Is an Electric Vehicle Right for You?

If you’re in the market for a new car, you may have a lot of questions about electric vehicles (EVs). Are they good or bad for the environment? Are they affordable or expensive? Are they easy to charge? But all these questions really boil down to one bigger question: Is an electric vehicle the right vehicle for you? 

Let’s look at the different aspects of purchasing and owning an EV to determine what you need to assess before you invest in one. 

Factors to Consider for an EV Purchase 

Price 

For quite a while, electric vehicles were always more expensive than gas-powered ones. However, EVs have begun falling in price over the past few years. According to Kelley Blue Book’s parent company, Cox Automotive, the average price of EVs fell about $14,000 from September 2022 to September 2023. They are still a bit more expensive than gas-powered vehicles, but only by about $2,800, so that price gap is gradually closing. 

When you start looking at electric vehicles, you may want to compare their prices to those of similar gas-powered vehicles. Is the gap between them within your budget? You should also research federal and state-level tax credits for purchasing an EV. In recent years, the federal tax credit program for EVs has offered up to $7,500 for new EV purchases and $4,000 for used ones. Tax credits can help you offset the cost of an EV if you want to purchase one.

Fuel Costs

An oft-touted benefit of purchasing and owning an EV is that the fuel costs become essentially nonexistent, and you don’t have to deal with perpetually fluctuating gas prices. 

Charging prices are often much lower than gas prices are at present, but public charging stations’ prices could get closer to gas prices’ current levels if more people start using them. However, charging an EV at home is much cheaper than buying gas, which often saves EV owners as much as $700 in fuel costs annually. 

Many manufacturers also offer incentives for shoppers who buy new electric vehicles. These deals usually take the form of either a discount of at-home charger installation, or credits for public charging at certain locations. 

EV Infrastructure

When you consider purchasing an electric vehicle, you need to consider how much EV infrastructure currently exists or will exist in the near future in the area where you live. Are you willing to invest in a home charging station? They usually cost around $2000 to purchase and install, but once you have it, you’ll be able to take advantage of the fuel cost savings mentioned above. Is anyone in your area qualified to install a home charger? Do mechanics in your area know how to work on an EV if it develops problems? If so, then it’s worth investing in one. 

One important thing that gas-powered cars have going for them is the fact that a lot of our current automotive infrastructure is built around them. No matter where you go in the U.S., you’ll always find a gas station somewhere. Meanwhile, EV infrastructure is still emerging, and not every area in the U.S. has a convenient public charging station yet. The amount of EV infrastructure in your area can influence your decision to purchase and own an electric car because it determines how often you can charge your vehicle, schedule repairs, and otherwise maintain your car. 

Maintenance 

Because battery electric vehicles have less moving parts and components than a car with an internal combustion engine, the overall maintenance costs can be significantly lower. 

An EV will never need an oil change, and because they employ regenerative braking, electric cars may not need their brakes serviced nearly as often. This can lead to hundreds, or even thousands of dollars in savings on routine maintenance. 

The major high-ticket item that an electric car may need serviced or replaced is the battery. If the EV battery goes kaput, it’ll cost quite a hefty sum to replace. However, most EV warranties cover the battery for a very long time, often up to 100,000 miles. What’s more, the Department of Energy has stated that, since the 2015 model year, the failure rate of EV batteries is less than 1%. 

Find Your Next EV in Stuart, FL 

If you’re not quite ready to go full-electric, we have multiple hybrids in our current new vehicle inventory. 

But, if you’re still curious about electric vehicles, give us a call today at (772) 283-8300, and we’ll walk you through how to apply for a federal tax credit, how to find public charging stations locally, and more. We can also help you choose the right financing options for your purchase, and you can even use our Toyota SmartPath program to purchase your EV online. Contact us online to learn more.