Electric cars offer drivers a sustainable option, often without compromising luxury or drivability. If you're thinking about making an EV purchase, here are some key things to know before buying an electric car.
Things To Know Before Buying An Electric Car
Plug In Electric Vehicle by Noya Fields is licensed by CC BY-SA 2.0
Price
Electric cars average just over $44,000 for a new vehicle, with the least expensive around $28,000 and luxury models well over $100,000. Recurrentauto.com tracks used EV sales, and the average pre-owned electric vehicle sold for about $40,000 in 2022. Purchasing an EV can be an investment since it holds value in the used market. However, you'll need to consider your financial situation before making a purchase or signing a lease since the cost of an EV is typically more than a gas-powered car.
Range
It's important to understand your range needs before you decide on which EV you want to drive. Most EVs offer a range of well over 200 miles before they require a charge, which is usually plenty of juice for daily local commutes. However, if you're a frequent traveler, you might need to consider a long-range EV or a charging plan before you embark on a road trip. You can always rent a gas-powered vehicle to take on vacation.
Long-range EV models can offer nearly double the miles as a standard electric car, but the extra mileage comes with a price tag. Long-range EVs are more expensive than traditional electric vehicles. Consider your travel habits to decide if the extra cost is worth it for longer trips.
Charging
Electric vehicles charge at three speeds from different types of electrical sources. Level 1 chargers use a basic AC adapter, the same plug you use daily for tools like toasters and vacuums. This lowest and slowest type of charge uses 120 volts and can take up to 50 hours to charge a battery electric vehicle from empty, according to the United States Department of Transportation.
A Level 2 charger works quicker using a 240-volt adapter for residential charging and 208 volts in commercial stations. This level restores your battery power in four to 10 hours. Level 3 chargers, or direct current fast charging (DCFC), offer the most rapid recharge, restoring your battery in about an hour. Plug into a DCFC for just 20 minutes to get 80% of your battery power back.
While you can often charge your car at home to meet your daily range needs, at times, you may need to charge up at public stations. It's a good idea to map out places in your area that offer public charging. It's also important to consider that public charging comes with a fee that's likely to add up quicker than charging at home overnight. These stations typically charge per kilowatt hour by the minute. Look for charging networks that offer public stations and list the cost per kWh. Some charging networks offer memberships that reduce fees based on your state.
What To Ask Yourself Before Buying an Electric Vehicle
- How will I charge my car?
Before you purchase or lease an EV, consider how you plan to recharge your battery. You may need to install adapters in your home to charge your vehicle faster. Check for any public charging stations nearby so you're prepared to recharge when away from your residence.
- What's the vehicle's range?
Battery electric vehicles offer a variety of mileage ranges depending on the make and model of the automobile. For instance, a zippy Porsche may only get you just under 200 miles before requiring a charge, while a lower-priced Chevy Bolt travels up to 259 miles on a full battery. Map out how many miles you typically drive in a day to determine your range needs. Your average work commute may only take 20 miles each way, leaving you with plenty of extra range before you ever have to charge.
- Can I take advantage of any tax credits?
The government offers tax credits toward your purchase of an EV. Because of changing legislation, you may need to meet a variety of requirements like income level, type of vehicle, and new or used vehicle status to qualify for any credits. You may be eligible for up to $7,500 in reduced tax penalties or rebates from the IRS if you qualify for the program.
- Should I lease or buy the vehicle?
This is a question to ask yourself no matter what type of vehicle you want to drive. To help decide if it's more cost-effective to buy or lease, consider how long you plan to keep the EV. Calculate monthly payments based on if you need to put money down to purchase or lease and what you can afford for a car payment each month.
- How will purchasing an EV affect my insurance?
It's worth noting that premiums can jump when insuring an EV. Since EVs tend to be costlier vehicles to purchase and repair, insurers price policies higher for drivers with electric vehicles. Self Inc. found the difference in averages to be a little over $400 with insurance premiums averaging $1,636 for an EV.
- Should I purchase a pre-owned EV?
Fortunately, used EV sales are increasing steadily with more options for drivers. However, since the demand for new electric vehicles remains high, pre-owned EVs can still come into the market at a higher price than other types of used vehicles. Pre-owned EVs may also qualify for tax credits, which can help defer some of your costs.
- What are my reasons for buying an electric car?
Consider what matters most to you as you prepare to shop for an electric automobile. If you're focused on minimizing your emissions, the price tag may not deter you from choosing a battery electric vehicle. For those wanting to save on fuel costs and erase more of a carbon footprint, a hybrid vehicle may be a good choice.
Explore new electric models at our dealership or online or view our stock of pre-owned vehicles. Our experts are ready to help you test-drive, select and finance your next vehicle. Contact us with questions about becoming an EV driver.
