If you are looking to buy or lease a new vehicle, you may be considering an electric vehicle (EV) as a viable option. Some years back, getting an electric vehicle for your daily commute might have been impractical, but now many of us cannot think of a life without them. No doubt, while they come with so many benefits that leave you with less to worry about, it is still always good to have all the facts before settling on the perfect one for yourself.
What Is An EV?
An electric vehicle (EV) is entirely or partially powered by electricity. EVs operate on electric motors and batteries and usually have fewer moving parts in comparison to gas-powered vehicles. Technically, this makes them easier to maintain. EVs usually come as a Battery EV (BEV), which are also called full electric vehicles, a Hybrid EV (HEV), and a Plug In Hybrid Electric Vehicle (PHEV).
BEVs are entirely powered by batteries, while PHEVs and HEVs use both batteries and diesel or gas-powered engines to power the cars. While you may know the advantages of EVs, here are a few noteworthy facts about EVs for you.
They Can Be Expensive To Purchase
While there are lots of electric vehicle options that cost less than $50,000, they are still reasonably priced above their internal combustion engine (ICE) counterparts. This price difference is owed to their electric batteries and motor, as opposed to the engines in gas or diesel cars. Of course, these prices are often cushioned with the tax credit incentives most governments provide for purchasing electric vehicles.
These tax credits can get as high as $7,500 conditional to the type of electric vehicle. However, these credits do not apply to persons who are purchasing used EVs. Long-term use of these electric vehicles will prove to be beneficial as you save more on maintenance as you go.
Cost Of Charging EVs
Modes of charging electric vehicles are improving daily, providing easier and faster options for charging EVs. Since most EV owners prefer to charge at their homes, it is important to understand how much this will affect your overall electricity consumption. Even though electricity rates are much more stable than gas prices, they still differ from state to state and depend on your utility company and plan. Understanding your state’s average cost per kWh can help prepare your mind for these costs and how to hack them.
Setting up a home charging station is absolutely convenient and is often the cheapest charging option, but it is not without its costs. You will need to pay for the electric vehicle supply equipment (EVSE), as well as spend some more to have it installed. Some may even want to have a solar system to power their home charging stations, and this costs around $7,000 and above.
Charging at external charging stations also has its costs. Usually, these costs are dependent on where and how you are charging. For example, superfast charging is quite expensive, as they mean you will spend less time charging. Thankfully, some supermarkets and hotels offer free charging, while other places allow subscription-based or pay-as-you-go charging rates. But even with all these rates, charging electric vehicles is significantly cheaper than buying gasoline or diesel.
Pricy Insurance and Specialized Servicing
When it comes to insuring EVs, they tend to be more pricey than ICE vehicles in the same range. Their high insurance rates may be due to the fact that they have uncommon replacement parts, which may be expensive to secure. Also, specialized servicing contributes to the high insurance rates, as EVs are not always built to be serviced at any garage or dealer. Unlike ICE vehicles, servicing most EVs are limited to main dealers and a handful of accredited workshops.
Battery Lease Schemes
Buying EVs can be quite expensive, so popular manufacturers offer battery leasing schemes to reduce the overall purchase price. However, this means that the EV battery remains the manufacturer’s sole property, and you have to pay a monthly lease fee for using it. This is useful, though, as you can be sure to have the battery replaced at no cost if it develops any problems.
Lowered Resale Value
Selling a used electric vehicle used to be a hassle, as they were often terribly priced below their diesel and gasoline-powered counterparts. People may be worried about the performance of the vehicle as well as the quality of the battery after its years of usage. Although, with more influx of influential manufacturers like Tesla, predicted resale values of EVs are now reasonably coming close to conventional vehicles.
Is An EV Right For You?
Every type of vehicle comes with its own hidden facts and quirks, but these things do not take away from how awesome these cars are. But it is always good to have all the facts before making a purchase. So, with these few points in mind, you can make solid decisions about getting your next electric vehicle.