While an electric vehicle (EV) might be the right choice for many, there are lots of variables to consider before making this decision.
Here are some points to think about when considering an electric car:
What are the advantages of owning an electric car?
When it comes to finances, the most obvious and prominent advantage of owning an electric vehicle is saving on fuel costs. Driving a car that runs on electricity instead of gasoline means saving money on a large expense category of your budget, month after month. Of course, the higher the cost of gas, the more you save. Right now, with most drivers experiencing pain at the pump, going electric is more popular than ever.
Here are some other benefits of owning an electric car:
- Electricity costs tend to be far more stable than gasoline prices, so the price fluctuation is not as significant.
- An electric-powered car is an environmental benefit. Lower fuel emissions mean a smaller carbon footprint on the environment, which is always a good thing.
- EVs can convert more than 77% of their electric energy to power their wheels. In contrast, gas-powered cars can only convert 12-30% of the fuel stored in their gas tanks into driving power.
What are the disadvantages of owning an electric car?
When opting to lease or own an electric vehicle, there are several things you may want to consider:
First, it’s important to note that the battery of every EV may need replacement sometime down the line. Federal regulations require automakers to cover the battery of their vehicles for a minimum of eight years or 100,000 miles, whichever comes first. Some automakers also cover battery degradation, which is when a full charge powers fewer miles than it should. However, if the battery dies after the warranty expires, the cost of replacing it, which can run from $5,000 -$16,000, will need to be covered by the owner. The good news is that, as electric vehicles become increasingly more popular, they are also becoming less expensive to manufacture and the prices of their parts are decreasing as well. In addition, automakers are working to manufacture EVs with batteries that last longer than most drivers will own the vehicle.
Another factor you may want to consider when owning an EV is being limited in the number of miles you can drive before you will need to recharge your vehicle. The number of miles you can drive on a full charge, also known as the vehicle’s range, will vary with each car. Most EVs will average 250 miles of range. While this will cover most people’s daily commute, road-tripping in an EV will take some planning and you’ll want to make sure that this aligns with your lifestyle. Luckily, as electric cars become more commonplace, finding a charging station on a major highway is becoming a non-issue. However, if you plan to take many road trips with your EV, you may want to purchase a car that is capable of fast charging, so you don’t have to spend hours at a charging station every few hundred miles on your trips.
Where can I charge my electric car?
As EVs become more popular, the number of places where you can charge up is growing.
- You can install a volt outlet on the outside of your home or in your garage.
- Many commercial buildings now offer electric charging stations for employees.
- Many large shopping centers have also added charging stations in the parking lots.
- Jovia’s Westbury Branch also has a charging station!
How much does it cost to charge an electric car?
Electricity, though much cheaper than gas, typically isn’t free. The exact price will vary by location, so check how much electricity will cost where you live before purchasing an EV.
What kind of maintenance will my electric car need?
A big bonus of owning an EV is having lower maintenance costs. Electric motors have fewer moving parts than gasoline engines. This makes EVs far easier to maintain than their gas-powered counterparts. In addition, many car parts, which generally need replacing after a while – like spark plugs, filters, and oil – are irrelevant to EVs. This means fewer trips to the mechanic and significantly lower maintenance costs.
How much will an electric car cost?
All the convenience and long-term savings of an EV may come at a higher upfront price than the starting cost of gas-powered cars. Fortunately, there are many government-sponsored incentives for purchasing an electric car. These incentives are offered by the federal, state, and local government levels, so be sure to see what’s available before completing your purchase. (It’s important to note, though, that many of these incentives may not be open to every buyer and every kind of EV).
If you’re looking to finance an auto loan for your new electric car, we’re here to help! Jovia offers auto loans with low-interest rates, flexible terms, and a quick approval process.