How to Buy an Electric Car
When you think it’s time to buy an electric car, you’ll find it’s a completely different activity than purchasing a traditional gas-powered car.
Until the infrastructure exists to support EVs in a similar manner to gas-powered vehicles, charging time, charger locations, and driving range will continue to be a serious consideration. Of course, there are other aspects of EVs that you’ve got to think about as well. Because these vehicles are new to the market, many automakers offer incentives, and the federal government also has a tax break for most EVs.
Here are some things you want to consider when you’re ready to buy an electric car.
Where do you go, and what do you take with you?
The early days of EVs offered nothing more than fully-electric hybrid vehicles, with Tesla being the only outlier. Today, EVs come in all shapes and sizes. There are off-road SUVs, pickup trucks, sedans, family-sized SUVs, and hatchbacks. The only thing missing is an all-electric minivan, but that’s probably coming. With this wide array of options, it’s important to know what you need and where you go when selecting the right EV to drive.
Where will you get fuel?
Owners of gas-powered cars don’t typically worry about finding a gas station but rather the price of a gallon of fuel. Unfortunately, electric car owners don’t have this same comfort. The infrastructure supporting EVs is still being created and expanding, which puts you at a disadvantage. Before buying an EV, find the local public chargers that you can use and find out whether or not you can install an at-home Level 2 charger for your overnight charging needs. If you can’t refuel your EV with electricity, it’s not worth buying.
Will your EV qualify for tax incentives?
The first round of the Federal EV Tax Credit was more of a blanket credit for hybrids, PHEVs, and EVs. This early version also had a vehicle limit, which was exceeded by a few automakers. The most recent tax credit opens things up for automakers that previously exceeded the limit while adding several constraints regarding the type of vehicle, where battery materials are mined, and where the vehicles are built. Will your EV qualify for these tax incentives?
How much driving range is required?
Electric cars list the driving range to help owners understand how far they can go between recharges at home. If you spend all of your time driving around town, you might not need more than 200 miles of driving range or an entire week. On the other hand, if you have a long commute or like to take weekend trips, you’ll want EV with at least 300 miles of driving range. Most EVs offer more than 200 miles, and some reach as high as 400 miles of range.
How much fun are you looking for in your EV?
Some EVs are advertised as fun, exciting, and fast. The Tesla Model S Plaid is considered the fastest electric vehicle in the world, but the new Lucid Air Sapphire might take this title away. Some EVs are built with off-road qualities, making adventures into the wilderness possible and fun. Although electric cars drive and feel different from traditional gas-powered vehicles, they can fit your lifestyle and offer the fun and excitement you desire.
Should you buy or lease your electric car?
This might be the second-most important question you’ll answer. Most advice normally points to buying over leasing, but EV technology is advancing so rapidly that leasing could be a much better option. Electric vehicles are new enough that some uncertainty still exists regarding the lifespan of EV batteries. If you want to err on the side of caution, it’s probably best to lease your first or second EV until more is known about the longevity of these new vehicles.
Would a PHEV or hybrid be a better option right now?
The newness of the electric car world could cause us to pause and take a step back. If you’re unsure whether or not you should drive a fully-electric car, you can dip a toe in the proverbial alternative fuel market with a traditional hybrid or plug-in hybrid vehicle. A PHEV could be the best option because most offer some of the same tax benefits as EVs and also provide 20 to 40 miles of all-electric driving range. Hybrid vehicles utilize a traditional gas engine for most of the driving, which makes them much more versatile than EVs.
Are you ready to buy an EV? Use these tips to help understand if you, the auto market, or the infrastructure is ready for you to drive a fully-electric vehicle.