The automotive industry is undergoing a transformative shift as many consumers are making the switch to electric vehicles (EVs). EVs offer numerous benefits, from environmental sustainability to cost savings.
Transitioning to an EV requires careful consideration of multiple factors. The following list overviews key aspects of EV ownership and can help you make an informed decision based on your specific needs.
EV knowledge
Familiarize yourself with EV basics. Understand the differences between battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). Consider your daily, monthly and annual driving needs and evaluate each option.
Driving range
Evaluate the EV’s driving range when fully charged to ensure it aligns with your daily commute. We often think about a summer road trip for our driving needs, but it’s important to remember there are other options for infrequent, long-distance travel.
Home charging
Determine if you will need to install a Level 2 charger and if your home’s electrical system is compatible. By evaluating your whole home energy use, you can determine if electrical panel upgrades are necessary for a Level 2 system. Level 1 chargers typically do not require upgrades.
Public charging options
Research the availability of public charging stations along your typical routes.
Cost comparisons
Compare EV prices from multiple dealerships. Sticker prices are higher upfront, but EVs have proven to be cost effective due to reduced maintenance and fuel costs.
Financial incentives
Explore federal, state and local incentives available for EV purchases.
Maintenance
EVs typically require less maintenance than conventional vehicles, which can lead to long-term savings. EVs have far fewer moving parts than combustion-engine vehicles, resulting in a streamlined maintenance experience.
Battery warranty
Ensure the EV battery includes a substantial warranty. Most manufacturers offer 8-year warranties (or up to 100,000 miles).
Insurance implications
Consult with your insurance provider to review potential changes to your policy when owning an EV.
Fees
Some plug-in EVs are subject to additional fees to compensate for road tax revenue that is typically collected from gasoline taxes. Additionally, you may have to pay a higher vehicle registration fee for EVs and hybrid vehicles. It’s important to be aware of these potential fees when considering the total cost of ownership.
EV ownership offers many benefits. EVs are exempt from certain inspections due to their lack of an internal combustion engine, and they require no oil changes, leading to lower maintenance costs. And, owning an EV is a fun experience.
