EVs are the fastest-growing segment of the car market. While the upfront investment is higher than a traditional gas-powered vehicle, many buyers can reduce those costs with rebates and savings on fuel and maintenance. EVs also emit far fewer harmful gases into the atmosphere, helping to combat climate change.
But making the switch to an electric vehicle is a big decision, and there are lots of things to consider before pulling the trigger. This article outlines the pros and cons of EV ownership and helps you decide whether an electric car is right for your needs.
How much an EV will cost you depends on how often you drive it, your electricity rates and where you charge it. However, it’s possible to replace a quarter of your annual gasoline budget with an equivalent amount of electricity for the same driving distance.
EV battery prices are falling, and new models with longer ranges and lower charging times are entering the market. This will likely make EVs more affordable than ever. You may also be eligible for dealership instant tax credits of up to $7,500, depending on your state.
Before buying an EV, think about how many miles you’ll drive per day or week, and how frequently you take longer trips, such as visiting family. Some EVs Buy electric cars have so much range that you’ll never need to worry about running out of power, while others have a limited range and require planned stops at public charging stations.
In addition, if you’re a commuter, consider how much time you spend waiting at traffic lights. Many EVs have quick acceleration and can get you up to highway speed in no time, and some offer one-pedal driving that allows you to accelerate or slow down with just the pressure of your foot on the accelerator pedal.
You’ll also want to consider any potential home improvements that would allow you to add an EV charger, how long you’ll be spending at work or school each day and whether your community has public charging stations. Then use our EV search tool to find the best models for your lifestyle.
NerdWallet writers are subject matter experts who use primary, trustworthy sources to inform their content. This includes peer-reviewed studies, government websites and academic research. All our writing is fact-checked and edited for clarity and timeliness.
NerdWallet is an independent, non-profit organization that helps consumers make smart financial decisions. Our team is compensated for its work, but our advice is always unbiased. This article has been independently reviewed and written by the editorial staff at NerdWallet. It is not provided by any financial institution and is not intended to be a substitute for professional advice. If you have questions about the products and services featured on our site, please contact us. For more information, read our editorial guidelines.