Electric cars can be an excellent investment, not only do they cost less to operate, but they also produce fewer emissions, which is terrific for the planet.
Today, more electric cars are available than ever before, including 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 greatly 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 cars still have limited ranges. They are not up to the challenge of efficient cross-country journeys just yet.
- Extra taxes and insurance for electric and hybrid vehicles. Some states have placed additional taxes on the purchase of electric vehicles. According to US News, it costs 23 percent more, on average, to insure electric vehicles than gas vehicles. Are you prepared for those additional upfront and ongoing costs?
- 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.
While some states are imposing higher taxes on electric car drivers, with the broader proliferation of electric vehicles in the marketplace, many ownership costs have decreased.
Here are ways you can bring down costs even further:
- Consider buying a used EV instead of buying new. Due to depreciation, buying a used vehicle can mitigate the initial financial investment..
- 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 major purchase.
- Tax credits. Take advantage of tax credits that may be available in your state for buying electric or hybrid cars.
- Electric vehicles 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.)