Electric BMW Benefits and Savings

Average EV Savings - Paul Miller BMW 

Wondering how the price of owing an EV compares to a traditional gas-powered vehicle? Fear not, we have you covered. We'll go over the numerous benefits of EVs and how they compare to gas-powered vehicles. Easily figure out whether an EV is for you with our nifty information below.

EV Charging vs Gas Pumps

When you do the math, it's quite astounding how much you can save using an EV compared to a traditional gas engine. While the cost of charging can vary depending on your state and local electricity costs, it's generally much more affordable to fully charge an EV than purchase a tank of gas (comparative cost per mile). For instance, it's about $10 to full charge an EV that has a maximum driving range of 350 miles. This can be compared to filling up your gas tank. How much did you pay last time you filled a car at a gas pump? I bet it wasn't $10.

Easier Auto Service

While EVs still require routine maintenance, they're much easier to maintain compared to standard gas-powered vehicles. There are still overlaps between the two powertrain options, like brake maintenance and tire rotation. However, without a traditional gas engine to take care of you, you can forget about having to change your oil or purchase replacement parts for your engine.

Tax Incentives

Tax credits vary from state-to-state, but you can expect federal tax incentives regardless. Qualifying factors include a vehicle that's under $55,000 for sedans/wagons and $80,000 for SUVs, trucks, and vans. Credits range, with up to $7,500 depending on where the vehicle is made, the price, and the buyer's income. It's also worth noting that used EVs can qualify for up to $4,000 in tax credit, as well.

Federal Credits for New Clean Vehicles Purchased in 2023 or After

New EV or fuel cell vehicles qualify. You may qualify for up to $7,500 under the IRS code section 30D if you buy a new, qualified plug-in EV or fuel cell vehicle. You must buy it for your own used (not resale and must use it primarily in the U.S. Modified gross income must not exceed $300,000 (for married couples filing jointly); $225,000 (for heads of households); $150,000 (for all other filers).

EV Rebates

For New Jersey residents, the Charge Up New Jersey incentive is one of the many rebates available. The math is your "all-electric mileage" multiplied by $25 equals your total incentive (up to $4,000). In order to qualify for the Charge Up New Jersey incentive, you must've purchased or leased after 07/25/2; vehicle must be registered in your name in the State of New Jersey; your name must be on the purchase or lease agreement; the purchase or lease agreement must be from a participating New Jersey dealership or showroom; you must provide proof of New Jersey residency by providing state driver license; your vehicle must be a new battery electric vehicle; your vehicle must have an MSRP of $55,000 or below.

Contact our Team
 Have some lingering questions about buying an EV? Feel free to reach out to our team! We're ready to help drivers from all over the area with everything from finding a new EV to going to over the various benefits of choosing an EV. Be sure to check out our array of online shopping tools to get an early start on many different aspects of the vehicle purchasing or leasing process.

Contact Paul Miller BMW

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  1. Paul Miller BMW

    1515 Route 23 South
    Wayne, NJ 07470

    • Sales: 855-637-9191
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