Kiplinger\'s Personal Finance 02.2020

12 KIPLINGER’S PERSONAL FINANCE^ 02/

AHEAD

Some states offer their

own incentives, which you

can find by searching on-

line. Ask your local utility

company about any rebates

or other perks it offers. Or

consider buying a used car,

if you live in a state such as

California where off-lease

EVs are plentiful in the used

car market. “You won’t get

ELECTRIC VEHICLES AREN’T
just for environmentally
conscious celebrities and
high-tech entrepreneurs
anymore. More than 1.3 mil-
lion EVs, including plug-in
hybrids, were on the road
in the U.S. as of September,
according to the Edison
Electric Institute. That
same month, the EV share
of new-car sales hit 2.6%, a
high for 2019. Ford recently
made a splash with its up-
coming Mustang Mach-E
all-electric SUV, the fifth
pure EV SUV on the market.
To fans, all-electric vehi-
cles such as the Tesla mod-
els, Chevrolet Bolt and

PLUGGING IN

ELECTRIC CARS CRUISE

INTO THE MAINSTREAM

Sales are rising, but they’re still best for

commuting and shorter drives.

Nissan Leaf provide smooth

and noiseless driving, low

maintenance, quick acceler-

ation and a premium feel.

But there are hurdles to go-

ing electric. These cars are

more expensive to buy or

lease than their gas-powered

counterparts. Electric vehi-

cles and plug-in hybrids

(which have a gas engine as

well as a battery) purchased

in 2010 or later may be eligi-

ble for a federal income tax

credit of up to $7,500, but

this credit starts phasing

out once a manufacturer has

sold 200,000 EVs—which

is the case for Cadillac,

Chevrolet and Tesla.

the latest tech or longest

ranges, but you can pick

up certain models for less

than $10,000,” says Dan

Edmunds, director of vehicle

evaluation at car-information

site Edmunds.com.

Even if the price is right,

EVs are most practical for

drivers who can recharge

their cars in their home

garage rather than rely on

public charging stations.

Edmunds, whose family

is on their third EV, says

owning an electric vehicle

is easier than many people

think. “People plug in their

smartphones more often

during the day than they’d

have to plug in their car.”

Electric-only cars also

work best for owners who

drive reasonably short

distances around town or

have another car for long

distances. A number of EVs

offer more than 200 miles

of driving range, with pric-

ier models inching toward

400 miles. But charging

stations are still not as

convenient as gas stations,

and it may take several

hours to charge the vehicle.

MIRIAM CROSS

50,000 150,000 250,000 350,

2014

2015

2016

2017

2018

2019 (THROUGH Q3)

The EV Market Powers Up

Source: Edison Electric Institute

Sales of electric vehicles in the U.S. have been rising steadily.

122,

116,

158,

199,

236,

361,

CO

UR

TE

SY

FO

RD

FORD’S MUSTANG

MACH-E SUV HAS A

DRIVING RANGE OF

300 MILES.