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Should I Buy an Electric Vehicle?

If you are contemplating purchasing an electric vehicle, you aren’t alone. Electric vehicles (EVs) are quick, unique to drive, and have no emissions (from the tailpipe). Consumer interest in electric cars continues to grow, and many people have questions about them.

A big question is affordability. EVs tend to be pricey but can be more affordable to lease. There are state, local, and federal incentives to bring EVs to an affordable price point, including incentives to install home charging stations. In addition, EVs tend to cost less than gas cars to maintain because they have fewer moving parts and don’t need oil changes.

The U.S. Department of Energy also has a number of online tools, including the Vehicle Cost Calculator, that you can use to estimate how much you could save by switching to electric.

Charging considerations: Electric vehicle ownership tends to be easier if you live in a house vs. apartment. Apartment living can make owning and charging an EV difficult. While public stations are becoming more prevalent, the convenience of having a charging station at home makes EV ownership easier. You can use the Alternative Fueling Station Locator at the U.S. Department of Energy’s website to see if public charging stations are convenient for you.

Performance: EVs outperform gas-powered cars in these ways:

1. Immediate response and acceleration

2. No shifting gears

3. Less road noise

If you’re not ready to make the leap to a full electric vehicle, you may want to keep an open mind to hybrid options. Plugin Hybrid Electric Vehicles (PHEVs) have small electric batteries that can be charged nightly and will cover the range of most of Americans’ daily driving. When the car runs out of charge, it simply switches over to a gas motor.

Check out our blog “Your Guide to Choosing a New Car” for additional considerations when you’re car shopping. Vantage West can help with competitive auto loan options and a free Financial Review for all Members.

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