Total Consumer Savings on Fuel and Maintenance of Up To $3.2 Billion; Estimated Savings of $18,000 to $24,000 Over Life of Vehicle
This milestone translates to consumers saving $1,750 annually on average on fuel and maintenance costs, or $21,000 of discounted savings over the typical 15-year lifespan of a vehicle, compared to a comparable gasoline vehicle. For the more than 150,000 vehicle sales that have used the upfront discount to date, this equates to around $262 million annually on fuel and maintenance costs, and up to $3.2 billion in costs over the life of the vehicles.
“President Biden’s Inflation Reduction Act is lowering costs for electric vehicle purchases, with more than $1 billion in upfront savings for American consumers since January. This discount is increasing consumer choices and creating new opportunities for companies to expand their customer base,” said Secretary of the Treasury Janet L. Yellen. “Consumers are saving up front and over time, with $1,750 savings on gas and maintenance each year and $21,000 saved over the lifetime of a vehicle.
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