In the year 2020, electric vehicles are becoming more popular than ever. Tesla is setting the stage for a rapidly changing automobile industry. Deciding whether an electric car is right for you is very important based on your lifestyle and career. These are 5 reasons to decide if you should buy an electric car or not.
- Price: In the United States, the selection of cars has grown tremendously, but the price of an electric car is still higher than a conventional gasoline vehicle. Many auto brands now have at least one electric car model, but the most well-known electric car brand is Tesla. The cost of an electric car can run between $30,000 to $67,000 which is 20%- 50% higher than the typical gasoline vehicle. This is the most important deciding factor since everyone’s budget is different.
- Charging: The average cost of charging an electric car per year is $300 to $400. The average cost of a gasoline car is $1,000 to $2,500. The availability of charging stations is crucial if you don’t own a home. A majority of East and West Coast cities have a large availability of charging stations but the Western Rocky Mountain and the Mid-Western States have large swaths of land with no charging stations. If you own your own home this is no concern since you can charge your electric car in a garage.
- Travel: If you travel by car for work or leisure, an electric car can cause significant delays and added stress as it can take 45 minutes to 20+ hours for a full charge. Tesla offers Tesla Supercharging but a brand like BMW may not offer this service. If traveling long distance, you have to pre-plan where the charging stations are along your route. Also the brand of your electric car is very important for charging times. A Hyundai may take twice the time to charge vs a Tesla.
- Tax Credit: According to fueleconomy.gov, “All-electric and plug-in hybridcars purchased new in or after 2010 may be eligible for a federal income tax credit of up to $7,500. The credit amount will vary based on the capacity of the battery used to power the vehicle. State and/or local incentives may also apply”. Federal tax credits are a good way to save extra money each year by owning an electric car.
- Maintenance: The average annual savings compared to a gas car is $800. An electric car does not require an oil change since it is powered by electricity and there are fewer moving parts needed to replace. The major maintenance cost of an electric car is replacing the battery which can cost owners over $10,000, but if your car is under warranty it may be covered. Many electric cars come with a battery warranty when purchasing at a dealership. Overall, electric cars are cheaper to maintain over time but both types of automobiles have their issues.
After reading through these deciding factors it is important to understand if an electric car is right for you based on your budget, where you live, traveling, savings, and maintenance. Gas and electric cars are both great ways of transportation but it is a personal preference based on the above factors. Either way Lykins Energy Solutions can provide your electricity to your home or to the business that has the power-up stations and can provide gasoline to the stations that fuel regular gas vehicles! Learn more about Lykins Energy Solutions here.