Tech startup bundles electric-vehicle tax credits, rebates for reduced loans
Only about 5 percent of cars on the road nationwide are electric. But close to half of Americans say they would consider buying an electric vehicle. And price seems to be one of the major hurdles for EV ownership. A new California startup that seeks to change that.
It's called EV Life, and it's a tech startup that's helping drivers finance an electric vehicle. The company promises your payment will be as affordable as a similar gas vehicle.
Tired of the high price of gasoline, Diamond Bar resident Calvin Kwan decided it was time to switch to an electric vehicle.
"When I bought my home it came with solar, and when I started living here I realized how much excess electricity I had," said Kwan.
Kwan wanted to trade in his Toyota hybrid SUV for a Tesla, but was discouraged by the price tag.
More than 50 percent of EV car buyers feel the cost is too high, according to a survey by Cox Automotive.
"You shouldn't have to choose between saving the planet and saving yourself money when you're driving a car," said EV Life Founder Peter Glenn. "And so we're really trying to address the upfront price of electric vehicles, which is much higher than a gas car."
EV Life promises to make electric-vehicle ownership more affordable.
"Customers come to EV Life's website, and we've built technology that helps qualify you for tax credits and rebates in seconds instead of spending hours researching on government websites," said Glenn.
EV Life then offers customers an auto loan that treats tax credits and rebates -- which often amount to $10,000, even $15,000 -- like an additional down payment on your loan. You then have 18 months to repay the money. That means you don't have to pay interest on the full purchase price of the EV.
"Once you finance the loan, we don't just say, 'Bye, we'll see you in 18 months,' with say $10,000 in rebates and tax credits. We put you into an online filing service," said Glenn. "It's like a TurboTax for filing and applying for all your tax credits and rebates that helps you get them all back with a minimum amount of work and headache."
Calvin Kwan used EV Life to buy a Tesla Model Y. The sticker price was about $65,000, but Kwan qualified for $9,500 in rebates and tax credits. So his loan with EV Life is only for about $55,000. After a small down payment, he now pays $580 per month for five years. It's less than what he was paying for his SUV.
EV Life has a guarantee that it will beat all other auto loans by $200, and if you find a cheaper loan, they'll match it.