Electric cars sound like
an excellent investment — especially if you have been at the gas pump lately.
Not only do they cost less to operate, but they also produce fewer emissions,
which is terrific for the planet (and all the creatures that call it home).
In the past, electric
vehicles have had a few problems to overcome, including the availability of
different vehicle types. Today, more electric cars are available than ever
before. There are even several highly stylish options to consider. Now is the
perfect time to give electric vehicles a second look if you have been sitting
on the fence.
What
to Consider
Before you dive in,
there are a few important considerations you will need to keep in mind.
Electric vehicles are not the right choice for everyone. As you explore your
options and try to decide whether electric cars are the best choice for you,
take into account the following:
- Access to charging stations. Does your community provide access to publicly
available charging stations? Does your employer offer charge stations? Are
they always full?
- Ability to charge your car at home. Can you charge your car at home? Will you need
special equipment to do so? How quickly can you recharge your car at home?
What happens if the power goes out?
- The cost of electricity. The price of electricity varies significantly
from one city or state to the next. It is a good idea to know how much
electricity costs in your area and how your electrical costs would compare
to a gas vehicle.
- Driving distances beyond a full charge. How much do you anticipate driving daily? What
kind of range will you need? Will you need this car to go on longer trips
from time to time? Most electric vehicles still have limited ranges. They
are not up to the challenge of efficient cross-country journeys just yet.
- Extra taxes for electric and hybrid
vehicles. Some states, seeking to
recoup lost gas taxes, have placed additional taxes on electric cars. Are
you prepared for those costs in addition to the purchase price?
- Maintenance. How is maintenance different for electric cars than those that are gas-powered? Considering the cost of batteries alone for electric vehicles ranges between $5,000 and $16,000, it is a good idea to consider other maintenance costs as well.
As you can see, there
are quite a few considerations to mull over when deciding if an electric
vehicle is an appropriate choice for your driving needs.
Costs
With the broader
proliferation of electric vehicles in the marketplace, many ownership costs have
decreased. While many states are imposing higher taxes on electric car drivers,
the fact remains that the broader competition is keeping prices in check.
Plus, there are ways you
can bring down the costs even further, including the following:
- Consider buying a used EV instead of
buying new. Depreciation is a beast
and purchasing a used vehicle can mitigate its impact — to some degree.
- Consider a short-term lease rather than
buying. This allows you to decide
if it is the right choice for you before committing to a significant
purchase.
- Insurance costs. According to US News, it costs 23 percent more,
on average, to insure electric vehicles than gas vehicles. Keep this in mind and plan your
finances accordingly. You may justify that by your monthly gas savings.
- Tax credits. Take advantage of tax credits that may be available in your state for buying electric or hybrid cars.
Buying
Used vs New
One of the significant
drawbacks of purchasing used vehicles for many is the lack of warranty
protection, especially for batteries. The average EV covers the battery
replacement for up to 100,000 miles, making it a non-issue. Buying used can
save money, but some people simply like that "new car smell."
Takeaway
- Electric cars release fewer emissions than gas-powered
vehicles.
- Electric vehicles can save a lot of money compared to
the costs of gas (depending on electricity costs in your area).
- Tax credits are available to make buying EVs more
affordable.
- Some states have levied additional taxes on electric car owners to compensate for their losses in the gas tax.
