How to save on your EV
When it comes to car buying, knowledge is power. What started as a 2021 Toyota Prius Prime LE with an MSRP of
$28,220 ended up costing me $18,539 after factoring in discounts and credits. The Prius Prime is a semi-electric vehicle that runs on battery power before gas kicks in.
Here’s how I was able to save money when buying my car:
State clean car programs knocked off $4,500: State clean car programs mandate that a certain percentage of cars that a manufacturer sells has to be electric or zero-emission vehicles.
Because of these programs, electric car makers struggling to meet their quota for the year have discounted certain cars. If they aren’t able to sell their target amount of cars, they have to buy those credits from other companies.
Additional electric car tax credits vary from state to state, and energysage.com offers a list of ways to save money on EVS organized by state along with links to each piece of legislation.
Federal electric vehicle tax credits give you back up to $7,500: For the past decade, the federal government has been trying to encourage the adoption of electric vehicles and thus gives out subsidies in the form of tax credits, up to $7,500.
On fueleconomy.gov, you can look up your car and see how much you can save for a particular model and make.
Picking the right time to visit the dealership can save thousands: The best time to go into a shop is when they’re trying to clear out inventory. A lot of times, this is the end of the month
when they are trying to clear out inventory, or when auto manufacturers pressure dealers to clear lots and make way for new models that are released.