The economics of owning electric vehicles (EVs) just shifted monumentally with the announcement of Spring Free Evs ‘Free EV’ that brings the upfront cost of EVs from $20K down to $0.
The timing couldn’t be better. Just as gas prices are soaring, up 48% from one year ago according to AAA, years of industry and government programs designed to make ownership of EVs more attractive and accessible for general consumers is finally paying off.
Now, especially for high-mileage drivers, EVs have become not only the easy choice, but also the far more lucrative one as well.
So, can I really get an electric vehicle for $0 down?
Yes, although to reserve your spot on the Springfree EV waitlist, you will need to pay a $10 refundable reservation fee just to make sure interested parties are real people with real interest.
We are currently taking reservations for lucky drivers in the following cities: San Francisco, Los Angeles, Atlanta, and Houston. Check back as we may add additional cities based on demand.
After that, the folks at Springfree EV will work with you to guide your purchase, helping to streamline the acquisition of vehicles directly from the manufacturers. This guidance alone has proven to be powerful support for many fleet managers purchasing EVs for the first time.
“Best experience I’ve had thus far. It was extremely fast and one of the most pleasant car purchasing experiences I’ve ever had. ” —Brenda Jones, Los Angeles Motors
They’ll also provide you with a new financial tool to purchase EVs specifically. Known also as a mileage purchase agreement, the Free EV financial product is the industry’s first true value-based purchasing model. Car buyers pay-per-mile with rates starting as low as 30 cents per mile. With zero monthly loan or lease payments, fees are based on how much the vehicle is driven, aligning value received to costs paid.
Also, monthly payments are capped, usually around the 1,000 mile mark. The cap is only for payments, and does not restrict drivers from continuing to drive. High mileage drivers, like delivery and ride-hailing drivers, will see the most stark change to their bottom line as costs plummet with real, unlimited usage.
Your pocketbook has more reasons to love Free EV too, beyond the lower cost-per-mile. First, MPA purchases do not involve a credit check. This avoids burdening your debt-to-equity ratio, a key factor in securing traditional loans and leases. By sidestepping credit checks, EV buyers now have unlimited purchasing power to buy EVs.
It also maximizes earning potential. Now earning assets are not sidelined for portions of the month, or saddled with high penalties and depreciation at the end of their life for extreme usage. Instead, earning potential improves unfettered.
So, what’s the catch?
While the industry is still working to improve some sticky parts of the process to buy, little remains that is specifically different for buying EVs.
Yes, there are wait times. The auto industry as a whole is undergoing an ongoing inventory shortage. Supply chain delays mean delivery of your vehicle will likely take months. That said, Springfree EV acts as a wholesaler for all their customers, packaging large orders from many buyers directly with manufacturers to speed delivery. So while it will take time, car delivery through Springfree EV is typically much faster than buying on your own.
Yes, there is an initial security deposit of $1000 once you select your specific car. But, it’s refundable and can be applied toward the purchase of the vehicle. This deposit is a toothless payment intended only to ensure buyers are sincere.
Yes, you will have to pay about $250 in registration fees. This will vary by state, and is the same no matter how you purchase your vehicle.
Additionally, there are still not as many EV charging stations available as there are gas stations. However, most metropolitan areas have plenty. Plus the Biden-Harris Administration enacted the Electric Vehicle Charging Plan which put a massive $5B fund to work accelerating the installation of 500,000 chargers, creating a nationwide network.
Source: US Dept of Energy
So, who should sign up?
This past year, the government added substantial support to make the US’s goal of making EV sales dominant by 2030. There is still much to do to bring costs down, and infrastructure up to make this an obvious choice for all consumers.
However, the advent of new financial products, like Free EV, combined with a monumental influx in investment across federal and private sectors, means it is time for buyers to reassess their options.
Particularly for high-mileage delivery drivers, the game is afoot. It is time to do good for the planet, as well as your bottom line.
“It’s well documented that transitioning car-sharing and ride-sharing fleets to electric vehicles would lead to significant reductions in carbon emissions. But first, we need to make these vehicles accessible beyond the 1%,” says Sunil Paul, co-founder and CEO of Spring Free EV. “Even with the tax breaks and more affordable models coming to market, we need to get creative with how we can encourage the transition from gas to electric – Free EV is just one example of how we can speed up adoption.”