home-installed EV charging station.

Even if the experience of financing an EV is less difficult than you might have feared, it’s important to note that EV ownership tends to go hand in hand with higher insurance rates.

Why Is It Smart to Invest in an EV?

Given the high up-front costs associated with most EVs, you might hear other drivers asking questions like, “How can anyone afford an EV?” or “Why is it so hard to buy an EV?” 

Well, don’t let those questions get to you.

Even if the up-front costs of EV ownership are higher than those associated with gas-powered vehicles, an EV purchase is still the smarter decision for the shopper who wants financial stability over the long term. Here’s why it’s financially smart to buy an electric car:

• Although the costs of electricity vs. gas will vary from place to place, electricity prices tend to be lower (and more stable) in Scarsdale and Purchase.
• Since EVs don’t have gas engines and don’t require oil changes, you might find that your regular maintenance appointments are less burdensome.
• No one really knows how long an EV can be expected to last, on average. However, EV battery life expectancy is improving all the time. Plus, since EVs have fewer moving parts than gas-powered vehicles, they’re less likely to require expensive and complex repairs.

Find Your New EV at Mercedes-Benz of White Plains

Are you ready to revolutionize your drives through Armonk and White Plains? Stop into our dealership to explore the new EVs that we have in stock today—and don’t forget to explore our current new vehicle incentives while you’re at it. Our financing team is ready to answer any and all of your questions related to EV ownership, so don’t wait to get in touch.