The EV Life Loan Is Making Electric Vehicles More Affordable

Key Takeaways

• Despite price cuts, EVs are still really expensive compared to fuel powered cars
• Tech startup EV Life offers financing that automatically claims green rebates
• It’s currently only open to Californian residents — the state has 39% of all U.S. EVs

Many Americans (41%) want to go green and purchase an electric vehicle, but they’re pretty cost-prohibitive for the average person.

The average non-luxury car price was $45,291 in June 2023, compared to electric vehicles costing $53,438. And the crazy part? They’re almost $10k cheaper than at the start of the year. Tesla has been leading the way with price cuts, and some manufacturers have inventory to shift.

While price cuts are good, these cars are still too expensive for many. That’s where a new tech startup comes in: EV Life. Let’s find out more about it.

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What is EV Life?

EV Life is a Californian tech startup that aims to make EVs more accessible and affordable with financing. A big pro to buying an EV is the rebates and tax credits, and EV Life takes these and uses them as a downpayment on your loan. They can be as much as $15,000.

EV Life simplifies the process by claiming these incentives for you, so you get to avoid bureaucracy for a day. They claim a typical EV loan costs $667 per month while an EV Life loan only relieves you of $533 per month. If that sounds expensive, typical average car payments will drive you up the wall.

According to Bankrate, the average monthly payment for new cars is $716, and used cars cost $526. Yep, you can get a new EV for almost the same price with EV Life. And with over 80% of people getting their cars on financing, it could be a pretty good deal.

What’s the downside?

Of course, better prices don’t always make EVs more accessible. If you live in an area with little EV infrastructure, you’ll have to set up a charging station at home, and that may require extra money you don’t have.

The University of Chicago’s Energy Policy Institute polled the public on EVs, and the lack of charging infrastructure puts off nearly 80% of the population. Over 138,000 charging points exist in the US, but almost a third are in California, and many are privately owned. So that’s a clear barrier we need to overcome before more people make the switch.

On the EV Life downsides front, it’s a small tech startup that’s only serving California’s residents at the moment. That makes sense, as 39% of US EVs are registered in California: The uptake has been huge in the state, and it has the infrastructure to support it.

EV Life also doesn’t offer trade-ins, and loans only last 18 months.

The bottom line

It’s awesome to see startups appearing and trying to make it easier to go green. Of course, it’s not a magic bullet if you’re outside California or living in an area with little EV infrastructure, but progress is accelerating by the day.

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