Electric vehicles continue to rapidly expand onto our roads due to lower fueling costs, fewer emissions, enhanced torque, and many other advantages over the common petroleum-fueled vehicle. So, we find ourselves asking, “Why would anyone not chose to drive an EV?” The answer for most people lies in the initial cost of the car itself; as of right now, EVs tend to be more expensive than a comparable gasoline car due to the expense of the Lithium-Ion batteries. Therefore, car brands such as Chevrolet are reducing their prices in order to make the superior electric vehicle more affordable.
The Chevrolet Spark lease has recently been priced at only $139 a month for 36 months, with no money down. “‘Cheaper than the average family’s monthly phone bill,’ says Karl Brauer, senior analyst at Kelley Blue Book’s KBB.com” (James Healey and Chris Woodyard, USA Today). Many other companies are following suit, including Ford with its Focus Electric, and Honda with its Fit EV. All of these companies are feeling immense pressure to make these price cuts due to a much more affordable Tesla model that is soon to hit the market.
Not only are many of these companies lowering their prices, but rebates are being offered at the state and federal levels. The Federal government has a $7,500 tax credit available for EV buyers; many states have incentives as well, including the State of Maryland with a $2300 tax exemption. In addition to certain tax credits, rebates are offered by the State of California, depending on the vehicle. For the Chevy Spark, California is tossing in up to $3500 for a rebate.