Cost of Ownership

What’s the rush to buy before September 30th?

Now is the time to buy a new or used electric vehicle because federal and state incentives totaling up to $15,000 are available to qualified Oregonians until the end of September.

The available incentives are fairly simple::

Federal Incentives:

A $7,500 federal tax credit is available to eligible buyers that purchase or finance a qualifying new EV.

A $4,000 federal tax credit is available to eligible buyers of used EVs purchased from a licensed dealer.

To see if you’re eligible, please talk to your local dealer.

State of Oregon Incentives:

As long as funds remain, the Oregon Clean Vehicle Rebate Program (OCVRP) offers a rebate of up to $2,500 at the point of purchase for all residents, regardless of income, when buying or leasing a new EV with a price tag of $50,000 or less.

Even more – up to $7,500 – is available to income-qualified Oregonians through the OCVRP’s Charge Ahead Rebate program. The same price cap of $50,000 applies, and this cannot be combined with the OCVRP Standard Rebate subsidy. The Charge Ahead Rebate program also offers a $5,000 subsidy on used vehicles purchased from a licensed dealer.

Again, please talk to your local dealer for all the details.

Aren’t EVs expensive? Can they actually save me money?

Many EVs are quite affordable and prices keep dropping, but some still cost more than comparable gas vehicles, especially before the incentives described above. On the other hand, EVs have significantly lower fuel and maintenance costs than gas cars. Driving on retail electricity typically costs $0.03 to $0.04 per mile vs. $0.12 to $0.15 per mile for gas, so if you drive 15,000 miles annually, an EV can save you $1,000+ every year. Check out our calculator to estimate your cost savings.

As AAA and others have studied and reported on extensively, maintenance costs are significantly less for EVs, which have very few moving parts and require minimal upkeep: no oil changes, exhaust repairs, or tune-ups.

Gas price fluctuations, local electricity prices, and the cost of installing a home charger all influence the math, but for high-mileage drivers who can charge mostly at home, EV savings add up quickly--particularly for people who drive a lot of miles and buy a more basic or used model.

Should I buy a new or used EV?

Many people are better off buying a high-quality, low-mileage used EV than paying top-dollar for a new one. 3 to 5-year-old models cost $10,000–$25,000 less than comparable new models, and used EV buyers who meet income limits can still qualify for federal and state incentives. For example, buyers of used EVs priced under $25,000 qualify for up to $4,000 in federal tax credits if they buy from a licensed dealer and meet the program’s income restrictions – but only until September 30, 2025. Many Oregonians can also claim a State of Oregon $5,000 used EV rebate.

There can, of course, be drawbacks of buying used. First, older EVs may have battery degradation or repair needs. The most popular used EV models are in high demand and can be hard to find. Older EVs also lack the latest driver-assistance and infotainment systems, and sometimes their charging speeds are slow.

Still, a lot of savvy buyers focus on the lightly-used EV market, and one of the best places to shop is with one of our partners, Platt Auto Group, in Gladstone, Oregon. They only sell used EVs, and their staff are exceptionally knowledgeable and helpful.

What kind of charger will I need at home, and how much will it cost?

We recommend buying a J1772 and/or NACS-compatible Level 2 charger (240V, 7.2–11.5 kW) for home charging. They can add 20–60 miles of range per hour of charging, for zero-to-full charging in 6–12 hours (i.e. overnight).

Before incentives, buying and installing a Level 2 home charger costs between $900 and $5,000, depending on several factors. Chargers cost between $300 and $1,000 and installation usually costs between $600 and $2,000. If an electrical panel upgrade is needed, that could set you back another $1,000-$3,000. But a range of EV charger tax credits, state incentives, and utility rebates can total as much as $1,500-$2,000, so your net cost for a home charger can end up being very low, and sometimes even free.

Make sure you know your EV’s battery size and port type (J1772 vs. NACS) before you get a quote for a charger, and have your electrician look at your panel before finalizing their installation quote. Apply for rebates with your local utility and/or state, and claim the federal credit via IRS Form 8911. Use your zip code to check the Alternative Fuels Data Center (AFDC) for locally-available charger rebates.

If you already have a conveniently-located 220-volt receptacle (e.g. a clothes dryer receptacle or a welding plug in your garage) consider using a NeoCharge Smart Splitter to eliminate the need for a new 220-volt circuit and/or a panel upgrade. NeoCharge is a partner of EVmath and, thanks to their generosity, we’re pleased to offer a $70 discount through this link.

Level 1 (120-volt) chargers are much slower than Level 2 chargers, and are really only viable for people who drive less than 30 miles/day.

What maintenance is required for an EV?

According to a 2020 Consumer Reports article "Pay Less for Vehicle Maintenance With an EV," owners can expect to spend significantly less on maintenance than they would for a comparable internal combustion car because EVs have fewer moving parts and simpler powertrains.

EVs still need regular care to ensure optimal performance, safety, and longevity. Routine maintenance includes maintaining tire pressure, tire rotation, wiper blades and fluid, and cabin air filter replacement. Some manufacturers also recommend periodic maintenance like checking brake fluid, battery coolant, and checking the suspension, alignment, and high-voltage system. It’s also worth monitoring your car’s battery health and performing regular software updates.

MORE COMING SOON!