Electric Vehicles, or EVs, have gained tremendous popularity in the last four years. Global EV sales have increased by 40 percent in the past few years. Most top brands have either started manufacturing EVs or are in the process of shifting gears. It is expected that more than 30 brands will be manufacturing EVs by 2024. Some of the standard features that one must know about an EV are its driving range, cost, battery life, and charging options.
The norms are fast changing, primarily due to global warming and increasing fuel prices. EVs are the future of the automobile industry, and most of our vehicles will be eco-friendly. If you are planning to buy an EV, then we must appreciate it is a great decision.
I think the public at large realizes that the world’s moving towards electric vehicles and that it’s foolish to actually buy a new gasoline car at this point because the residual value of that gasoline car is going to be very lowElon Musk
However, here are ten tips you must keep in mind before purchasing an EV.
1. Cost of Vehicles
Availability and cost are two major factors that make us look elsewhere. Most of us want to buy a Tesla when it comes to an EV. EVs might be environmentally friendly but they are not pleasant for your pockets. Most of us will have to look for a fat loan or break our banks. The cost is primarily due to complex electricals and their drive trail.
In addition, the battery components are costly as compared to fuel-driven vehicles. The basic EV will cost you more than any mid-segment car. Keep your budget in mind and adequate cash in hand before looking for an EV. You can also look for cash incentives and tax benefits when buying an EV. You get some incentives in your tax return for purchasing an eco-friendly vehicle.
2. Type of Electric Vehicles (EV)
EVs come not only come in various costs but in various ranges. The range is limited to the luxury and features and the type of EV. Generally, EVs are of three types.
- Battery Operated EV: These vehicles are standard EVs that drive power primarily from a battery. The battery is charged after a particular mileage and needs to be charged once it is down. You can correlate it to our mobile phones and how they are powered. Tesla is considered the best in this segment.
- Hybrid EVs: HEV combines a gas-driven engine with a battery-powered one. Here you can switch to battery or gas as per your requirement. A hybrid vehicle does not require a plug-in; it is powered by regenerated braking. Toyota Prius is considered one of the best hybrid EVs.
- Plug-in Hybrid EVs: These vehicles are very similar to Hybrid EVs. The main difference is a plug-in charge capability.
3. Battery Life
One of the most critical components of an EV is its battery life. A battery is the most expensive element and requires regular maintenance. Replacing the EV battery will surely make a big dent in your pocket. Make sure you have inquired about the battery life before buying an EV. In addition, also check the guarantee and warranty clauses before you finalize the deal.
Maintenance is a crucial aspect of any vehicle; the same goes for an EV. The efficiency of the car reduces without proper maintenance. EVs are comparatively easy to maintain due to lesser moving parts. However, the repair can be very costly in case of a breakdown. In addition, in case of an accident, the repair cost can be very expensive.
The future of the auto industry is electricUS President Joe Biden
5. Charging Infrastructure of Electric Vehicles
One of the essential requirements is a charging infrastructure. Most cities have adequate charging stations. However, many places are in the nascent stage of building the required infrastructure. Before deciding to buy an EV, do a detailed survey of the charging stations and their proximity to your residential area.
Creating your charging station at home will be very convenient if it is feasible. Although, it will require space, additional cost, and safety conditions.
6. Driving Range
The driving range of an EV is equivalent to the mileage given by gas-operated vehicles. Look for cars that give you extended mileage once fully charged. It will not only save your cost but will also reduce frequent battery charging hassles. Most manufacturers will provide a mileage figure taken in standard conditions; do not rely too much on what the company claims.
Look for vehicles that give you a minimum of 124 miles once fully charged. High-end cars can give you a range of 200-250 miles on a full charge.
7. Insurance Cost of Electric Vehicles
Insurance cost is another factor that you must consider before buying an EV. Most EVs have a high insurance cost as compared to gas-operated vehicles. It is a good option if your insurance company provides you insurance at the exact cost of those offered to gas-operated vehicles. In addition, also compare the coverages offered by the insurance company.
8. Free Software Updates in Electric Vehicles
The complex power train of an EV is fitted with advanced technology that requires regular software updates. Most manufacturers do provide frequent updates free of cost to their customers. However, it is reasonable to check the years your manufacturer has provided you with free service. Services also should include free installation of updated versions and improvements.
9. After-Sales Service of Electric Vehicles
Excellent after-sales service at a low cost is a good deal for any EV. Once you have bought an EV, your driving experience will depend on after-sales and services offered by your manufacturer. Most manufacturers provide free service for three to four years or until your vehicle is under warranty.
Many also give you an extended warranty with minimum cost but do compare it before making the deal. Look for trained professionals and reliable infrastructure in your city before you go for any brand.
10. Additional Costs
Before deciding on your EV and budget, including an additional cost that might be invisible to you. For example, the price of the vehicle is the visible component, but you will have to pay for registration, insurance, accessories, and a charging point installation. The overall cost can be much more than what you have estimated.
There are finance options available, but keep in mind the interest rate before getting into the deal. In addition, once you own the vehicle, it will cost you for its maintenance and spare parts.
An EV is a great option keeping in view the changing global trends. EVs are the future of motor vehicle technology until a better fuel version becomes available. Before buying an EV, figure out the available options and the cost; look for the mileage, charging options, and hybrid variants. In addition, you should also consider functionality and good after-sales service.
Buying an EV can be a tricky affair and sometimes confusing. We hope these ten facts will help you to pick the right EV. If you have more queries, let us know, and we will advise you.