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What to Know Before Buying an Electric Car

With gas prices higher than they have ever been, more and more people are choosing electric vehicles (EVs). But are they a good choice? Here’s what to know about electric cars before going this route:

What are some pros of owning an electric car?

The most obvious advantage of owning an electric vehicle is saving on fuel costs. Driving a car that runs on electricity instead of gasoline means saving money on a large expense category of your budget, month after month. Of course, the higher the cost of gas, the more you save. Right now, with most drivers experiencing pain at the pump, going electric is more popular than ever.

Another well-known advantage of driving an electric-powered car is the environmental benefits. Lower fuel emissions means a smaller carbon footprint on the environment, which is always a good thing.

Yet another advantage to EVs is their superior efficiency. EVs can convert more than 77% of their electric energy to power their wheels. In contrast, gas-powered cars can only convert 12-30% of the fuel stored in their gas tanks into driving power. 

What are some disadvantages of owning an electric vehicle?

There are several disadvantages to owning an EV to be aware of before making a purchase.

First, it’s important to note that the battery of every EV may need replacement sometime down the line. Federal regulations require automakers to cover the battery of their vehicles for a minimum of eight years or 100,000 miles, whichever comes first. Some automakers also cover battery degradation, which is when a full charge powers fewer miles than it should. However, if the battery dies after the warranty expires, the cost of replacing it, which can run from $5,000 and $16,000, will need to be covered by the owner. The good news is that, as EVs become increasingly more popular, they are also becoming less expensive to manufacture and the prices of their parts are decreasing as well.

Another disadvantage to owning an EV is being limited in the number of miles you can drive before you will need to recharge your vehicle. The number of miles you can drive on a full charge, also known as the vehicle’s range, will vary with each car. Most EVs will average 200 miles of range. While this will cover a daily commute, road-tripping in an EV will take some planning. Luckily, as electric cars become more commonplace, finding a charging station on a major highway is becoming a non-issue.

Can I charge my electric vehicle at home? 

Yes, you can charge your EV at home. Plug it in at night, and it will be ready to go in the morning. However, before ordering a Tesla, it’s good to be aware that the standard 110-volt wall outlet (Level 1 charging) is relatively slow, adding approximately four miles of range per hour. If you depleted a full 200 miles of range, it can take several days to fully recharge your vehicle. If you will be charging your car outside, be sure to verify your charging cord is designed for outdoor use. 

Most EV owners hire an electrician to install a 240-volt outlet in their garage. This allows for Level 2 charging, which can add 25 miles of range per charging hour. Be sure to get a reliable quote to know the cost of such work. 

How much does electricity cost?

Electricity, though much cheaper than gas, typically isn’t free. The exact price will vary by state, so check how much electricity will cost in your own home state before purchasing an EV. 

To save more on charging your EV, consider these points: Charging an EV at home is typically less expensive than charging it at a public charging station – unless, of course, you find one of those rare cost-free public charging stations. In addition, charging your EV overnight, or on the weekend will cost less than charging it at peak times, such as weekday afternoons and evenings. You may want to reach out to your utility company to learn exactly what it will cost you to charge your vehicle.

What kind of maintenance will my electric vehicle need?

A big bonus of owning an EV is having lower maintenance costs. Electric motors have fewer moving parts than gasoline engines. This makes EVs far easier to maintain than their gas-powered counterparts. In addition, many car parts, which generally need replacing after a while – like spark plugs, filters and oil – are irrelevant to EVs. This means fewer trips to the mechanic and significantly lower maintenance costs. 

How much will an electric vehicle cost?

All the convenience and long-term savings of an EV comes at a high price, and most of them have a higher starting cost than gas-powered cars. Of course, there is a large range, starting with the Nissan Leaf at just $27,400 and going all the way up to the Tesla Model 3 at $58,990.

Finance your next vehicle with a SeaComm Auto Loan! 

The process of applying for a Seacomm Auto Loan is simple, quick, and easy. You can even apply for a loan online or over the phone! As a member of SeaComm, you may already have a head start through our loan pre-approval program, LoanEngine™. This program allows you to view and accept loan offers without having to come into a branch or fill out an application. If you qualify for a pre-approved offer, you will be presented with it through our SeaComm mobile app or NetTeller™ in the “My Offers” tab, via email, and/or a letter through the mail.

You may accept offers immediately by following the prompts, or by contacting our call center at (800) 764-0566. Click here to login to your NetTeller™ to view your current offers! If you do not have any offers at this time, make sure to check back every 60 days.

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