It’s possible to move from a traditional-powered car to an electric vehicle or crossover. A battery-powered vehicle offers many benefits, including lower maintenance and operating costs. However, the ownership experience will be different from a gasoline-powered model. Before you make the decision to switch to electric power, whether you are looking to purchase a new or used car, here are some questions to consider. Is the Car’s Operating Range Enough?
The current generation of electric cars can run for over 200 miles on a single charge. This is a far cry from the days when EVs could only travel 100 miles. You should ensure that the range of any given model is sufficient to cover your daily commute as well as weekend activities. You can overestimate your requirements for an EV’s range, since your mileage will vary.
At highway speeds, you’ll consume more energy than in town. In cold weather, an EV’s range can be reduced significantly. AAA research found that EVs lose 41 percent of their range when temperatures drop below 20 degrees Fahrenheit and the heater is on. The summer heat can also affect battery range, with an average of 17 percent less range when the air conditioner is on.
2. Is the vehicle otherwise able to meet my needs?
You should research the interior space of any electric vehicle before you buy it. You will need enough space to store your shopping bags, equipment for sports, strollers, and other gear. You should choose a model that is within your budget and has all the features that you need. To ensure that the vehicle you are considering is a good fit for your needs, it should be driven to your satisfaction, comfortable, and easy to use, you must test drive it.
3. Do I lease or buy an EV?
New-vehicle leasing accounts for only around 30% of all transactions at the moment, but published reports indicate that nearly 80 percent of all EVs can be leased. Automakers offer lease deals that include cost reductions and lower down payments than conventional financing. A two- or three-year lease on an electric vehicle can ensure that you have the most current technology, especially in terms of range. Leasing almost guarantees that you will have to make a monthly car payment. You may also be subject to unexpected charges at the termination of your lease if the mileage limit is exceeded or the vehicle is in less than perfect condition.
4. What and how will I charge the vehicle?
Although there are more public charging stations, it is far easier and cheaper to charge your EV at home. For Level 1 charging, you can plug your vehicle into a 110-volt wall outlet. However, it can take up to eight hours. An electrician can install 240-volt service in your garage for Level 2 charging. This will allow you to recharge an EV’s battery in just four hours. Although you don’t technically need an enclosed garage for charging your EVs, it is recommended that you purchase an appropriate charging unit and have it professionally installed in accordance with local building codes.
5. Are there public charging stations near my home, work or shop?
Even if your purchase is one of the more powerful models, there will be times that you need to charge your EV from afar. Public chargers can be found in retail parking lots, public parking garages and on urban streets. Tesla has its own Supercharger network exclusively for its models. However, chargers are typically restricted to areas with higher EV penetration. Although most public units offer Level 2 charging, some also provide Level 3 charging. It is also known as DC Fast Charging and can charge an EV’s battery to up to 80 percent in just 30-60 minutes.
Speak to other EV owners on an EV forum.
6. What incentives can I use to offset the cost of an EV?
Federal government offers a $7,500 tax credit to buyers of new EVs. If you lease an EV, the tax break can be applied to the transaction price to reduce monthly payments. The credits are phased out for each automaker in two stages after they sell 200,000 EVs or plug-in hybrids. Tesla was the first manufacturer that reached this milestone last year. This means that Tesla’s federal tax cut, which was $3,750 on January 1, fell to $1,875 in July 1, and expires entirely on December 31. General Motors also sold 200,000 electric vehicles last year. The EV credits for the Bolt EV and Chevrolet Volt began to disappear in April.
Many states and cities offer incentives for EV buyers. These incentives are usually in the form of a tax credit, or a cash rebate. Some areas offer financial assistance for installing a home charger. There are many exclusions and provisions in EV incentive programs. Make sure you check the details on your state’s Internet portal for more information.
7. What is the Average Life Expectancy of an EV Owner?
People who are looking to build a long-term relationship for an electric car might be concerned about the cost of replacing the battery pack. Federal regulations require that EVs’ power cells are covered by warranty for at most eight years and 100,000 miles. Hyundai, for its part, extends this coverage to the Kona Electric’s lifetime. Some automakers cover a EV’s battery packs against total failure. Others, such as BMW, Chevrolet and Nissan (Model 3) will replace it if it exceeds a certain reduced capacity percentage. This is typically 60%-70% while it is still under warranty.
If you have an EV, and it is in need of replacing its battery, it will not be a cheap part to replace. We have seen prices as high as $15,000 for certain models, but that does not include labor costs. While an EV battery can degrade over time, we have not heard of any reports that older-generation EVs require new power cells. The battery can be maintained with proper care and is considered a part of the vehicle’s life expectancy.
8. How much does it cost to insure an electric car?
EVs have higher insurance costs than the average. According to one source, EVs have premiums that are 21 percent higher than comparable gasoline-powered models. However, this doesn’t make them less safe or more likely to be in an accident than other types of vehicles. It’s not because EVs cost more than other vehicles and are generally more expensive to fix after a collision, particularly because of the high-priced battery packs.
9. Do I still need a gas-powered ride as a backup?
It is possible to take a longer-range electric vehicle on a long road trip, but it is not feasible to do so if you have range anxiety. Family car trips can be stressful enough without worrying about range. You may want to share your garage with a hybrid- or gas-powered vehicle if you visit family members or friends out of town or travel outside of your car’s range. You can also rent a crossover or conventional car if you need to travel further than your comfort zone.
10. Do I buy a new EV or a used one?
An electric car purchase can be expensive. Most mainstream models are priced between $30,000 and $100,000. Luxury EVs, on the other hand, come with a full warranty. Except for the Teslas and Chevrolet Bolt EVs, you will be eligible for the $7,500 federal credit as well as other state-specific incentives that are not available to used-EV owners.