5 Things You Need to Know Before Buying an Electric Car
By Josh Goldman
It's 90 degrees here in our nation's capital but it might feel like the winter holiday season to those who reserved a Tesla Model 3. Expected to have a 215-mile range and sticker price of $35,000 (or $27,500 after the federal tax credit), the Model 3 will compete with the similar spec'd Chevy Bolt for the prize of cornering the early majority of electric vehicle owners.
No other automaker has a relatively affordable, 200 mile-plus range electric vehicle on the market, yet (the nextgen Nissan Leaf will compete too), and one or both of these vehicles may be a pivotal point in the modern shift to electrics. Assuming you're already sold on the benefits of driving on electricity, here are a couple tips for you to consider if you're prepping for an electric vehicle.
2. File Your Tax Credit(s)
Purchasing an electric vehicle should qualify you for a federal tax credit of up to $7,500. Here is all the information and form to fill out when you file taxes. You better file quick because the federal tax credit is capped at 200,000 credits per manufacturer. Some manufacturers, including Nissan and Chevrolet, are forecast to hit the 200,000 cap as early as 2018. If Tesla delivers on its 400,000 Model 3 pre-orders, not every Model 3 owner will be able to take advantage of the full $7,500 savings, so act fast!
Also check this map to see what additional state incentives you may qualify for.