{"id":8528,"date":"2024-11-25T13:58:22","date_gmt":"2024-11-25T13:58:22","guid":{"rendered":"https:\/\/finderica.com\/ev-buying-guide-know-the-basics\/"},"modified":"2024-11-25T13:58:22","modified_gmt":"2024-11-25T13:58:22","slug":"ev-buying-guide-know-the-basics","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8528","title":{"rendered":"EV Buying Guide: Know the Basics"},"content":{"rendered":"<div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Electric vehicles have surged in popularity in recent years, as more car buyers have turned to EVs over traditional gas-powered vehicles. In the third quarter of 2024, Kelley Blue Book reported that EV sales in the U.S. grew by 11% year over year.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">With EV adoption continuing to climb, car makers have responded by introducing a growing lineup of electric cars, SUVs and trucks. If you\u2019re considering making the switch to an EV, this guide provides all the basics you\u2019ll need to know.<\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"what-is-an-ev\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">What is an EV?<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The simple answer is that EVs are powered by electricity, either totally or partially, instead of gasoline or diesel. Their electric motor draws power from a battery that can be charged from an external source. Some vehicles use a combination of electricity and gasoline (more about that later). <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The first small-scale electric cars date back to the 1830s, and around the turn of the 20th century some of the first consumer models were electric. Interest in electric vehicles resumed in the 1970s. With technological advancements, environmental awareness and government incentives, the appeal and accessibility of EVs since then has steadily grown.<\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"how-do-electric-cars-work\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">How do electric cars work?<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">EVs operate by using a battery or batteries \u2014 often called a battery pack \u2014 to store electrical energy that powers an electric motor to turn the wheels. The battery is charged by plugging into a power source, such as a wall outlet at home or a public charging station.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Most EVs use regenerative braking, meaning when a driver steps on the brakes, kinetic energy is captured and put back into the battery. Regenerative braking helps minimize energy consumption, improves battery range and reduces brake wear and tear.<\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"what-do-bev-phev-and-hev-mean\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">What do BEV, PHEV and HEV mean?<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">There are three main types of electric vehicles on the market, and you\u2019ll hear them referred to by the acronyms BEV, PHEV and HEV. Each one operates differently.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<ul data-currency=\"List\" class=\"_2cGsD8\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">BEV<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> stands for battery electric vehicle. BEVs are fully electric vehicles powered exclusively by a large battery pack and electric motor.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">PHEVs<\/span><\/span><span class=\"_28z5Fp _3-to_p\">, or plug-in hybrid electric vehicles, use both an electric motor and a gasoline engine, with a limited electric-only range. PHEVs can be charged to go about 20 to 40 miles using only electricity, and then gas adds another 300 to 500 miles.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">HEVs<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> are hybrid electric vehicles. They combine a small battery, gasoline engine and one or more electric motors, but they don\u2019t plug in to recharge. Instead, the battery is recharged by regenerative braking and the gas engine.<\/span><\/p>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"_3VJt4n\">\n<div>\n<div>\n<div class=\"_3wlVa6 _2247K8 _3eCw6n\">\n<div class=\"_2uEIe_ BgIPML _3qs3CC paYFr8 _2bu9WG _1voSX6 _3xUsF1 _1sDoBL _119vwC _2R3hDK tyIZrI lending-customizable-marketplace-rate-table\">\n<p><span class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\">Check our partners where you can buy a car<\/span><\/p>\n<div class=\"carousel has-dots\">\n<div class=\"slick-slider slick-initialized\" dir=\"ltr\"><button class=\"slick-arrow slick-prev slick-disabled\" type=\"button\"><svg viewbox=\"0 0 2048 2048\" aria-hidden=\"true\" class=\"_2ulGkX\" fill=\"currentcolor\" focusable=\"false\"><path d=\"M1255 1732l-718-718 718-718 113 113-605 605 605 605z\"><\/path><\/svg><\/button><\/p>\n<div class=\"slick-list\">\n<div class=\"slick-track\" style=\"width:150%;left:0%\">\n<div data-index=\"0\" class=\"slick-slide slick-active slick-current\" tabindex=\"-1\" aria-hidden=\"false\" style=\"outline:none;width:33.333333333333336%\">\n<div>\n<div class=\"_3VcUZK\">\n<div class=\"PIqV0k wnPEbn _2yNXXf\">\n<div class=\"_2uEIe_ _2urZgm ebRntp _2xadhC _2VMe8U _2QHQFI PIqV0k wnPEbn _2lZbKL BgIPML paYFr8 _1voSX6 oE4ByK _3AGHp4\">\n<div class=\"PIqV0k wnPEbn\">\n<div class=\"_2vcpA4 PIqV0k wnPEbn\">\n<figure class=\"_3ngNGS _3pP8oC\">\n<div class=\"xkItPk\" style=\"background-color:transparent\">\n<div class=\"_30SBGi x6Nm1J\"><\/div>\n<\/div>\n<\/figure>\n<\/div>\n<\/div>\n<div class=\"PIqV0k wnPEbn _2w4PM3 _2TtTbq\">\n<p><span class=\"_3P4ktl TS4Kq- _28z5Fp _2G3s3O\" data-currency=\"Text\">Used and New Car Shopping<\/span><span class=\"_21EZtY TS4Kq- _3_uGsM _28z5Fp _2G3s3O\" data-currency=\"Text\">Compare car models and get upfront pricing with TrueCar&#8217;s digital marketplace. Experience full digital buying with TrueCar+, which offers seamless auto financing, and explore options to sell or trade in with True Cash Offer.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div data-index=\"1\" class=\"slick-slide slick-active\" tabindex=\"-1\" aria-hidden=\"false\" style=\"outline:none;width:33.333333333333336%\">\n<div>\n<div class=\"_3VcUZK\">\n<div class=\"PIqV0k wnPEbn _2yNXXf\">\n<div class=\"_2uEIe_ _2urZgm ebRntp _2xadhC _2VMe8U _2QHQFI PIqV0k wnPEbn _2lZbKL BgIPML paYFr8 _1voSX6 oE4ByK _3AGHp4\">\n<div class=\"PIqV0k wnPEbn\">\n<div class=\"_2vcpA4 PIqV0k wnPEbn\">\n<figure class=\"_3ngNGS _3pP8oC\">\n<div class=\"xkItPk\" style=\"background-color:transparent\">\n<div class=\"_30SBGi x6Nm1J\"><img decoding=\"async\" alt=\"CarsDirect - Car Purchase\" title=\"CarsDirect - Car Purchase\" class=\"Zsn_9Z\" src=\"https:\/\/www.nerdwallet.com\/cdn\/nodeapp\/auto-loans-client\/img\/CarsDirect.svg\" style=\"object-fit:contain\"><\/div>\n<\/div>\n<\/figure>\n<div class=\"_28CJ7N _2_Pyfm\">\n<p class=\"TS4Kq- _3VmbAf _28z5Fp\">CarsDirect &#8211; Car Purchase<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"PIqV0k wnPEbn _2w4PM3 _2TtTbq\">\n<p><span class=\"_3P4ktl TS4Kq- _28z5Fp _2G3s3O\" data-currency=\"Text\">Used and New Car Shopping<\/span><span class=\"_21EZtY TS4Kq- _3_uGsM _28z5Fp _2G3s3O\" data-currency=\"Text\">CarsDirect offers a wide range of new and used vehicles through an extensive network of participating dealers. Additionally, they provide auto finance solutions with competitive rates and support for all credit scores.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div data-index=\"2\" class=\"slick-slide\" tabindex=\"-1\" aria-hidden=\"true\" style=\"outline:none;width:33.333333333333336%\">\n<div>\n<div class=\"_3VcUZK\">\n<div class=\"PIqV0k wnPEbn _2yNXXf\">\n<div class=\"_2uEIe_ _2urZgm ebRntp _2xadhC _2VMe8U _2QHQFI PIqV0k wnPEbn _2lZbKL BgIPML paYFr8 _1voSX6 oE4ByK _3AGHp4\">\n<div class=\"PIqV0k wnPEbn\">\n<div class=\"_2vcpA4 PIqV0k wnPEbn\">\n<figure class=\"_3ngNGS _3pP8oC\">\n<div class=\"xkItPk\" style=\"background-color:transparent\">\n<div class=\"_30SBGi x6Nm1J\"><img decoding=\"async\" alt=\"Edmunds - New Purchase\" title=\"Edmunds - New Purchase\" class=\"Zsn_9Z\" src=\"http:\/\/www.nerdwallet.com\/cdn\/nodeapp\/auto-loans-client\/img\/edmunds_logo_rgb.svg\" style=\"object-fit:contain\"><\/div>\n<\/div>\n<\/figure>\n<\/div>\n<\/div>\n<div class=\"PIqV0k wnPEbn _2w4PM3 _2TtTbq\">\n<p><span class=\"_3P4ktl TS4Kq- _28z5Fp _2G3s3O\" data-currency=\"Text\">Used and New Car Shopping<\/span><span class=\"_21EZtY TS4Kq- _3_uGsM _28z5Fp _2G3s3O\" data-currency=\"Text\">Edmunds.com is a leading online resource for automotive information, offering expert reviews, detailed pricing insights, and comprehensive car comparisons. They help car buyers make informed decisions by providing reliable data on vehicle features, costs, and market trends.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><button class=\"slick-arrow slick-next\" type=\"button\"><svg viewbox=\"0 0 2048 2048\" aria-hidden=\"true\" class=\"_2ulGkX\" fill=\"currentcolor\" focusable=\"false\"><path d=\"M825 1732l-114-113 605-605-605-605 114-113 718 718z\"><\/path><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"what-to-know-about-ev-charging\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">What to know about EV charging<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">For a novice EV buyer, one of the most important aspects to understand is charging and how that impacts your range.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Range is how far you can drive before needing to recharge. Factors like battery size and capacity, driving speed, outdoor temperature and tire condition affect your range. Most new BEVs have a range between 200 to 400 miles per charge, though it can vary widely.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">There are three levels of EV charging. Each uses different equipment, resulting in <\/span><span class=\"_28z5Fp _3-to_p\">EV charging times<\/span><span class=\"_28z5Fp _3-to_p\"> that can go on overnight or take 30 minutes or less for a full charge. <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<ul data-currency=\"List\" class=\"_2cGsD8\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Level 1<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> charging uses a standard 120-volt outlet found in most homes, and it adds about 5 miles of range per hour of charging. It\u2019s slower, and charging overnight will add about 40 to 50 miles of range.\u00a0\u00a0<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Level 2<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> charging requires a 240-volt outlet, which currently isn\u2019t found in most homes. If you want a level 2 charger where you park, you\u2019ll probably need to hire an electrician to install one. Away from home, about 3 in 4 public chargers are level 2. This charging level adds about 25 miles of range or more per hour.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Level 3<\/span><\/span><span class=\"_28z5Fp _3-to_p\">, also called direct-current (DC) fast charging, adds hundreds of miles of range in about 30 minutes. Some newer EVs can fully charge in less than 30 minutes using a fast charger.\u00a0 Typically, you\u2019ll only find these chargers at public charging stations due to their high-power connections.<\/span><\/p>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The public charging infrastructure in the U.S. is still somewhat limited, but it is growing. According to the Federal Highway Administration, as of August 2024 there were 192,000 publicly available charging ports, with about 1,000 new public chargers being added weekly. Semi-public charging stations, such as at workplaces or businesses, are also available.<\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"ev-battery-basics\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">EV battery basics<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Most BEVs and PHEVs are powered by lithium-ion batteries, but other types of batteries are used. Lithium-ion batteries are the most common because they charge faster, hold a charge longer and have a longer lifespan. Here are some common terms to know about EV batteries.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<ul data-currency=\"List\" class=\"_2cGsD8\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Capacity.<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> The amount of power stored in an EV battery is its capacity. Some EV manufacturers offer options for different battery capacities in the same make and model.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">KWh.<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> Capacity is measured in kilowatt-hours, or kWh. Capacity varies by vehicle, with smaller EVs at around 30 kWh and several larger ones over 200 kWh. A higher-capacity battery will take longer to fully charge, but you can drive farther without having to \u201cfill up\u201d again. EVs with lower-capacity batteries fully charge faster, but you\u2019ll have to charge more often.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">MPGe.<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> Electric vehicles have an MPGe rating, which stands for miles per gallon equivalent. It\u2019s used to compare energy use of EVs and PHEVs to cars without plugs. (PHEVs also have a gas-only miles-per-gallon figure for when the battery is spent.) According to the MPGe formula, using 33.7 kWh of power is equivalent to using 1 gallon of gas. So, an electric vehicle that travels 100 miles on 33.7 kWh would have a 100 MPGe rating.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">mi\/kWh.<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> Miles per kilowatt hour is a way to compare fuel efficiency from EV to EV. It reflects how many miles a vehicle can travel per unit of battery energy (kWh), and a higher number means greater fuel efficiency. Typical numbers range from 2.0 to 4.0 mi\/kWh.<\/span><\/p>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The <\/span><span class=\"_28z5Fp _3-to_p\">cost to replace an EV battery<\/span><span class=\"_28z5Fp _3-to_p\"> when it\u2019s out of warranty can vary widely \u2014 from $5,000 to about $20,000. However, battery prices have been declining due to advances in technology and production.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The good news is that it\u2019s unlikely you\u2019ll ever need to replace an EV battery, because they\u2019re designed to last \u2014 often a decade or more. Following manufacturer guidelines, including charging to only 80% full, can help extend battery life. And auto manufacturers offer battery warranties from 8 to 10 years or around 100,000 miles, which covers any significant reduction in capacity.<\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"what-are-the-benefits-of-driving-an-ev\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">What are the benefits of driving an EV?<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<ul data-currency=\"List\" class=\"_2cGsD8\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Fuel savings.<\/span><\/span><span class=\"_28z5Fp _3-to_p\">\u00a0 EV charging costs are generally lower than buying fuel for a gas-powered vehicle, especially if you charge at home. You may pay several thousand dollars upfront to install a level 2 charger, but over time fuel savings can add up. Actual cost depends on factors like the electricity rate where you live. An estimate for charging at home in a state with the lowest electricity rate is around $2.80 to add 100 miles of range.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Eco-friendly transportation.<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> Fully-electric EVs produce no tailpipe emissions, reducing air pollution and greenhouse gases. PHEVs and HEVs have reduced emissions compared to gas cars, because they run on electricity part of the time.\u00a0<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Lower maintenance costs.<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> BEV batteries and motors require little to no maintenance, and there are fewer moving parts to break. Also, there are fewer fluids, such as engine oil, that need to be changed. PHEVs and HEVs do have combustion engines, but the electrical system requires little maintenance. Also, the brakes on EVs tend to last longer thanks to regenerative braking.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\"><\/ul>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Of course, there can also be downsides. If you\u2019re traveling, finding a charging station isn\u2019t as easy as finding a gas station, and it will take you longer to fill up \u2014 what takes a few minutes with a gas car can take more or even hours with an EV.  <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Also, EVs are new enough that they tend to come with an element of the unknown, with many makes and models having a short track record. In a recent Consumer Reports survey of car owners, EVs from the last three model years had 79% more problems than gas-powered vehicles.  <\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<div class=\"_3F4NeT\">\n<div class=\"_3ywkBY\" role=\"button\" tabindex=\"0\">\n<figure class=\"_3ngNGS\">\n<div class=\"xkItPk\" style=\"background-color:#F7F7F7\">\n<div class=\"_30SBGi x6Nm1J\"><img decoding=\"async\" alt=\"Video preview image\" class=\"Zsn_9Z\" src=\"https:\/\/i.ytimg.com\/vi_webp\/5pG8PB7zdWo\/sddefault.webp\" srcset=\"https:\/\/i.ytimg.com\/vi_webp\/5pG8PB7zdWo\/mqdefault.webp 320w, https:\/\/i.ytimg.com\/vi_webp\/5pG8PB7zdWo\/maxresdefault.webp 1280w, https:\/\/i.ytimg.com\/vi_webp\/5pG8PB7zdWo\/default.webp 120w, https:\/\/i.ytimg.com\/vi_webp\/5pG8PB7zdWo\/hqdefault.webp 480w, https:\/\/i.ytimg.com\/vi_webp\/5pG8PB7zdWo\/sddefault.webp 640w\" fetchpriority=\"high\"><\/div>\n<\/div>\n<\/figure>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"what-to-consider-when-buying-an-ev\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">What to consider when buying an EV<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">When deciding whether to buy an EV or choosing the best make and model for you, here are some things to think about:<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<ul data-currency=\"List\" class=\"_2cGsD8\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Range needs.<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> Do you mainly drive around town or take long trips? How much range will cover your driving habits?<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">Charging access.<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> Consider how you\u2019ll charge. Are public charging stations convenient? (Apps like PlugShare can help you find public charging and check the cost.) What about at work? Are you okay with overnight charging at home, or will you need to install a level 2 charger? And when shopping for EVs, check what charging levels they support, since some aren\u2019t compatible with the high voltage of level 3 chargers.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">BEV vs PHEV vs HEV.<\/span><\/span><span class=\"_28z5Fp _3-to_p\"> BEVs are the most eco-friendly, but with no gasoline option, they\u2019re best for driving short to medium distances. HEVs have better fuel economy than gas-only vehicles, and you don\u2019t have to bother with a plug, but their electric range is shorter than other EVs. PHEVs have a longer range than HEVs and the advantage of a gas option for longer trips.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\"><span class=\"_3VmbAf _28z5Fp _3-to_p\">New or used. <\/span><\/span><span class=\"_28z5Fp _3-to_p\">Buying a used EV<\/span><span class=\"_28z5Fp _3-to_p\"> can have advantages, the obvious being lower cost. According to Cox Automotive, the average transaction price of a new EV in the third quarter of 2024 was $56,328, compared to $37,260 for a used one.\u00a0 A new EV, on the other hand, has the latest safety and technology features, full warranties and higher incentive savings. If you do buy a used EV, take time to get a professional inspection with a test of the battery health, especially if the battery is no longer under warranty.<\/span><\/p>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">As with any vehicle purchase, you\u2019ll also want to check safety ratings from the National Highway Traffic Safety Administration (NHTSA) and Insurance Institute for Highway Safety (IIHS). And as there are electric options across most all vehicle segments \u2014 coupes and sedans, hatchbacks and SUVs, trucks and vans \u2014 think about your budget, safety features, in-car tech, cargo or trunk space, seating capacity and drivetrain needs.   <\/span><\/p>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"the-cost-of-buying-and-financing-an-ev\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">The cost of buying and financing an EV<\/span><\/h2>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">You can find some <\/span><span class=\"_28z5Fp _3-to_p\">EVs that cost less than $40,000<\/span><span class=\"_28z5Fp _3-to_p\">. On the other end of the spectrum, luxury models can be well over $100,000. And, while the gap is closing, EVs continue to be more expensive than their gas-powered counterparts.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">The trade-off for a higher purchase price is savings from lower fuel and maintenance costs over time. A study by Consumer Reports found that EV owners save an average of $6,000 to $10,000 over the lifetime of their vehicle compared to gas-powered cars.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">There\u2019s also a <\/span><span class=\"_28z5Fp _3-to_p\">federal EV tax credit<\/span><span class=\"_28z5Fp _3-to_p\"> of up to $7,500 on the purchase of a new electric vehicle; used electric car buyers may qualify for up to $4,000. And you can choose to transfer the credit to an eligible dealer in order to realize an immediate discount at the point of sale. (All that said, fewer cars are qualifying for the benefit as battery manufacturing restrictions tighten, and the very existence of the credit faces political maneuverings in Washington.)<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Beyond the purchase price, you\u2019ll want to factor in other <\/span><span class=\"_28z5Fp _3-to_p\">EV ownership costs<\/span><span class=\"_28z5Fp _3-to_p\"> such as charging equipment, electricity and insurance. And there are a few simple steps you can take to possibly lower your upfront and ongoing expense even more.<\/span><\/p>\n<\/div>\n<div class=\"_3VJt4n\">\n<ul data-currency=\"List\" class=\"_2cGsD8\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">If you\u2019ll be financing, take time to shop lenders and compare to find the lowest interest rate. Some lenders offer <\/span><span class=\"_28z5Fp _3-to_p\">electric car loans<\/span><span class=\"_28z5Fp _3-to_p\"> or green loans that have rate discounts or enable you to include the financing of a home charger.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Get a <\/span><span class=\"_28z5Fp _3-to_p\">preapproved auto loan<\/span><span class=\"_28z5Fp _3-to_p\">, and if you&#8217;re buying from a car dealer, ask them to beat your preapproved rate.\u00a0<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">If you must stick to a certain monthly car payment, use an <\/span><span class=\"_28z5Fp _3-to_p\">auto loan calculator<\/span><span class=\"_28z5Fp _3-to_p\"> to determine what interest rate and loan term you\u2019ll need to stay within budget.<\/span><\/p>\n<\/div>\n<\/li>\n<li class=\"_3ho7K- _1pCihN olf-Ig\">\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">Use online buying guides like Kelley Blue Book and Edmunds to make sure you aren\u2019t overpaying for the vehicle itself.<\/span><\/p>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"_3P4ktl zeCuXk _28z5Fp _1My7YX\" data-currency=\"Text\" id=\"making-the-switch-to-an-ev\"><span class=\"_3P4ktl zeCuXk _28z5Fp _3-to_p\">Making the switch to an EV<\/span><\/h2>\n<div class=\"_3wlVa6 _2247K8\">\n<p class=\"_28z5Fp _3-to_p\"><span class=\"_28z5Fp _3-to_p\">If you\u2019ve always driven a completely gas-powered car, replacing it with an EV can feel like a big decision. But going electric can pay off with long-term savings and the knowledge that you\u2019re helping the environment. If you decide electric driving is right for you, understanding the various aspects of EV ownership can give you confidence in your decision and make the transition a smooth one.<\/span><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.nerdwallet.com\/article\/cars\/car-shopping\/ev-buying-guide\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Electric vehicles have surged in popularity in recent years, as more car buyers have turned to EVs over traditional gas-powered vehicles. In the third quarter of 2024, Kelley Blue Book reported that EV sales in the U.S. grew by 11% year over year. With EV adoption continuing to climb, car makers have responded by introducing<\/p>\n","protected":false},"author":1,"featured_media":8529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[195],"tags":[1247,1343,265],"class_list":{"0":"post-8528","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-basics","9":"tag-buying","10":"tag-guide"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8528"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8528\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/8529"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}