Auto manufacturers continue to add ever-more-attractive electric vehicle options to their lineups, and improve on distance between charges and overall cost. As you think about buying an electric car, consider the following common questions.
What do you need from a vehicle?
Where do you drive; what do you carry?
If you’re looking for a vehicle that holds more than five people, you may want to wait a few years before buying a fully electric vehicle. Only a couple of vehicles on the market can hold seven people. You may also want to wait if you are towing heavy loads, regularly traveling long distances, or if you don’t have a reliable place to charge. Outside of those things, there is an EV out there for you.
Where will you charge?
Most electric vehicle owners charge their vehicles at home. Others may also use charging stations at their office or along a commute if there is a nearby DC fast-charging station. Plan for how you will keep your car charged and, if needed, install new electrical equipment at home.
What EV will best satisfy your needs?
Once you decide an EV is right for you and your family, you’ll want to consider the following factors as you make your choice. When you’re ready to buy, Everence can help by giving you an auto loan check to go car shopping!
- Range
How far will you drive between charges? At the lower end, you will find vehicles around 100 miles. At the higher end, 300 miles. In general, most vehicles today can travel between 180 and 270 miles on a single charge. - Charging
There are three main ways to charge an EV: Level 1, Level 2 and Level 3. Level 1 uses a typical household outlet and charges very slowly. Level 2 uses a 240-volt connection, which can be installed in your home, or found at your office or in public areas. Level 3, also known as DC fast charging, is a commercial level charger that can charge much faster than residential equipment. These are often found along highways. - Price and incentives
Do not be surprised if you see prices for new EVs between $27,500 to over $100,000. Check out the U.S. Department of Energy’s vehicle cost calculator to find out the total cost of ownership and emissions for different makes and models of vehicles. Don’t forget to check for federal, state, local or utility incentives for purchasing EVs. And if you finance your green vehicle through Everence, you can receive a 0.50% interest rate discount1. - Performance
EVs handle differently than traditional vehicles powered by gasoline. “Unlike vehicles powered by gasoline, which take a bit of time to build to maximum power and torque, electric motors reach their peak power the moment you press the accelerator pedal. That gives EVs lively performance from a stop, with some models able to reach from zero to 60 mph in three seconds or less,” according to John Vincent in U.S. News and World Report. You will find the quickest acceleration in the most expensive EVs on the market. - Other eco-friendly vehicles
While we’ve been talking specifically about true EVs, there are other eco-friendly vehicles options. Plug-in hybrid EVs are powered by both electricity and gasoline. The amount of gas you use depends on how often you charge, how far you drive and the make of the vehicle. Another choice is a traditional hybrid vehicle which uses the vehicle’s gasoline engine to charge its battery. It does not charge from an external source of electricity. Both options can run on gasoline alone, eliminating the fears of needing to charge or plan stops accordingly on a long journey. You can compare alternative fuel vehicles with this tool from the U.S. Department of Energy.
Where should you buy your eco-friendly vehicle?
“The level of expertise in selling EVs and educating buyers about an EV's pros and cons varies greatly by the dealer,” said Vincent. He goes on to suggest that one way to learn about good EV dealers is to read online owner forums. You can also buy directly from an automaker, seeing the vehicles at a showroom but completing the purchase online.
There are also pros and cons to leasing versus owning an EV. Technology is advancing so fast that leasing sometimes makes sense. However, when you lease, you’re not able to take advantage of tax and purchase incentives.
Still not sure about an EV?
Check out this article from Kelley Blue Book that debunks some common myths people have when buying an EV.