All About Buying an Electric Car and Rebates in Colorado

There is a lot you can do to keep the natural beauty of Colorado intact now and for future generations. One of the best ways is buying and driving an electric car. Not only is your purchase great for the environment, there are several ways electric car ownership can save you money, so let’s take a look at some ins and outs of buying electric cars in the Centennial State.

The Different Types of Electric Vehicles

The last few years have seen a massive increase in the availability of electric cars on the market and all of them fall under one of three categories:

Battery Electric Vehicles (BEVs)

These are vehicles that are solely powered by electric and content zero gas-engine parts. Most newer BEVs are capable of fast charging and L2 charging while producing zero emissions. 

Hybrid Electric Vehicles (HEVs)

These are vehicles with very low emissions that use an electric motor to assist a gas-powered engine. All the vehicle’s power comes from gasoline, and the vehicle cannot be charged with EVgo.

Plug-In Hybrid Electric Vehicles (PHEVs)

PHEVs are similar to HEVs and have a much larger battery capacity and electric motor. These vehicles have both a gas tank and a charging port that can support L2 charging.

Cost of Electric Vehicles

It should come as no surprise that the initial sticker cost of EVs is higher, on average, than traditional gasoline-powered cars. However, the long-term investment of an electric vehicle turns out to be a sound financial investment because of lower maintenance, repair, and fuel cost.

Like all vehicles, the cost can vary wildly from model to model. Higher-end automakers like Mercedes, Tesla, and Cadillac have luxury EVs available for purchase for well over $100,000. However, Honda and Toyota offer far more affordable EV models starting at under $28,000.

Mileage Range of EVs

The range of EVs can vary based on a few factors. Hybrid electric vehicles always offer the best mileage range available because of gas powered assistance. There have been newer electric vehicles featuring ranges well over 300 miles on a single charge, but these models are quite pricey. 

Charge Options Available in Colorado

As of 2023, the state of Colorado ranks in the top-ten of EV charging stations available with over 1600 charging stations currently operating. Plans to expand are already underway, with millions of dollars going toward increasing the number of charging stations by 20 percent over the next five years.

Rebates for Electric Vehicles

Colorado offers a very robust rebate program for people buying EVs before the start of 2024. Buyers will receive a state tax credit of $5000 when purchasing an electric vehicle up to $80,000. Starting January 1, 2024, the rebate will be $2500 when purchasing an EV up to $35,000.

An electric vehicle can be a great investment. Protect your electric vehicle by getting a quality insurance policy from Farm Bureau Insurance. Contact an agent near you to get started.