Going Green – Does Buying an All-Electric Car Make Sense?
Going green is a noble idea – but, does buying an all-electric car make sense? Before you decide, you have to evaluate your needs, as well as if an all-electric car will serve your purpose. In other words…are you looking to save the environment, save money on gas by sending your own message to the oil companies, or do you simply like the idea of driving one? Whatever your motivation, you’ll first have to understand what your choice will mean to you and your car insurance company.
If you’re determined to buy an all-electric car, you probably already know the difference between EVs and HEVs, but just in case someone is stuck on the fence as to which one would make more sense for them, let’s go over the two.
All-electric vehicles or EVs are just that – all-electric. They require regular charging and have a limited range. Hybrid-electric vehicles, also known as HEVs, combine an internal combustion engine and a fuel-efficient electric motor under the hood. Your average daily commute, road conditions, and availability of charging stations should be prime considerations when making your decision.
Below are some of the things you should know before making your choice:
Pros of buying an all-electric vehicle:
• Doesn’t require gas – Oh, the joy of never having to fill up with gas ever again. Worrying about the soaring price at the pump will be a thing of the past with an all-electric vehicle.
• Good for the environment – You’ll be doing your part to reduce man’s carbon footprint by cutting down on pollutants coming out of your tailpipe.
• Doesn’t require oil changes – Because EVs don’t require regular oil changes, transmission fluid, and other maintenance needs associated with a standard-fuel-powered vehicle, you’ll have no extra costs as a result.
• Tax incentives available – EV owners can take advantage of some available tax incentives. According to the U.S. Department of Energy, electric vehicles purchased in 2010 or later may be eligible for a federal income tax credit of up to $7,500.
Cons of buying an all-electric vehicle:
• Limited range – Most all-electric vehicles have a limited range of travel – about 100-200 miles before recharging is needed. This could be a problem if you’re going on long trip. Planning ahead by locating and mapping recharging stations would be a wise thing to do. By contrast, most gasoline powered vehicles have an average range of 300-400 miles. Quite a difference if you’re in the middle of nowhere and your charge is about to run down.
• The logistics of charging – When your vehicle’s battery runs down, you’ll have to find a charging station quickly. Keep in mind, charging it back to its full capacity can take anywhere from four to eight hours, which means you’re stuck there until you’re good to go. In some areas, the stations are few and far between. Again, you may want to map out available charging stations along your route before setting out.
• Overall costs – Although you’ll be saving money because you won’t be buying gas every week, there are some operating costs aside from the initial price of the car. You’ll have to install a charging station at home, which could affect your home electric bill. According to Edmunds.com, the average cost for installing such a station can be about $2000. However, it could make you eligible for a federal income tax credit to partially offset the costs.
So, study the pros and the cons and see if an all-electric car is right for you.
One thing that is right for you is getting the best rate on your car insurance. Why not get a free car insurance quote today?
Do you own an all-electric car? Feel free to share your thoughts in the comments section below.