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Scam Alert: If you own a home, there’s a pretty good chance you’ll need a contractor at one point or another. Unfortunately, finding a good one is easier said than done. According to a new study, one in 10 Americans has fallen victim to a contractor scam. The types of scams run the gamut, but baby boomers tend to be the most vulnerable, with 15% saying they’ve been a victim. Millennials were second-most likely to be victimized, at 13%.

Visit our Fraud Education Center to learn more about trending scams and Red Flags to watch out for. 

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Electric Vehicle Costs to Consider

March 13, 2023

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The true costs of owning an EV.

Electric vehicles (EVs) are likely going to be everywhere fairly soon. You might even be considering buying one yourself. Just like any major purchase, it’s worth thinking about the costs of electric cars. Let’s take a look.


Upfront Costs

Despite some improvements, the upfront cost of EVs is still much higher than the upfront cost of gas vehicles. According to Kelley Blue Book:

  • $55,000. The average price for a new EV.

  • $35,000. The average price for a gas vehicle.

If you buy an EV, you’ll get some tax credits, but they don’t come anywhere near making up that $20,000 gap.


Auto Insurance 

Your insurance rates will be higher if you drive an EV. One report found that auto insurance rates for EVs are about 15 percent higher than gas vehicles.


Fuel 

One of the main reasons for buying an EV is to save money on fuel. And yes, gas is still cheaper than electricity. But the latter is getting more expensive. As the price of gas goes up, so does the price of electricity.

Average yearly cost of fueling a gas car is about $1,120 vs. Average yearly cost of charging an EV is about $485.

That $485 doesn’t take into account the price of commercial EV charging stations, which are usually more expensive than a home charge. Installing a home charging unit is about $2,000.


Car Repairs

The cost of repairs is higher for EVs than it is for gas vehicles. Over the course of a year, the average cost to maintain an EV is anywhere between 1.6 and 2.3 times higher than the average cost to maintain a gas car.

 

 

This article was originally posted on savvymoney.com 

 

The material provided on this page is for informational use only and is not intended for financial, tax or investment advice. VisionBank, PurposeBank and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.

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