If you’re thinking about ditching your internal combustion engine (“ICE”) vehicle for an electric vehicle (“EV”), you probably aren’t the only one wrestling with the decision. As the effects of more than a century of industrialization become clearer, countries around the world are pledging to cut their carbon emissions to help mitigate the fallout of human-caused climate change.
Zero-emission EVs are poised to play a significant role in global efforts to clean up the transportation industry and reduce the environmental pollution the sector causes. For a lot of consumers, especially those without significant amounts of disposable cash, deciding to buy an electric car is a major decision. There are plenty of things you should consider before purchasing an electric vehicle, according to the Better Business Bureau (“BBB”).
For starters, the range should be one of your first considerations. Unlike drivers of conventional cars who don’t have to worry about running out of fuel because the country’s network of gas stations is vast and widespread, EV owners do not have the same luxury. Ideally, the BBB says, the EV you choose should have enough range to cover your daily driving habits. Most EVs come with at least 200 miles of range on a single charge, which is more than enough for most people as the American driver drives an average of 39 miles per day. However, if you cover more distance in your daily travels, you should opt for an EV with a larger capacity and more range.
The next thing you should figure out is your budget, the BBB points out. Electric cars tend to be expensive because of the high costs associated with EV battery production. Although experts say you will end up saving on reduced fuel and maintenance costs, the initial purchase price can turn many drivers away from EVs.
Figure out how much you can easily spend on monthly payments, the BBB recommends, rather than spending your maximum loan amount. Furthermore, you can also take advantage of incentives that are designed to boost EV adoption by reducing purchase costs. These incentives include federal tax credits of up to $7,500, state credits and rebates, local incentives such as free charging stations and free parking, and even electric company incentives.
Finally, think about how you plan on charging your EV. If you have access to a private garage or driveway, you can install a Level 2 charger capable of adding around 25 miles of range for every hour of charging or a much slower Level 1 charger. Some offices install these EV chargers in their lots, so check to see if your employer has such a program. If you don’t have access to private charging facilities, look at the public charging infrastructure in your local area. How many charging stations are close to your home? How much will you pay to charge your EV?
Doing proper research into range, pricing, and charging infrastructure will determine whether you’re happy with your purchase at the end of the day. This research is vital whether you plan to buy an electric truck, such as those manufactured by Nikola Corporation (NASDAQ: NKLA), or any other vehicle made by EV manufacturers.
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