Before purchasing an electric vehicle, consumers should be aware of all the pros and cons associated with EVs. Choosing the right EV can be challenging and will only become more difficult as the market gets more saturated. Plenty of drivers have purchased electric vehicles only to switch back to gas-powered vehicles after being unsatisfied. Here are three things to consider before purchasing an EV of your own.
Electric vehicle tax credits
Purchasing an electric vehicle in America isn’t always simple, but incentives are in place to make the process more welcoming to consumers. What if the federal and local governments paid you to own a new EV? In an effort to reduce carbon emissions, the United States government has created tax incentives for many new EVs. This means that buying an electric vehicle can save you thousands of dollars.
Many vehicles qualify for a federal tax credit of up to $7,500. Local incentives can add up to hundreds or thousands of dollars in additional savings. The current most popular electric car, the Tesla Model 3, costs $39,990. After potential savings, the Model 3’s price could be reduced to under $32,490.
Electric vehicles have been criticized for not being affordable. Early EVs such as the Tesla Model S are still too expensive for the average consumer. The popular Tesla Model 3, however, is extremely affordable after tax incentives. Before even thinking about buying an EV, consumers should research federal and local EV tax incentive eligibility. Purchasing an EV without doing the proper tax credit research could cost you thousands in savings.
EV range anxiety
Electric vehicle battery range has been an issue since the introduction of the first EV. Many electric vehicles can only travel for less than 250 miles before needing to recharge. The Nissan Leaf’s most capable trim is only estimated to travel 226 miles before needing to recharge.
The standard Ford Mustang Mach-E’s single-charge range is estimated at 230 miles. Even the wildly popular standard Tesla Model 3 only has a single-charge range of approximately 263 miles. While EV battery range has greatly improved over time, the average gas-powered car easily travels 300+ miles on a full tank before needing gas. Gas-powered vehicles also allow for approximately 30-60 miles of travel after indicating that they need to be refueled.
Electric vehicle range anxiety is the sinking feeling or gut-punch a driver experiences when their EV needs to recharge, and there isn’t a charging station nearby. Gas stations are all across the country since vehicles have been powered by gas for so many years. EVs lack the same refueling infrastructure. If range anxiety is something you want to avoid, choose the electric vehicle with the most battery range.
EV ownership costs
There may be incentives to purchasing a new electric vehicle, but there are definitely some expensive ownership costs for drivers as well. For example, Tesla insurance is even more expensive than BMW insurance. Insuring an EV can be extremely costly. Maintenance is also a huge expense as well.
Since electric vehicles are still relatively new to the automotive industry, consumers often rely on automaker dealerships to handle maintenance. Replacing certain parts can cost thousands of dollars, especially on Tesla models. Owning certain electric vehicles works out cheaper than owning some gas-powered vehicles, but EV ownership isn’t so cut and dry. New EV owners are certainly traveling into unchartered waters and having new and unique experiences with vehicle ownership. Ultimately, purchasing a new electric vehicle can be a great investment toward the future, but consumers should do thorough research before making the switch.