Pros and Cons Of Buying An Electric Vehicle. Are They Worth It?
Electric vehicles have been around for over a decade. But it is until recently that American buyers started to pay attention to this EV revolution.
In fact, 27% of Americans are now open to purchasing a hybrid car.
If you are still using a gas-powered car, we are not going to take that away from you. Internal combustion engine vehicles are not going anywhere. But an electric vehicle should be on your radar if you want to save money on gas and car maintenance
Related: Best Beater Cars For Your Money.
So many new companies are offering eco-friendly car options, which helps drive competition up and prices down. But don’t be fooled; electric vehicles aren’t cheap.
As a family, we have done extensive research into electric models because they promise big savings. And you know we are all about saving money. So we’ll go over some benefits and drawbacks of an electric vehicle, so you can make an informed decision.
Pros of electric vehicles
Benefit 1: Save money on gas
In a high inflation economy with gas prices nearing $4/gallon, saving money on gas becomes a priority. Evs are cheaper to charge than paying for gasoline at the pump.
How much can you save? Compared to a gas-powered car, you can save up to 75% of the cost of filling up a tank.
For example: If a normal car costs $50 to get a full tank, an electric car will cost less than $15.
Those savings amount to bigger numbers at the end of every month.
Benefit 2: Tax credit for new electric cars
When you purchase a plug-in electric vehicle in new condition, you can get a tax credit from the IRS.
The key word is brand new. Used cars are normally not eligible for this tax relief.
You could qualify for up to $7,500 in credit a few years ago. That has changed ever since electric motor vehicles have become more popular. If you want to check which cars qualify for tax credit relief, you can check out the plug-in electric drive vehicle credit website.
Getting a tax credit is useful when you have to pay taxes at the end of the year. But what’s even better is that you can save more on maintenance.
Benefit 3: Save money on maintenance
Another advantage of electric cars is that they’re cheaper to maintain than gas cars because you don’t have to change the oil, tune-ups are infrequent, and brakes last longer.
In addition, electric cars have far fewer fluids to check and replace than gas cars.
The cost savings of having a car with an electric motor should be factored when comparing the two.
The average tune-up runs about $100 every year. Plus oil changes.
So you can save substantial money when you go green.
Benefit 4: Climate change friendly
Plugin-in hybrid and all-electric cars help with reducing emissions. Those nasty little particles of burned gas that contribute to global warming and also damage your lunges.
You can feel better knowing you’re helping reduce pollution’s environmental impact because an electric car does not have any tailpipe emissions that create greenhouse gasses.
But also, keep in mind that the battery packs on these electric vehicles have to come from somewhere.
Factories that manufacture the batteries for companies like Tesla are known to create some greenhouse pollution on their own.
At the end of the day, using electricity as a form of renewable energy to power up your car will result in less contamination.
Benefit 5: Speed
Another advantage of owning an electric car like a Tesla is how fast they are.
The average Tesla can do 0-60mph in less than 3 seconds. That’s a lot of power!
The average driver won’t benefit much from that type of acceleration, with a few exceptions.
Passing other cars on the highway is a lot easier when you don’t have to wait for the engine to kick in after pressing on the gas pedal.
Driving an electric vehicle means you have full power, and you can safely pass other drivers quickly.
Cons of electric cars
Drawback 1: Charging on the road
The number one concern when buying a fully electric car is being stranded on the road with no power.
First, charging stations are becoming increasingly available in all cities. You can see them now even in regular gas stations.
If you want to check how many electric charging stations are in your area, head to this map.
Look for a Level 3 charging station when you need a quick refill. These stations offer fast charging, where you can fill up to 50% of your battery in 20 minutes or less.
Drawback 2: More expensive than gas-powered cars
You can find internal combustion vehicles for much less money than an electric car.
EVs are known to be more expensive, so you will need a bigger upfront investment. The money you spend buying will be offset by gas savings and less maintenance down the road. But if you don’t keep the car long enough to realize the savings from owning an EV, this can be a disadvantage.
Prices of some popular electric vehicles:
|Chevrolet Bolt EV||$32,000|
|Tesla Model 3||$48,000|
|Ford F-150 lighting:||$45,000|
|Hyundai Ioniq 5:||$51,000|
Drawback 3: Range can be limited
The limited range can be another one of the cons of owning an electric vehicle. Although the technology keeps advancing, currently, the range of electric cars is 300 miles (482.8 km).
That range is probably enough for the majority of drivers commuting to work. The average work commute is 60 miles.
For people that drive longer distances, 300 miles may not be enough. The best thing to do is to average the distance you travel on a weekly basis before purchasing.
But basically, if you’re a city driver, you’ll have enough range for daily trips. But if you like to go on road trips often, then a conventional vehicle may be a better option.
Drawback 4: Refueling an electric car takes time
A disadvantage of driving an electric car vs a gas-powered vehicle is that it takes longer to charge.
If you commute to work, this is not a problem because you can just plug in your car at night. It will take approximately 8 hours to fully charge.
But with battery technology improving every year, you can get up to 80% charge in 30 minutes if you use a fast charger.
A hybrid can be a better option if you typically make road trips. A hybrid can use the electric engine for most driving and switch to gas power when needed.
Are they really worth it?
Electric cars are becoming increasingly popular, but there are a few things to consider before purchasing one.
They are more expensive than traditional gasoline cars, so you’ll need to factor in the initial cost when deciding if an electric car is right for you.
But, they require less maintenance than gasoline cars, which can play to your advantage. Overall, electric cars are a great option for those who are looking for a more environmentally friendly option and don’t mind paying a little extra upfront.