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?? Does an electric car always save you money? We've heard from more clients asking about electric vehicles (EVs). So, we thought we’d share some of the pros and cons of EVs that you might not be familiar with: Pros: ? You may be eligible for a clean vehicle tax credit of up to $7,500 on a new car. But this incentive can change without notice, so you’ll want to consult your tax, legal, or accounting professional. ?? EVs have fewer moving parts, which can mean less maintenance. No more 3,000-mile oil changes! ? Driving an EV costs only 3–5 cents per mile, compared to about 15 cents for gas cars. EVLife in April 2024 explained that that’s 3–4 times cheaper! Cons: ?? Home charging installation costs can vary widely: $300–$600 for essential equipment and over $4,000 for complex setups, according to 2023 research from Capital One. ?? Insurance alert: EV premiums can be higher. Policy prices depend on a wide range of factors, including the specific model. ? Finding an open EV charging port may be challenging, depending on where you live and drive. Hope this was helpful! We help clients explore these types of decisions and integrate them into an overall financial strategy. Feel free to message! #ElectricVehicles #FinancialStrategy #EVOwnership

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