Electric vehicles (EVs) are creating quite a buzz these days! New tax credits and incentives coming down the pike AND top manufacturers are investing big bucks in EV-related projects. Soon, more and more drivers will be trading in their gas guzzlers for a plug-in ride.
But should you jump on the EV bandwagon? Here, we lay out some of the top pros and cons so you can make the best decision.
Standard vehicles need their oil changed on a regular basis, but EVs are no-oil-required. This could add up to big savings throughout the life of your vehicle, potentially up to $1,500 in your first 150,000 miles. Electric motors also don't have as many components as traditional motors, which can mean less trips to the mechanic for replacements.
EV manufacturers are also required to warranty the batteries for up to eight years or 100,000 miles, whichever comes first. This means less time in between battery replacements, keeping that wallet happy.
The biggest perk of driving an EV is no need to swing by the gas station for fuel ups. The average American spends up to $5,000 a year on gasoline, and we're sure you could dream up a whole laundry list of ways to spend (or save) that money instead!
Compare that to an average of $8 per charge if you re-jolt your EV at home. Even if you opt for a hybrid vehicle, you'll still save a lot more at the pump than a standard car or truck.
Climate change is so hot right now (no pun intended), and everyone's looking for the best way to reduce that carbon footprint. EVs emit absolutely zero CO2 and greenhouse gasses. And that's pretty drastic, considering the average traditional vehicle emits about 4.6 tons of CO2 every year!
One of the downsides of owning an EV is being chained to that darn plug. If you're charging up at home using a standard outlet, it could take up to two whole days for your car to go from zero power back up to 100%. Even the zippiest charging stations could have you waiting up to a half an hour.
It takes just a couple of minutes to fuel up at the pump. You could even grab all your favorite snacks at the quickie mart before that EV across the street is ready to roll. So if saving time is important in your world, an EV might not be the car for you.
Although EVs have a ton of money-saving benefits over the long run, they'll cost you significantly more than a standard car or truck up front. The average EV costs roughly $10,000 more than a regular vehicle, which might not be budget-friendly for every driver.
However, the new EV tax credit could put up to $7,500 back into your pocket. Your state may also have its own tax credits and EV purchase incentives, so make sure to do your research!
If you love to roam around the country in your car, an EV might put a damper on your plans. Trekking through backcountry roads? Good luck finding a charging station! Even though more are popping up each day as EVs become more popular, they're still few and far between in remote areas.
Standard fuel-powered vehicles also allow you to drive more miles at a time compared to an EV. If you're road tripping in an EV, prepare to cover less ground per charge than a traditional vehicle can per tank of gas.
Guess what? The President can't impact EV policy much...but your local & state government reps can! Here’s three small things you can do that make a BIG impact:
