Residents of This State Could Get $4,000 Toward the Purchase of an Electric Car

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  • At a time when gas prices are soaring, electric cars are a compelling purchase.
  • One state is offering financial incentives for residents to go electric.

Talk about a helpful handout.

Although consumers have gotten a little relief with regard to gas prices in recent weeks, the cost of fueling a vehicle is still very high. And so it's not surprising that more people may be thinking of swapping their standard vehicles for electric cars that don't require gas at all.

Of course, the problem with going this route is the initial cost. Many people don't have the money in their savings to cover the cost of any car, let alone an electric one. And while the cost of an electric vehicle can vary depending on the model and features at hand, generally speaking, it costs more to purchase an electric vehicle than one that runs on gas, which means consumers could be looking at more expensive auto loans.

But one state is stepping in to make it easier for drivers to purchase electric vehicles. And residents there may want to take advantage.

Up to $4,000 in incentives

New Jersey is invested in having its drivers ditch their regular vehicles and replace them with electric vehicles. And to that end, it's offering up financial incentives.

The state will pay up to $4,000 for electric vehicles that cost less than $45,000, and up to $2,000 for vehicles with a price tag of $45,000 to $50,000. It will also offer $250 toward the cost of a home charging station. Plus, New Jersey is spending $4 million to help condo complexes and apartment buildings install charging stations for residents.

Should you buy an electric vehicle?

Electric vehicles are somewhat of a mixed bag. Here are some of the benefits:

  • You'll be helping the environment.
  • You won't have to spend money at the pump.

But there are some drawbacks as well:

  • You'll commonly spend more than you will for a regular car purchase.
  • It could take a long time to recoup your investment in the form of savings on gas, even with fuel costs being high.
  • You might spend more on auto insurance, since electric vehicles tend to come with complex components that cost more money to fix.
  • You might struggle to find charging stations away from your home, since they're not nearly as ubiquitous as gas stations.

If you're thinking of getting an electric car, it will help to assess your driving needs. If you tend to take a lot of long road trips, for example, then you may find that having an electric car isn't convenient, as it forces you to take extended stops to recharge. On the other hand, if you tend to do more local driving, then you may find that an electric car works well for you.

All told, the decision to get an electric car isn't an easy one. But if you live in New Jersey, you can take some comfort in the fact that the state will at least help you cover the cost of your vehicle. In fact, the aforementioned incentives are supposed to be applied at the point of sale, which means you should get them upfront, as opposed to paying out of pocket for an electric vehicle and waiting to be reimbursed. This certainly should sweeten the deal for New Jersey drivers who are going electric.

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