Seven Things to Consider Before Buying an Electric Car in 2024

Sustainability is the buzzword, and every sector around the globe is looking for ways to do its bit. The automotive industry is no different and has launched a massive initiative to make a significant impact. Electric vehicles, or EVs as they’re more commonly known, are an essential step toward creating a more sustainable future.

There are many aspects to consider before jumping on the EV bandwagon. Knowing what to look out for can save you a huge amount of time, money, and hassle. This post takes a closer look at these aspects and sheds some light on the best approach when you’re buying your first EV.

Understand the Range

The number one consideration to know is what electric car has the longest range. The term range refers to how far the car can travel on a full charge. Here you will need to assess how far you need your vehicle to travel per day on an 80% charge. Assess this by calculating the miles that you travel on an average day and then add a few extra for traffic congestion.

For drivers that don’t have any out-of-the-ordinary needs, a vehicle with a range of about 200 miles is ideal for general city use. If you stay within this range, you will only need to charge your vehicle every two to three days.

Assess Charging Time

Charging time refers to the time it takes for your vehicle to reach the required charge. You will need to know this so that you can plan time at the charging station and also avoid running out of power in the middle of the motorway. The most significant factor that will determine this is the power of the charging point. It’s essential to know that not all charging points are created equally.

Review the Battery Life

Since there’s no combustion engine in an EV, the most expensive component is the battery. You will, therefore, need to check the expected battery life on the EV model you’re considering. Most modern EV batteries last up to 186 miles, depending on the model and capacity. Battery capacity decreases over time, so at some point, you will have to replace the battery.

Always opt for a battery that has a considerable warranty. Most current manufacturers offer a minimum of eight years, with some offering considerably more. You may also want to opt for a maintenance plan.

Check for EV Tax Credits

EVs provide enormous environmental benefits since they are completely emission-free. Governments around the globe are using this as an incentive to encourage consumers to make the switch and are offering tax credits. Unfortunately, tax credits do not extend to all EVs, so you need to check this before making your final choice about which model you’re going to opt for. Tax credits can range from $4.000 and be as high as $7.500.

EV Parts Can be Harder to Source

You will generally save on overall maintenance as there are fewer moving parts. However, some EV parts can be difficult to find. Replacement batteries are very difficult to find and can be very pricey. On average, replacement batteries can cost between $5.000 and $20.000.

EVs Are More Costly to Insure

A little-known fact is that EVs typically cost more to insure than gas-powered vehicles of similar models. This mostly has to do with their higher initial cost. This makes them more expensive to replace in the event of an accident or theft, which means users will be looking at a higher premium.

It’s a good idea to speak to your current insurer so that you can establish the difference. This may be a deciding factor about the type of model you’re going to settle on and will be essential to review when you're applying for finance.

Home Charging Stations are Expensive

You may want to add a home charging station for your own convenience or because you live far from the nearest charging station. This can easily cost between $1.150 and $2.750, as you will need to have the station professionally installed. A change in this price range will take between four to ten hours to reach an 80% charge.

It's recommended that you use the local EV app to find the various charging stations close to your home and work. Check to see how busy they are on average, as this will help you determine whether a home charger may be more cost-effective in the long run.

Final Thoughts

Opting to buy an EV is an incredible way to make a huge impact on your personal sustainability goals. Not only will you be reducing the carbon emissions, but you will also be creating a positive impact on the environment. Use our guidelines and tips from other EV users to ensure that you make the most informed decision that benefits you in all aspects in the long run.