Discover our in-depth Electric Vehicle Buyer’s Guide to assist you in making a well-informed choice when purchasing an electric vehicle. Learn crucial facts to simplify the process of purchasing an electric vehicle.
Today, electric vehicles are more popular than ever. It’s becoming more and more common to see battery electric vehicles (BEVs) on the road and plugged into charging stations. Technology is improving rapidly, and automakers are hard at work building new electric vehicles of all shapes and sizes.
But are you prepared to embark on a brand-new electric adventure and leave the world of petroleum behind? Here are some things to consider before buying or leasing an electric vehicle.
Define electric vehicle (EV)?
A vehicle that is powered by a motor that takes electricity from a battery that can be charged externally is an electric vehicle (sometimes referred to as a “battery electric vehicle”). Electric vehicles exist in a wide variety of sizes and shapes, from compact hatchbacks that are perfect for city driving to enormous electric trucks and SUVs that are equipped for off-road excursions.
EVs of various types:
There are a few different kinds of electric vehicles in addition to the fully electric battery-powered vehicle.
Hybrid Electric Vehicles (HEVs) combine an electric motor and battery with a conventional gas engine. The vehicle is propelled by its engine and motors. Instead of plugging in a HEV, you simply fill it up with gas like you would an ICE vehicle, and the battery is charged by regenerative braking. Hybrid automobiles include models like the Toyota Prius and Honda Insight.
Plug-in Hybrid Electric Vehicles (PHEVs): Hybrid Plug-In In a similar way to a hybrid, electric vehicles (PHEVs) also have a gas engine, a battery, and electric motors. The primary distinction is that these cars may be plugged in to recharge their batteries. Additionally, PHEVs have bigger batteries than conventional hybrids, which increases the amount of time they can travel on electricity alone. Examples of PHEVs are the Toyota Prius Prime and Hyundai Tucson Plug-In Hybrid.
Fuel Cell Electric Vehicles (FCEVs): The electric motor of a fuel cell electric vehicle (FCEV) is powered by electricity produced by a hydrogen fuel cell. Similar to how you would pump gas, you pressurize hydrogen into these autos. The battery and electric motor are then powered by the chemical reaction between hydrogen and oxygen, with the only emissions being heat and potable water. FCEVs include vehicles like the Hyundai Nexo and Toyota Mirai, both of which are scarcely available.
Why Purchase an EV?
The most obvious advantage of owning an electric car is avoiding petrol stations—unless, of course, you need coffee or food. According to Consumer Reports, saving up to $1,000 a year by charging at home is a persuasive argument for EV users to stop using gasoline. On average, they also cost less to maintain because they have electric motors instead of internal combustion engines that run on gas.
Because they have no tailpipe emissions and are more efficient, EVs can also benefit the environment. Electric vehicles are essential for decreasing emissions in transportation, and businesses across all sectors are working hard to reduce their carbon footprints. Even though all automobiles emit emissions during the production process, you can cut your carbon footprint by looking at secondhand electric cars.
How Electric Cars work?
The majority of drivers are accustomed to operating vehicles with gas-powered engines and refueling at gas stations. Because of their unique design, electric vehicles run on a battery pack and an electric motor. Simply plug it in at home or at a public charging station to recharge. Owning an EV can be similar to owning a smartphone if you schedule your day around your daily commute and recharge your car every day.
Although the efficiency of electric vehicles is well known, many people are unaware that they may also be quite enjoyable to drive. Modern EVs have immediate torque, which allows them to accelerate swiftly from a stop. Even entry-level EVs, like the Nissan Leaf, can reach 60 mph in less than 6.5 seconds, matching the performance of some sports vehicles.
Electric Vehicles: Pros and Cons
Concerned about the advantages and disadvantages of electric cars? Most people will make the switch since they will save money on gas. Naturally, if you want to do that, you’ll need a location to plug in and charge. You might not have an issue with this if you own your home or have access to EV charging, but you might need to take more time when organizing your next road trip.
How to Charge an EV at Home?
It’s quite simple to charge an electric car at home. For quicker results, you can install a Level 2 charger or plug into a standard AC outlet. Depending on your car and your charging system, it can take a different amount of time to charge an electric vehicle. You should have enough charge if you can plug in overnight to handle a brief commute or perform simple errands.
If you’re buying an electric car for the first time, you’ll undoubtedly want a home charging option. Furthermore, although charging from a typical 110-volt outlet is a possibility, it may take some time before a full charge is achieved. Level 2 charging is possible with a 240-volt outlet, which is now the most common choice for households. The recovery rate is expected to be 20 miles per hour, which is four times faster than the standard option.
How Much Does a Charger for Electric Vehicles Cost?
Installing a charging station at home can increase the cost of your electric vehicle journey, but it’s also a long-term investment that could pay off handsomely. The equipment must be purchased, and an electrician must professionally install it, but you might be eligible for a federal tax credit to help with the expense. Additionally, it never hurts to inform the building management of your interest in EV charging if you reside in an apartment building to see if they’ll contribute to the cost of a charging station.
So how much does it cost to charge an electric vehicle? Between $1,000 and $2,500 is the national average price for charging stations. The price varies depending on where you live and the kind of station you purchase.
Charging stations in public
You can utilize public charging stations and pay as you go if you need to recharge while you are away from home. Additionally, as electric vehicles (EVs) gain popularity, more charging stations are being constructed across the nation, facilitating long-distance travel. To locate nearby stations and map your journey, you can use a mobile application like Plugshare. Due to the EV community, the app offers user evaluations, pricing, and hours.
The common J1772 connector is compatible with Level 1 and Level 2 charging for modern electric vehicles. Today’s new EVs that are for sale offer DC rapid charging, which makes use of a unique connector. Prior to entering the vehicle, DC fast charging transforms AC power into DC power, charging automobiles with a range of up to 80 miles in 20 minutes. Fast charging is restricted to 80% of your battery capacity to lessen wear.
Fast charging for new cars has advanced significantly in recent years. For instance, it takes the new Hyundai Ioniq 6 around 18 minutes to fast charge from 10 to 80 percent, while it takes the Audi e-Tron GT 23 minutes to travel from 5 to 80 percent charged.
Tesla vehicles can connect to standard J1772 outlets using an included adapter, but they also have access to Tesla Superchargers, which is a proprietary charging station that can recharge up to 75 miles in five minutes. This makes them especially viable for long-distance driving.
By enabling the usage of other EVs at its Superchargers, Tesla has also raised the bar for the industry. To join Tesla’s charging network, a number of automakers have signed agreements, and more are expected to do so soon. There are now some Supercharger locations across the US that allow non-Tesla vehicles to charge. Here, you can find out more details.
What Is the Price of Charging an EV?
Even though you are aware that using electricity to drive is less expensive than using gasoline, you might still be curious about how much it actually costs to charge an electric car. What you spend for home charging will vary depending on where you live. The cost of power is 13.23 cents per kilowatt-hour on average. According to estimates, an EV like the Hyundai Ioniq Electric uses 25 kWh for every 100 miles, translating to an average fuel cost of $3.30.
How Long Should an EV Charge?
The equipment you use will have the biggest impact on how long you need to keep the car plugged in. A regular AC plug is used for level 1 charging, which takes 12 hours to charge up to 60 kilometers. A Level 2 charger, which can provide up to 250 miles after 12.5 hours, calls for specialized equipment. DC fast chargers can charge devices from 20 percent to 80 percent in an hour or less for an even quicker experience.
Do I Need an Electric Vehicle?
The diversity of electric vehicles that are currently on the market and those that are still to come may surprise you. They’re no longer limited to electric vehicles, either: Several electric SUVs and even electric pickup trucks are currently available for purchase, and there are many more on the way.
With the Ford Mustang Mach-E, Ford is taking its illustrious nameplate in a brave new path. While emitting zero emissions, the Hummer EV will provide an astonishing degree of performance and utility. Electric vehicles will eventually shatter preconceived notions in a significant way.
Automakers’ plans to electrify more models from their whole portfolio indicate a significant industry transformation that is already underway. Additionally, technology is always evolving, especially in the areas of range and charging efficiency. Owning an electric car at this time is thrilling, and it’s likely that you’ll see more of them on the lot.
Tax credits and incentives
The sticker price of EVs at the dealership might be reduced with the aid of tax incentives and rebates for electric vehicles. For battery and fuel-cell EVs and plug-in hybrids that are built in North America and, after January 1, 2023, comply with tight regulations governing the origin of various battery materials, there is a federal tax credit of up to $7,500. Additionally, several states provide a range of credits and refunds that can total up to $5,000. It’s simple to confirm your eligibility if you’re unsure. Check the frequently updated list provided by the Department of Energy to see if you qualify for a federal tax credit under the requirements of the Inflation Reduction Act of 2022 (IRA). Check the department’s alternative fuel page for additional federal and different state incentives for electric vehicles.
The federal tax credit is currently worth up to $7,500. The IRA lifted the ceiling that restricted the credit to the first 200,000 qualifying automobiles throughout their lineups until 2023. The Inflation Reduction Act, which recently changed the tax advantage through 2032, now permits a maximum credit of $7,500 for new electric vehicles and up to $4,000 (capped at 30% of the sale price) for used electric vehicles.
The tax credit for electric vehicles is a nonrefundable tax benefit. This implies that while it may lessen your tax obligation, you won’t receive a refund for any excess amounts. Before making a purchase, enter the vehicle identifying number, or VIN, on the federal VIN Decoder website’s tool to be completely certain of the vehicle’s provenance. This will reveal what country that particular car, SUV, or truck was produced in.
Additionally, starting in 2023, the IRA authorized a tax credit of up to $4,000 for used EVS and PHEVS. That’s a first, and it’s meant to make it easier for families and those with lesser incomes to start driving electric vehicles. The different country-original rules that the IRA sets on new electrified vehicles do not apply to secondhand vehicles.
How about leasing? Unfortunately, because the federal tax credit is only available to the owner and the manufacturer owns the car via a lease, lessees of EVs are unable to claim it. The good news is that dealers frequently pass the savings forward to customers in the form of a reduced monthly payment. When compared to leasing a gas-powered automobile, this can result in some amazing bargains on electric and plug-in vehicles, making them an appealing option.
What Is the Range of EV Batteries?
Owners of electric cars had valid concerns about range anxiety when they initially came on the market. Longer excursions were less possible because charging stations were scarcer and farther between. However, today’s electric cars offer attractive alternatives for all types of lifestyles. The driving range of many of the newest EVs is at least 250 miles, and the battery life of EVs appears to be promising. However, there are many EVs that have much greater ranges.
Although it varies by state, the average travel time in the US is little over 52 minutes. You ought to be able to regain that range overnight, provided you have access to a plug when you arrive home. Avoid driving aggressively and pay attention to inclement conditions to get the most out of your battery. A buffer should always be left in case of an unforeseen detour, even though your car will tell you how many kilometers are left to travel.
How Is EV Maintenance Performed?
Gas-powered vehicles need routine maintenance, which includes changing the gearbox fluid, differential fluid, and engine oil. You won’t have to worry about the difficulties of a conventional powertrain because an electric vehicle has fewer moving parts. Even while they are normally considerably easier to maintain, tires, brake pads, and wiper fluid still need to be maintained.
Purchase vs. Lease of an EV
When deciding whether to buy or lease an electric vehicle, there are many factors to take into account. As batteries become more effective and their range increases over a usual 3-year lease, you may upgrade to longer-range models and newer technology every few years for a fraction of the cost of a new EV’s average purchase price. You can be sure you have the newest and best by leasing an EV. Buyers should confirm that the range is suitable for their long-term requirements. In either case, you can anticipate a guarantee that inspires confidence for at least 8 years or 100,000 miles.
New vs. Used Electric Vehicles
There are several new electric automobiles to select from, including numerous brand-new models. However, if you’re looking for a deal, a used EV can offer exceptional value. Many of the top pre-owned electric cars have seen rapid depreciation and are now available for a fraction of their initial MSRP. Additionally, you’ll be reusing an automobile, which lessens your overall carbon footprint.
How Trustworthy Are EVs?
Electric vehicle owner satisfaction is generally good, but reliability can vary, particularly between entry-level and luxury electric vehicles. It can be challenging to identify the precise cause, but typically a simpler design means fewer potential problems. More technological advancements mean more factors to take into consideration. However, for the majority of people, an EV will be just as dependable as a conventional gas-powered vehicle.
Do EVs Suffer from Weather?
Any vehicle’s power and fuel economy can be impacted by extreme temperatures, especially the engine and tires. Weather has an impact on EV batteries as well; heat and cold can cause higher wear. Additionally, running the air conditioner will cut your mileage. Parking your electric vehicle as often as possible under cover will help the battery last longer.
Should I Have a Gas-Powered Backup Car?
Electric cars are a totally practical solution for many lifestyles today. Batteries last longer, and there are more charging stations available. But having a backup car for when you need it may make sense if you frequently drive large distances. If you value sustainability and efficiency, a hybrid or plug-in hybrid may be a good option. You can easily borrow or hire a car when you need to leave town if you don’t do much driving.
Auto Insurance and EVs
Have you ever wondered how much it would cost to insure an electric car? Due to their higher value and higher repair costs, hybrid cars typically cost more than gas-powered vehicles. Due to the higher risk involved for your insurance provider, early adopters will pay a higher green premium. However, don’t worry. You may be able to cover these expenses with the money you save on gasoline and maintenance.
While it’s possible that more expensive EVs would cost more to insure, this isn’t the case for cheaper and more affordable EVs. In fact, it’s not unusual for EV drivers with impeccable driving histories to favor the less expensive models because they offer lower insurance premiums (in addition to the benefits of driving an electric car as usual).
Should I Purchase a Longer Warranty for an Electric Vehicle?
When you purchase or own an EV, it can be wise to think about getting a car service contract to protect yourself from unforeseen expenses. An agreement that covers the costs of particular repairs for a predetermined time frame is known as a car service contract. These agreements can be acquired for both new and used cars and are normally offered by a dealer or third-party source.
Owners who purchase a car service contract can rest easy knowing that they won’t be responsible for paying for repairs out of pocket. Even while these contracts can incur additional costs, owners can save a sizable sum of money over the course of the car. Numerous auto service agreements include services like battery replacements and motor repairs, which can be expensive to pay for out of cash.
Technology & EV Apps
Nowadays, there is an app for everything, and automobiles are no exception. The automaker will probably offer a companion app you may use to track the location of your vehicle if you purchase an electric or plug-in vehicle. Most significantly, you’ll be aware of its charge condition and able to control the temperature outside the car. For other automobiles, that’s only the tip of the iceberg. Future developments promise even greater connectedness.
Interested in learning more about electric cars?
We keep track of the top electric cars available right now, whether they are brand-new or pre-owned. On our Electric Vehicles Hub or the CarsTech Blog, you can also keep up with the most recent EV news. Additionally, you may use TrueCar to browse and obtain an upfront, customized offer from a Certified Dealer when you’re prepared to purchase an electric vehicle.
FAQs (Frequently Asked Questions)
Q: What are the benefits of owning an electric car?
A: Electric cars offer a number of benefits over traditional gasoline-powered cars, including:
- Lower operating costs: Electric cars are much cheaper to operate than gasoline-powered cars. This is because electricity is much cheaper than gasoline.
- Reduced emissions: Electric cars produce zero tailpipe emissions, which helps to improve air quality and reduce greenhouse gas emissions.
- Quieter operation: Electric cars are much quieter than gasoline-powered cars. This can make for a more pleasant driving experience, especially in urban areas.
- Instant torque: Electric cars deliver instant torque, which results in faster acceleration and better handling.
Q: What are the different types of electric cars?
A: There are two main types of electric cars: battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).
BEVs are powered by a battery pack that is charged by plugging the car into an electrical outlet. PHEVs also have a battery pack, but they also have a gasoline engine that can be used to generate electricity when the battery is depleted.
Q: What is the driving range of an electric car?
A: The driving range of an electric car varies depending on the make and model of the car. However, most electric cars have a driving range of between 200 and 300 miles on a single charge.
Q: How long does it take to charge an electric car?
A: The amount of time it takes to charge an electric car depends on the size of the battery pack and the type of charger that is used. Level 1 chargers, which are the most common type of charger, can take up to 24 hours to charge an electric car. Level 2 chargers can charge an electric car in 4-8 hours. Level 3 chargers, which are the fastest type of charger, can charge an electric car in 30 minutes to 1 hour.
Q: How much does an electric car cost?
A: The cost of an electric car varies depending on the make and model of the car. However, most electric cars cost more than comparable gasoline-powered cars. However, the cost of electric cars is coming down rapidly, and it is expected that electric cars will be cost-competitive with gasoline-powered cars within the next few years.
Q: Are electric cars safe?
A: Electric cars are just as safe as gasoline-powered cars. In fact, some studies have shown that electric cars are actually safer than gasoline-powered cars. This is because electric cars have a lower center of gravity, which makes them less likely to roll over. Additionally, electric cars have fewer moving parts than gasoline-powered cars, which makes them less likely to break down.
Q: Where can I buy an electric car?
A: Electric cars can be purchased from a variety of dealerships, including traditional car dealerships and online retailers. Additionally, many automakers now offer direct-to-consumer sales of electric cars.
Q: Are there any government incentives for buying an electric car?
A: Yes, there are a number of government incentives for buying an electric car. These incentives can vary depending on where you live, but they can include tax credits, rebates, and access to HOV lanes.
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