Is an Electric Vehicle Right for You?

4/20/2022 2 minute read

4 Benefits of Electric Vehicles (and 3 Potential Drawbacks)


Gas prices are rising. But so is the price of cars. Is now a good time to invest in an electric vehicle (EV)?

It depends.



Signs It’s Time for a Financial Check-up

 

Benefits of EVs

1. Goodbye Gas (Mostly)
The average American spends between $2,000 and $4,000 on gas every year. And since gas prices can be so volatile, that number is likely to be even higher this year. With EVs, you can run for more than 200 miles on a single charge. If you get a plug-in hybrid (PHEV), you can drive even farther — you just might need to add some gas to the tank to get you there. But you’ll still save lots on your gas bill.
 
2. Fewer Trips to the Mechanic (Probably)
Without oil, spark plugs, drive belts and plenty of other mechanical things, you don’t have to worry about servicing your vehicle as frequently. Also, current laws mandate that EV batteries come with at least an 8-year/100,000-mile warranty. So, if a problem arises during that period, you’re covered.
 
3. Good for the Environment (Definitely)
Probably the second most obvious benefit of EVs: they’re good for nature. Less smog, carbon dioxide emissions and guilt come standard.
 
4. Tax Incentives (Exciting!)
Since EVs are still relatively new, you can get tax credits, local incentives and even special parking privileges in many states. Check your local laws to see what you can expect.


 

Drawbacks of EVs 

1. $$$
Like most cars right now, new EVs can be expensive. And if you need a battery replacement outside the window of your warranty, you could be looking at thousands of dollars.
 
2. Range Concerns
Road trip? Long commute? Either way, range can be a real concern. Some older, used EVs might only be able to travel 100 miles before needing a charge. And extremely hot or cold temperatures can drain the battery even faster — as does high speeds, to all you speedsters out there.
 
3. Electricity Still Costs Money
It’s not a huge cost but owning an EV will likely increase your electricity bill. Most EV owners only see an increase of a few dollars a month, up to $20 at most. But installation of a faster charging station and frequent charging can add up.


If you think an EV is right for you, get started with an auto loan that has a competitive rate, flexible terms and a quick pre-approval process. Credit Human even offers a .20% rate discount for electric vehicles and hybrids.





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