Around 1.6 million electric vehicles were sold last year in the U.S. According to a MarketWatch report, that’s up 60% from 1 million sold in the country the year before.
If an EV is on your shortlist of possible vehicles to buy, do your homework to make an informed decision. The last thing you need is a stressful and time-wasting case of buyer’s remorse.
Ask yourself these nine questions before exchanging gas stations for EV charging stations.
Should I Buy an EV Now or Wait on the Sidelines?
Is now the right time to swap your internal combustion engine car for an EV? Depending on how open you are to electric drivetrains, the answer might be yes, no, or maybe.
The EV space is still changing rapidly. While EVs cost more than cars powered by gas- or diesel engines, many EV manufacturers are lowering prices. So, now’s as good a time as any to go electric. But you’ll want to consider all nine questions before deciding what route to take.
Should I Buy or Lease an EV?
If the plan is to get an EV, you must decide whether to buy or lease one. For many consumers, financing is preferable to leasing when purchasing internal combustion engine cars.
But it’s not so cut and dried when it comes to EVs. There’s a strong case to consider leasing over financing if you want your next car to be an electric one. For one thing, EVs face precipitous depreciation that can make your head spin. It makes sense to lease one, enjoy it for a few years, and check the condition of the EV industry at the end of your lease.
When leasing an EV for two or three years, you can enjoy it and move on to something else. Considering how quickly the EV space is developing, you might regret buying one right now. The vehicle’s battery, range, and tech could be antiquated within a few years.
According to a study on iSeeCars, EVs depreciate by 49.1% on average in five years. That compares to 41.2% for SUVs and 37.4% for hybrids. Leasing means you can side-step the massive depreciation, ride the EV wave, and revisit how you feel about EVs later.
Should I Purchase a New or Used EV?
Buying a used vehicle — EV or traditional — always requires more due diligence. While EVs have fewer moving parts than regular cars, the former experience more issues than gas- and diesel-powered vehicles. Keep that in mind when pondering whether to go new or used.
A used EV can save you a ton. But if it’s too old, you might get outdated technology, a battery on its last legs, and less-than-adequate driving ranges between charges.
But that doesn’t mean you should write off the possibility of getting a used model.
You can avoid problems by sticking with reputable brands, getting a warranty on the electric drivetrain and powertrain, and patronizing a dealership with a solid reputation.
Do I Want to Wait at EV Charging Stations?
How long do you want to wait to charge up your EV battery? If you buy an EV, you better have patience. Some models feature fast 0-80% charging, but many will require a long wait.
If you’re used to pulling up to a gas station pump, filling up, and getting on your way quickly, going to EV charging stations will require an adjustment period.
If road trips or long commutes are part of your use case, stopping to fill up at charging stations will make the journeys longer.
You can charge at home and reduce your reliance on public charging stations. According to one source, a level one charging station, requires 40 to 50 hours to get to 80% from empty, while a level two charging station requires four to 10 hours to charge to get to 80% from empty.
Should I Get a Fully Electric Car or a Plug-In Hybrid?
Should you buy a fully electric car or a plug-in hybrid? That’s another question to ask.
A plug-in hybrid has a battery — albeit smaller than the battery in a fully electric vehicle — and an internal combustion engine — albeit smaller than the engine in a traditional car.
According to one source, a plug-in hybrid can drive as many as 40 miles on electric-only mode before the gas engine kicks in. That might be sufficient for your needs and slay range anxiety.
But some people want to go fully electric without the compromise of a plug-in hybrid.
How Much Range Do I Need?
The range factor is all the rage when it comes to EVs. And some perform better than others.
If you drive long distances to work, an EV offering 150 miles of range before requiring a charging station stop might make for a miserable vehicle ownership experience.
The good news is many EVs offer tons of range. For instance, the Lucid Air Grand Touring can cover more than 500 miles on a single charge.
The price tag of about a quarter of a million dollars puts the Lucid outside the reach of most EV buyers. But you can get an EV offering 300 miles or more without breaking the bank.
Do I Need Home Charging?
Another thing to mull over is home charging. As was mentioned previously, charging at home means you won’t have to spend as much time at public charging stations.
You might need an electrician to upgrade your residential electrical system before installing an EV charging system at home.
Home charging might be difficult or impossible if you live in a condo, apartment, or rental unit without EV charging infrastructure.
Charging at home doesn’t mean you have to get a costly EV charging system. You can charge your EV using a regular electrical receptacle. It’ll take a long time, but it can be done.
But, again, consider hiring a licensed electrician if you plan to install an EV charging system.
Does an EV Fit My Lifestyle?
Let’s face it. EVs aren’t for everyone. While EVs are here to stay, that doesn’t mean they’re the right choice for you now or ever.
If you need a truck for serious towing over long distances, the pickings are slim in the EV space. Yes, the Chevrolet Silverado EV WT features 450 miles of range and can tow 10,000 pounds. But towing, especially in the winter, can dramatically slash the range.
If you’re a road-tripping enthusiast, factor that into your decision about what vehicle to get.
There are EVs with great range, but you’ll pay a premium. You’ll hate road trips if you get an EV with inadequate range since you’ll spend as much time charging as you do driving.
Is the EV Charging Network Where I Live Adequate?
Where you live is also a factor. EV ownership can be challenging if you live in an area lacking sufficient EV charging infrastructure.
You can offset such concerns if your EV has lots of range or if you have an EV charging system at home. But where you live is still something you must consider before buying an EV.
Consider Your Answers to These Questions
After asking and answering these questions honestly, you’ll know what to do.
EVs are here to stay. But just because they’re available now, doesn’t necessarily mean you’re ready for one. The great news is there are plenty of options available. So, if you want to take the plunge, there’s bound to be something perfect for you.
