Summary
- Electric vehicles offer a driving range of 250-300 miles on average, with some models exceeding 500 miles per charge.
- The driving range of an electric car is influenced by factors such as driving habits, speed, weather, and charging method.
- Electric cars now come in various vehicle classes and offer features like passenger room, towing capabilities, advanced electronics, and safety features.
Driving an electric car is a completely different experience from driving a gas or diesel-powered vehicle. EVs require electricity to run, include fancy new features like regenerative braking, and expel zero emissions into the atmosphere. Electric vehicles are becoming the future of driving, and as they become more mainstream, we’re learning more about what it means to own an EV.
When you transition from a gas-powered vehicle to an electric car, some questions arise that you must answer. Are you within range of a charging station, and how well does that charging station work? How much will it cost to install an electric charging station in your home? Can you use all-electric chargers?
Using information from U.S. News & World Report, J.D. Power, and MyEV.com, we’ve got ten things everyone should know before owning an electric car. This should give you a better idea regarding your readiness to drive a car powered only by electricity.
1 Is The EV Driving Range Sufficient?
Current electric vehicles offer 250-300 miles of driving range on average. This applies to new models entering the market, with only a few exceptions. Tesla offers a full lineup of EVs with over 300 miles of driving range, and the Lucid Air sets the record with over 500 miles per charge. New models are entering the market each year with greater driving ranges than ever before. The new GMC Sierra EV is rated at 400 miles, which makes it a long-range electric truck.
EV Driving Range Is Impacted By Several Factors
Your new electric vehicle might be rated at 300 miles of driving range, but that’s not always what you’ll get out of your EV. Factors including driving habits, speed, weather, and interior climate settings can reduce the driving range. Additionally, when you recharge using a public DC Fast-Charging station, you can only charge to 80% of full capacity, which means 240 miles for the 300-mile EV.
2 Does The Electric Car Have Useful Features?
The earliest electric cars were small, offered minimal driving range, and weren’t meant for much more than daily commutes. The only exception was the Tesla Model S, which changed the market with upscale technology and room for more passengers. Today, electric vehicles are offered in almost every vehicle class.
Your EV Should Include:
- Enough passenger room for the whole family
- Vehicle-class capabilities (trucks show tow, SUVs should have ample cargo room)
- Advanced modern electronics
- A full slate of safety features
These are only a few of the items your EV must have to make it useful. Can you take your kids to school in the EV? Is this electric car good for carrying sporting equipment, strollers, or bringing a load of hardware home from the store?
3 Are Charging Stations Located Conveniently?
Electric vehicles have advanced quickly because of the at-home charging capabilities offered. The infrastructure of public chargers is struggling to become plentiful enough for the millions of EVs hitting the market, but most new EV owners are installing at-home charging stations to handle most of their charging needs.
Public Charging Stations Are Growing
Eventually, public DC Fast-Charging stations should be located no more than 50 miles apart on highways and become as plentiful as gas stations in urban areas. Still, the time it takes to recharge means you’ll spend more time plugged in than you would filling a gas tank. If you’re thinking about EV ownership, you’ll want to locate the charging stations in your area before you buy the vehicle.
4 How Much Will An At-Home Charger Cost?
Many automakers offer to cover the cost of an at-home charger and its installation when you purchase an electric car. There is a catch to this: although this charger enables you to enjoy 240-volt Level 2 charging capabilities, you must have the 240-volt outlet present for the at-home charger to be plugged into it.
Cost to Install 240-Volt Plug
- Side of House – $1,738
- Detached Garage Location – $6,920
- Inside Garage – $2,150
- Attached Garage – $3,796
- Townhouse Parking Space – $4,450
- Townhouse With HOA – $3,850
These installation figures are based on a Cars.com study of six different home situations, which shows that adding an at-home charger isn’t free. Many automakers cover the cost of the charger and the service visit to plug in the charger to the 240-volt outlet. Homeowners must cover the cost of installing this added plug, which runs on the same power as a typical clothes dryer.
5 Are There Any Incentives To Lower The Price?
Currently, the Inflation Reduction Act includes language that provides a one-time Federal EV Tax Credit of up to $7,500. Not all electric vehicles qualify for this tax credit, and restrictions and regulations are only getting more difficult for automakers to ensure their EVs qualify for this credit.
Are There Price Restrictions On The Tax Credit?
SUVs and pickup trucks priced $80,000 or less can qualify for up to $7,500, while electric cars have a $55,000 MSRP ceiling to qualify. This means most EVs from BMW, Mercedes-Benz, and Audi are unlikely to quality. Additionally, the language says “up to,” which means new owners must owe at least $7,500 in federal taxes to take advantage of the full tax credit. Some states also offer tax credits when owners purchase EVs or PHEVs.
6 How Long Should I Expect To Own An Electric Car?
EV batteries lose range over time because of reduced capacity from continuous usage and charging. Much like a smartphone, the batteries will eventually wear out. Most automakers cover the battery cells for eight years or 100,000 miles, which could be enough coverage for many owners to enjoy EV driving.
How Much Does It Cost To Replace An EV Battery?
An EV battery pack is the most expensive component to replace, much like the engine block and transmission of a traditional ICE vehicle. Typically, replacing the EV battery costs between $5,000 and $15,000 depending on the model. Battery pack replacement costs could become a serious issue when more EVs enter the used car market or are returned after the initial lease term, but shouldn’t be a longstanding issue for most new EV owners.
7 How Much Does It Cost To Insure An Electric Car?
Most electric cars include the most advanced safety systems, have fewer moving parts, and could be safer than ICE vehicles. Still, the average cost to insure an electric car is 21% higher than the average for gas-powered vehicles. This increased cost is related to the cost of repairs, especially if the battery pack becomes damaged.
Insurance Costs More, But Maintenance Costs Less
It might cost a lot to replace an EV battery pack, and insurance premiums are significantly higher for EVs than ICE vehicles, but maintenance costs are much less. Electric cars have fewer moving parts and don’t require as many fluids to operate as ICE vehicles. This means fewer trips to the dealership for regular maintenance and less time with the car at the repair shop.
8 Will I Still Need An ICE Vehicle As A Backup?
Automakers continue to discover new ways to add more driving range to electric cars, with solid-state batteries expected to be the next big thing. If Toyota meets its goal of offering 745 miles of EV driving range in an affordable manner, these new batteries could change the game entirely. Currently, driving range limitations and the 80% rule for Level 3 DC Fast-Charging stations severely limit using EVs for long road trips.
What’s The Right Alternative For Road Trips?
Most EVs offer ample driving range for daily commutes and overnight charging but aren’t great for road trips with the family. No matter how much you ask for patience, it’s difficult for kids to understand the need to stop and wait for batteries to charge. A good alternative for road trips is a hybrid-powered vehicle or an ICE model.
9 Should I Buy A New Or Used EV?
Electric vehicles are much more expensive than ICE models. The average new gas-powered vehicle costs $48,000, while the average EV costs $66,000. This is a significant difference and can be difficult for some drivers to fit into their budgets. In this case, a used EV could be the right answer. In fact, the Federal EV Tax Credit is offered for used vehicles and offers up to $4,000 in credits.
Could Leasing Be The Right Option?
Another option, and a great way to save some money in monthly payment costs, is to lease an electric vehicle. A lease doesn’t allow owners to take advantage of the Federal EV Tax Credit but can save drivers money in monthly payment costs and enable them to upgrade to a new model every three or four years. With the speed of technology, this could be a fantastic way for drivers to enjoy the benefits of an electric car.
10 What Should I Know About EV Maintenance?
Overall, electric cars require less maintenance than gas-powered cars. The friction brakes last longer because all EVs are equipped with regenerative braking to assist with stopping the car. An EV’s battery and motor can last longer than the life of the car in some cases. The long warranty coverage could cover battery replacement when this system fails.
How Much Does it Cost To Refuel An EV?
The cost of electricity varies from one state to another but is typically much cheaper than gas vehicles. In almost all cases, charging an electric car at home is much more affordable than using public chargers. Some automakers still offer free charging for a limited time at specific chargers, but this could end soon. Overall, it’s much more affordable to charge an electric vehicle than to drive a gas or diesel-powered car.