With their environmentally friendly and cost-saving benefits, it's no surprise that electric vehicles (EVs) are gaining popularity among consumers. But for first-time EV buyers, the shopping experience can be a bit intimidating. Whereas just five years ago there were only five EV models for U.S. consumers to choose from, today there are nearly 40. That’s why we’re sharing some considerations you may want to take before purchasing your first EV. With a basic understanding of EV range and charging, maintenance costs, safety ratings and tax credits, you’ll have an overall improved shopping experience and be able to get the most value from your EV.
Fuel source is the primary difference between EVs and gas-powered cars. And while most drivers have become accustomed to low-fuel warnings in gasoline vehicles, new EV drivers express a great deal of concern around running out of power. If you’re considering an EV and routinely drive long distances, now may not be the time to transition from gas. If you’re like most Americans and drive less than 30 miles per day, however, you can rest assured that even the shortest EV-range on the market will more than meet your needs, going nearly 100 miles on a single battery charge. Most EVs can typically go around 300 miles per charge, and on the high end, at least one model—Tesla’s Model S Long Range Plus—can exceed the 400-mile barrier.
When shopping, be aware that some manufacturers will try to offset “range anxiety” by offering access to gas-powered cars for long trips at no charge. If you do decide to make the switch, know that EV charging can be easily integrated into everyday life. Whether you’re at the grocery store, the office, the airport or a restaurant, EV charging stations are plentiful and growing more abundant by the day. And don’t forget, EV home- charging is already a routine and casual activity for EV drivers.
No matter which EV you purchase, it will come with a Level 1 charger. This charger plugs directly into a standard home outlet, requiring minimal effort and cost. If you’re looking for something more powerful that charges your EV more quickly, you can purchase a Level 2 charger. No matter which charger you go with, you’ll want to check with an electrician to ensure your home’s system can safely handle the additional burden of charging a car.
While the upfront cost of an EV may be higher than a gas-powered vehicle, the long-term savings can be substantial. According to Kelley Blue Book, EVs use fewer moving parts than gasoline-powered vehicles. And an analysis by We Predict found that while repair costs in EVs are higher than traditional cars, EVs have fewer documented problems that require repair.
One of the biggest, and perhaps most obvious, perks of EV maintenance is that oil changes and air filter replacements are not necessary. If maintained according to the automakers’ recommendations, electric vehicles cost $949 less annually to maintain than a gas-powered car. And as more mechanics become certified in EV repair, maintenance costs are expected to drop further.
Safety is always a top priority when purchasing a vehicle, many EV models have received top safety ratings from organizations such as the National Highway Traffic Safety Administration (NHTSA). With a little research, you’ll find that electric vehicles are at least as safe as conventional vehicles. Additionally, recent insurance data updates show injury claims are substantially less frequent in EVs than gas-powered cars. If you don’t have time to sift through the safety data, no worries! Motortrend, Top Speed and Green Car Reports are a few of the many resources that have done the work for you. In just a few clicks, you’ll learn about everything from weight-distribution advantages in EVs, to the overall EV safety features to seek for you and your family.
Taking advantage of tax credits By now you’ve seen how EVs cost less to operate than conventional vehicles, but did you know they come with substantial tax credits of up $7,500 in or after 2023? On October 6, 2023, the U.S. Treasury Department proposed a rule that would make it easier for EV buyers to receive this tax credit on new EVs or up to $4,000 credit for used EVs. This is important news for many low- and middle-income earners who are looking to reduce their carbon footprint on the road. Until now, EVs have been unaffordable for many. But because of the U.S. Treasury Department’s new guidance on how a $7,500 EV tax credit may be used as a point-of-sale rebate beginning January 2024, EVs are now accessible to more people, with additional tax incentives also potentially applying. Looking to learn more about EVs and EV ownership? Check out Welcome to the Future of EVs or EVs vs. Gas-Powered Cars on AAA.com.