UPDATED: NOVEMBER 16, 2022 | 1 MIN READ
If gas prices are giving you the blues, you’re not alone. You might think it’s time to buy an electric vehicle, but are you ready for it? There are pros and cons to purchasing an electric vehicle, and we will walk you through the process.
Advantages and Disadvantages of Owning an Electric Vehicle
There’s a lot to consider before purchasing your first electric vehicle. Understanding the good and the bad makes it easier to make an informed decision.
Advantages of owning an electric vehicle
Electric cars have several benefits, including:
- Energy efficiency
- Reduction in emissions
- Lower maintenance
- High performance
Disadvantages of owning an electric vehicle
Like with anything else, buying an electric car has disadvantages when compared to fuel-powered vehicles, including:
- Less travel distance
- More expensive
- Take longer to “refuel.”
- Availability of charging stations
Types of Electric Vehicles
Once you decide an electric car is a way to go, you need to consider the vehicle type. Tesla might come to mind first, but major automakers like BMW, Toyota, Mercedes, and Chevy offer electric vehicle options too.
Cars are usually the first thing that comes to mind when considering electric vehicles. This is because most of the premier electric vehicles are cars.
Tesla has three of the top electric vehicle models for 2021 and 2022. Some other great models include Nissan Leaf, Chevrolet Bolt, and Hyundai Ioniq.
While electric trucks weren’t available in 2020, Ford now has an electric F-150. The R1T Rivian and GMC Hummer EV are also good options.
Electric SUVs are available in pretty much every price range. If you’re looking for a luxury vehicle, Tesla’s Model X, BMX iX, and the Rivian R1S are models to consider. If you want a more budget-friendly model, check out the Hyundai Kona, the Kia Niro, or the Toyota RAV4 Prime.
Things To Consider Before Buying An Electric Vehicle
Buying any type of car is a big decision, but switching from a fuel-powered vehicle to an electric one is even more stressful because it’s also a lifestyle change. Consider these things to make sure you’re ready to make the switch.
Why do you want to purchase an electric vehicle?
Understanding why you want to purchase an electric vehicle helps eliminate buyer’s remorse later. it also makes it easier to research vehicles because you’ll know exactly what features are important to you.
Environmental concerns are one of the top reasons why people buy electric vehicles. Aside from wanting to save money on gas, people love the emission-free running of an electric vehicle. If the environment is a motivating factor, look for vehicles with the longest drive range and the best battery.
But you might simply be someone who enjoys keeping up with new tech trends — and that’s okay. If this is the case, look for a fully loaded EV.
Do you live in an area that’s electric-vehicle friendly?
Where you live is an essential factor in whether you should buy an electric vehicle. Very hot or very cold environments can reduce the lifespan of electric vehicle batteries. Also, you need to ensure there are plenty of charging stations nearby.
How will you use your electric vehicle?
Any model will do if you want an EV to drive to and from work or while running errands around town. However, if you love road trips, you must consider how far you can drive on a full charge.
Most cars get between 300-400 miles on a full gas tank. Some pricier electric cars get around 300 miles on a full charge, which is comparable. However, a cheaper model that only gets 100 miles on a full charge isn’t a great option for road trips.
Cost of repairs
The cost of repairs concerns most first-time EV buyers because, on average, repairs for electric vehicles cost more. However, the cost of regular maintenance greatly outweighs the difference.
With an electric vehicle:
- The battery, motor, and other electronic components require little maintenance.
- There are fewer fluids, which means no oil changes.
- Regenerative braking systems mean less wear and tear on your brakes.
- Fewer moving parts than those in a gas-powered vehicle, resulting in fewer repairs overall.
Electric Vehicles vs. Hybrids vs. Plug-In Hybrids
Fully electric vehicles – Efficient vehicles with a driving range of over 200 miles. You must plan for a charging station if you are driving long distances.
Plug-in hybrid electric vehicles – A cross between traditional hybrids and fully electric vehicles. You get the best of both worlds with a gas engine for longer road trips and electric power for local driving.
Hybrids – A vehicle with gasoline and electric motors for the most efficient transportation. Hybrids don’t need to be plugged in because they drive like regular cars. Hybrid electric vehicles are more affordable, starting at under $24,000.
Is it worth buying an electric car?
With gas prices, electric vehicles are more affordable than gas-powered cars, but they cost more.
Will all cars be electric by 2035?
To lower emissions and promote electric vehicles, the United States government plans to end purchases of gas-powered vehicles by 2035.
Do electric cars lose value?
Electric vehicles depreciate faster than regular vehicles. They typically lose more than $5,700 per year of ownership. After five years, you will have lost $28,500 off the vehicle’s original price.
Does an electric car save money?
Electric vehicle owners, on average, save about $1,198 on fuel. You save even more if you charge your electric vehicle at home.
What are the 3 benefits of electric cars?
- Environmentally friend
- No fuel is required, so you save money on gas
- Efficient electric motor, so lower maintenance
Electric vehicles are a great way to save money in the long run. Get several car insurance quotes today if you want to find out what it costs to insure your new electric car.