Top Reasons To Buy An Electric Car Instead Of Gas Vehicles

Benefits Of Electric Cars

For many who are considering buying an electric car, the biggest benefit is gas savings, especially if they can charge their car at home.

Comparing an electric vehicle with a gas vehicle in the same class, the electric vehicle savings range from $.14 per mile to $.10 per mile. This is anywhere from three to five times cheaper per mile. The reduction of spending money on gas can go a long way in helping you reach financial independence.

The reduced environmental impact of driving an electric vehicle instead of a gas vehicle can be another benefit. An electric car’s footprint is smaller over its lifetime than a gas vehicle, even when considering the electricity used for charging.

Drawbacks Of Electric Cars

Despite the money-saving benefits and environmental benefits, there are some potential disadvantages to owning an electric car. The biggest concern is worry over the range of the vehicle. Advances in technology have now made it possible for most electric cars to be driven 200 miles on a fully charged battery. Driving habits and weather conditions may play into this, however.

Another concern that people have about electric cars is that they may have to search to find a charging station. While this may have been the case, many people can now meet most of their driving needs by charging their vehicles at home.

There are now over 45,000 public charging stations in the United States. Work charging is also becoming more available, and you can use an app to locate a charging station.

Charging Your Electric Car At Home

Your home charging options will vary based on your location. If you live in a recently built development, you may have access to vehicle charging stations at home. Living in an older home, you can charge your electric car using a residential power outlet. Although it can take up to 12 hours to charge fully, this is still convenient for most people.

How To Buy An Electric Car

Like most cars, you can buy or lease a new electric vehicle from a dealership, a used vehicle from a new car dealer, a used car dealer, or a private party. Buying a car from a dealership should be like purchasing a gas vehicle. The best way to learn about dealers to buy an electric car from is by exploring owner forums for vehicles you are interested in. Electric cars can be financed and insured just like gas vehicles.

You can also buy an electric car from an automaker and their showroom. However, due to strict dealer laws, purchasing a car without a dealership network is more challenging, depending on the state.

Should I Buy An Electric Car Or Lease One?

While you can do either, just like with a gas vehicle, the decision can be more difficult to make with an electric car. Some experts suggest only leasing electric cars because technology is advancing at such a rapid rate, and there is still some uncertainty about the lifespan of an electric car battery or an electric car’s degradation of range over time.

Alternatively, when you lease an electric vehicle, you may lose the ability to claim tax credits and other incentives that will instead be taken by the leasing company.

Should I Buy An Electric Car Now Or Wait?

Since the pandemic, the price of electric cars has gone up. There isn’t a right answer to this question. The decision depends on a few essential questions, including how much you can spend, what type of car you need, if you would buy used or lease, etc.

Electric vehicle prices are coming back down slowly, although they currently remain well above the industry average. More models are also hitting showrooms, and dozens of new electric cars are expected to come out in the next two years, expanding the selection.

When it comes to electric cars, your options are affordable, long-range, or large-size. Recently automakers have focused on compact SUVs with 250-mile ranges, so if that is the size of vehicle you are looking for, then go ahead; if not, it may be best to wait. The selection for larger electric cars might be scarcer. If you want a truck, waiting for new models to come out may be better.

Reasons You Might Hesitate To Buy An Electric Car

There are some reasons not to buy an electric car. These can include:

1. Higher Cost

You generally have to pay a higher upfront cost for an electric vehicle than a gas vehicle. Although the savings in gas and maintenance equal out over time, it is still a big part of the decision for many people, especially because they can often buy a bigger gas vehicle for the same cost.

2. Lack Of Infrastructure

Even though you can charge your electric car at home, it is often cheaper to use a public charging station. Depending on where you live, finding a public charging station can mean having to drive as much as 50 miles or more.

3. Extended Charge Time

While a gas vehicle can be filled in minutes, it can take up to six to eight hours to charge an electric vehicle at home. Even with a fast charger and a bigger battery, it still can take between 30 to 60 minutes to get a decent charge.

4. High Insurance Cost

An electric car can be expensive to insure due to emerging technology. While electric cars have fewer parts, like batteries, those parts may be more expensive.

5. Limited Charging Infrastructure

While electric cars don’t need gas to operate, they are still very reliant on charging. There is a significant lack of charging stations, and this fact may make you not want to buy an electric car. The good news is that the number of charging stations is increasing, but this will take time.

6. Improving Battery Technology Will Bring Down Prices

Electric cars are currently more expensive than gas vehicles. However, the upfront cost is expected to drop thanks to improved battery technology. Around 30 to 40 percent of an electric car’s cost is due to the battery alone. The introduction of new and cheaper batteries over time will help bring electric car costs down.

7. Not Many Mechanics Service Electric Cars

Although routine maintenance isn’t as much of an issue with an electric vehicle, you still need to take it in for maintenance every couple of years. There are currently a limited number of mechanics who are trained to work on electric cars. This can mean if you have an issue with your vehicle, you may have a challenging time getting it fixed.

Should You Buy An Electric Car? Key Takeaways

Electric cars have many benefits for users, including gas and maintenance savings and being more environmentally friendly. However, electric vehicles can have some drawbacks, including higher insurance costs, more expensive repairs, trouble finding certified mechanics, extended charge time, limited charging infrastructure, and more.

Whether or not you should buy an electric car depends on what type of car you are looking for, including range, how close you are to a charging station, if you can charge your vehicle at home, and if you feel that the gas and maintenance savings are worth it.