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Is now a good time to buy electric? Considerations when financing an EV Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content. We also allow you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that compensate us. This compensation may impact how and where products appear on the site, such as the order in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. However, this compensation will affect the information we provide, or the reviews appear on this website. We do not cover the universe of companies or financial deals that could be accessible to you.
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Phynart Studio/Getty Images
7 min read Published on February 27, 2023.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely using loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing concise, well-researched, and clear information that breaks down otherwise complicated topics into bite-sized pieces.
The promise of the Bankrate promise
More details
At Bankrate we strive to help you make better financial decisions. While we adhere to strict ethical standards ,
This post could contain the mention of products made by our partners. Here's an explanation for how we earn money .
The promise of the Bankrate promise
Founded in 1976, Bankrate has a proven track record of helping people make wise financial decisions.
We've earned this name for more than 40 years by simplifying the process of financial decision-making
process and giving people confidence in which actions to do next. process and gives people confidence in the next step.
so you can trust that we'll put your interests first. All of our content is authored with and edited
who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. We have a team of loans journalists and editors concentrate on the areas that consumers are concerned about most -- different types of lending options and the most competitive rates, the top lenders, the best ways to pay off debt and many more, so you'll feel safe investing your money.
Editorial integrity
Bankrate has a strict policy , so you can trust that we're putting your interests first. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial decisions. Key Principles We appreciate your trust. Our mission is to provide our readers with truthful and impartial information, and we have editorial standards in place to ensure that happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure that what you read is accurate. We have a strict separation between our advertisers and our editorial team. Our editorial team doesn't receive compensation directly from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our aim is to provide you the best advice that will assist you in making smart financial decisions for your personal finances. We follow rigorous guidelines that ensure our content isn't influenced by advertisers. Our editorial team receives no any compensation directly from advertisers and all of our content is fact-checked to ensure accuracy. Therefore, whether you're looking at an article or review, you can trust that you're receiving reliable and dependable information.
How do we earn money?
You have money questions. Bankrate has answers. Our experts have been helping you manage your finances for more than four years. We strive to continuously provide our readers with the professional guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our content is truthful and precise. Our award-winning editors and journalists provide honest and trustworthy content to help you make the best financial decisions. Our content produced by our editorial team is objective, factual and is not influenced through our sponsors. We're honest about the ways we're in a position to provide quality content, competitive rates and useful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or by you clicking on certain hyperlinks on our site. This compensation could influence the manner, place and in what order items appear in listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, like our own rules for our website and whether a product is available in your region or within your personal credit score may also influence the way and place products are listed on this site. Although we try to offer a wide range offers, Bankrate does not include specific information on every financial or credit product or service.
The financial burden of car ownership starting from the first purchase through fueling up at the station, hit record highs for motorists in the past year. Although gas prices have climbed down -- a gallon averaged $3.38 in February. 24 as per AAA -financing a vehicle gets more expensive . It costs drivers an average of $700 per month for brand new car financing, and $525 for used vehicles in the third quarter of 2022's calendar, . With steep costs to fill up and finance, plus the ever-present worries over the climate, many drivers are searching for an alternative solution. Perhaps you're asking "Should I invest in an electric vehicle?" And you wouldn't be alone. Electric vehicle (EV) sales have increased over the last few years, and TransUnion predicts that the market share of EVs will reach . However, the cost upfront of electric vehicles could not be suitable for every driver. Should I buy an electric vehicle? The choice to buy electric should be approached with the same care as determining the make and model of the next vehicle. For some, the ease of low maintenance makes the high cost of the price worth it. "From the point of view of a pure consumer viewpoint, buying an electric car will be very positive," says Brian Moody who is executive editor at Autotrader. "In addition that the driving experience offered by electric vehicles is extremely satisfying. Acceleration is more brisk and electric cars have cool features like the capability to heat and cool your car's interior before hitting the road." And, if you don't have a fully electric vehicle, a hybrid or plug-in model could be more efficient than conventional gas models, while being kinder on your wallet as compared to an EV. According to Moody explains, these are more likely to have a lower price tag as well. They "function in the same way as an electric car on a day-to-day basis, consuming gas only for long trips." This is why they are a good choice for drivers interested in driving electric but who aren't yet willing to commit completely. The electric car market has seen a lot of innovation in the last two years, and is set to continue growing. Although upfront costs have historically been high, they're dropping as more options become available and legacy brands dive into the market for electric cars. The U.S. auto market is moving towards electric vehicles. Record-high gas prices may have helped to boost sales of electric cars. Electric vehicles comprised 5.7 percent of all new vehicle registrations in Q2 2022 according to . It may not seem like much however it's an impressive increase from the 1.5 percent share that EVs represented in the second quarter of 2018. The increasing interest in electric vehicles has resulted in improvements in financing options such as tax credits and tax rebates. This increased market is among the top reasons to consider purchasing an EV. While Tesla currently dominates the market, TransUnion predicts the luxury brand will lose its percentage of the market by 2025 because of the increasing number of innovative and more mainstream makes entering the space. Moody shares a similar perspective when it comes to car availability. "It used to be true that there were only a handful of very tiny or extremely expensive electric cars. While EVs tend to be more costly as a whole however, certain models are more reasonably priced. For instance the Kia EV6 and Chevrolet Bolt." The Nissan Leaf is another cost-effective electric vehicle. EV drivers share almost the exact same credit profiles as those who drive luxury vehicles. Satyan Merchant Senior Vice President and chief of business for automotive at TransUnion has witnessed a rise in interest in EV financing and a subsequent impact on the automotive finance market. TransUnion's 2022 study reported that from the 3 million customers between 2019 to 2021 who financed new traditional and EV loans, most EV borrowers had nearly identical credit profiles as those who drive luxury automobiles. Those driving conventional EVs were able to get an average score for credit of 775 and fell into the category of prime. Also, they had an APR average of 2.8 percent. This is less than the median APR of 4.9 percent for all new cars for borrowers in the prime category. The low average APR for electric vehicles isn't solely because of the credit profiles of these drivers. They are also making . The study also revealed the drivers are more inclined to start their . In reality nearly one third of the respondents conducted research online on car models and makes. Merchant states, "Our research clearly shows that buyers of electric vehicles have great credit risk profiles, but the group has different preferences, with a greater appetite in shopping around for financing of vehicles through digital means." This larger appetite will likely be reflected in new options for EV financing combined with an increasing number of vehicles that are available over the next few years. Options for eco-friendly financing are increasing. The growing market for electric vehicles has resulted in advances in financing. While consumers can borrow or use for electric vehicles, lenders specifically for EVs are becoming more popular and provide customers with a customized experience through . Alex Liegl, CEO of Tenet, discusses the company's work with EV financing and the company's goal to make climate-related investment an easy choice. The Tenet approach "gives customers the freedom to control upfront costs for investment and save down-payment cash to use for other expenses," Liegl says. In addition you can also choose a deferment option which shifts an entire portion of the price to one final installment at the end of the financing term. This will result in low monthly payments as well as an easier financing experiencehowever, a significant amount may be due by the end of the term. The aim, Liegl says, is to "help customers completely electrify their lives by making environmentally sustainable home improvements less expensive, such as installing solar panels and battery backups as well as electric vehicles, smart appliances and much more." Other businesses, such as EV-Savings, act as a marketplace for loan prequalification that is directly linked to EV incentives and green loans that are available throughout your region. According to its website, consumers could save as much as $200 per month on their monthly EV loan installments. Can EVs carry lower costs over the life of their lease? So what makes an electric car worth the cost? The satisfaction that comes when you drive a car that is healthier to the planet isn't always the only reason people are turning to EVs. It also has the potential to save money. Although it's the case that gas costs are higher when driving, in some instances, electric vehicles can be less expensive in the long run. A survey in 2020 found that drivers of electric vehicles reduced the cost of repairs over the lifetime of ownership, according to Consumer Reports. This is due primarily to the distinct differences in upkeep that come with EVs. They do not need oil changes or maintenance, and they have an easier powertrain. The drivers of battery-electric vehicles as well as plug-in hybrid vehicles paid only 3 cents per mile over the course of their vehicle's life, compared to 6 cents per mile for conventional vehicles. However, driving electric isn't all rosy. CNET is an affiliate of the Red Ventures company, reported on a study from 2021 of We Predict that found . Although it's true that drivers can avoid the additional cost associated with , like oil changes and routine inspections, EV components are more expensive when it comes time for repairs. This means that the longer maintenance times and more expensive replacement parts can make driving electric the same, or more expensive, than driving gas-powered vehicles. Additionally, electric vehicles can be driven accelerate faster than the traditional gas-powered option because of the speed of technological advances however, the present demand for EVs has helped keep prices in check at the moment. What is the best way to finance an electric car The procedure for financing an electric vehicle is a lot like the process of financing a conventional gas-powered car. It is important that you follow similar procedure that you would normally follow, in addition to understanding be aware of the weight that the credit rating and past carry. As mentioned that driving electric vehicles also carry the potential for state and federal benefits that you would not traditionally have access to. One of these is , an incentive worth $7500 which is available to all newly-built, approved plug-ins and fuel-cell electric vehicles. In 2023, new models could also get an Federal tax credits . The vehicle cannot be purchased for more than $25,000. If the vehicle is eligible for credits up to 30% of the purchase cost, with a maximum of $4,000. The federal tax credits are both accompanied with income limits and vehicle requirements, so make sure that you and your future EV qualify before diving in. In addition, you may be eligible for the state tax credit based on where you live. You should ask yourself these questions prior to purchasing an electric vehicle and operating an electric vehicle has its own number of demands which you may not have encountered in the past. Think about these issues. 1. What is the vehicle range? It is important to check the distance your car will get you -- for both your normal commute as well as your daily travel. Energy.gov provides the range of 2021 model year vehicles with a potential range of as long as 405 miles. Fortunately, motorists will have lesser "range anxiety" because vehicles are catching up with available technology. However, it's important to assess your needs by factoring in your usual commute as well as anticipated leisure activities. 2. Do I need to rent before buying an electric car? "Leasing an electric car can be a good option to try out the waters of ownership in an electric vehicle," Moody says. The cost is typically lower on a monthly basis and usually includes a warranty. If you are on the side of electric vehicles you should consider leasing one to test the experience and feel. 3. Are I able to connect to car chargers in my region? Although the Electric Vehicle Council found that about of EV drivers recharge at home, many drivers don't possess the option of installing a Level 2 charger. That's okay. A majority of EVs can now be charged to charge at any outlet that is electrical, but it might take all night or longer to get a full charge. That said, you might need a speedier charge at times. There are many EVs require about 45 minutes to reach 80 percent battery capacity when you use the fastest charging station. To find out which stations you may have the chance to receive a faster charge look up this map that shows charging stations nearby. Make sure that the charging stations that you are planning to visit are compatible with the car you're looking at. Consider an EV when shopping for your next vehicle Is an electric vehicle worth the investment? Like any other luxury vehicle, EVs can carry higher initial costs and require solid credit scores to enjoy lower interest costs. However, as the industry expands and more mid-tier options come on the market, more motorists are able to think about electric options. Are you among that 36 per cent of Americans considering electric? Moody recommends aiming to find the sweet spot by buying lightly used -- anything in the three to five-year range -- to enjoy a lower price and a good amount of warranty coverage.
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances by providing precise, well-studied information that breaks down complicated topics into bite-sized pieces.
Auto loans editor
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Is now a good time to buy electric? Considerations when financing an EV Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content. We also allow you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that compensate us. This compensation may impact how and where products appear on the site, such as the order in which they appear in the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. However, this compensation will affect the information we provide, or the reviews appear on this website. We do not cover the universe of companies or financial deals that could be accessible to you.
SHARE:
You are on this Page On This Page
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Phynart Studio/Getty Images
7 min read Published on February 27, 2023.
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ins and outs of securely using loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing concise, well-researched, and clear information that breaks down otherwise complicated topics into bite-sized pieces.
The promise of the Bankrate promise
More details
At Bankrate we strive to help you make better financial decisions. While we adhere to strict ethical standards ,
This post could contain the mention of products made by our partners. Here's an explanation for how we earn money .
The promise of the Bankrate promise
Founded in 1976, Bankrate has a proven track record of helping people make wise financial decisions.
We've earned this name for more than 40 years by simplifying the process of financial decision-making
process and giving people confidence in which actions to do next. process and gives people confidence in the next step.
so you can trust that we'll put your interests first. All of our content is authored with and edited
who ensure everything we publish ensures that everything we publish is accurate, objective and reliable. We have a team of loans journalists and editors concentrate on the areas that consumers are concerned about most -- different types of lending options and the most competitive rates, the top lenders, the best ways to pay off debt and many more, so you'll feel safe investing your money.
Editorial integrity
Bankrate has a strict policy , so you can trust that we're putting your interests first. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial decisions. Key Principles We appreciate your trust. Our mission is to provide our readers with truthful and impartial information, and we have editorial standards in place to ensure that happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure that what you read is accurate. We have a strict separation between our advertisers and our editorial team. Our editorial team doesn't receive compensation directly from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our aim is to provide you the best advice that will assist you in making smart financial decisions for your personal finances. We follow rigorous guidelines that ensure our content isn't influenced by advertisers. Our editorial team receives no any compensation directly from advertisers and all of our content is fact-checked to ensure accuracy. Therefore, whether you're looking at an article or review, you can trust that you're receiving reliable and dependable information.
How do we earn money?
You have money questions. Bankrate has answers. Our experts have been helping you manage your finances for more than four years. We strive to continuously provide our readers with the professional guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can be sure that our content is truthful and precise. Our award-winning editors and journalists provide honest and trustworthy content to help you make the best financial decisions. Our content produced by our editorial team is objective, factual and is not influenced through our sponsors. We're honest about the ways we're in a position to provide quality content, competitive rates and useful tools to you by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or by you clicking on certain hyperlinks on our site. This compensation could influence the manner, place and in what order items appear in listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, like our own rules for our website and whether a product is available in your region or within your personal credit score may also influence the way and place products are listed on this site. Although we try to offer a wide range offers, Bankrate does not include specific information on every financial or credit product or service.
The financial burden of car ownership starting from the first purchase through fueling up at the station, hit record highs for motorists in the past year. Although gas prices have climbed down -- a gallon averaged $3.38 in February. 24 as per AAA -financing a vehicle gets more expensive . It costs drivers an average of $700 per month for brand new car financing, and $525 for used vehicles in the third quarter of 2022's calendar, . With steep costs to fill up and finance, plus the ever-present worries over the climate, many drivers are searching for an alternative solution. Perhaps you're asking "Should I invest in an electric vehicle?" And you wouldn't be alone. Electric vehicle (EV) sales have increased over the last few years, and TransUnion predicts that the market share of EVs will reach . However, the cost upfront of electric vehicles could not be suitable for every driver. Should I buy an electric vehicle? The choice to buy electric should be approached with the same care as determining the make and model of the next vehicle. For some, the ease of low maintenance makes the high cost of the price worth it. "From the point of view of a pure consumer viewpoint, buying an electric car will be very positive," says Brian Moody who is executive editor at Autotrader. "In addition that the driving experience offered by electric vehicles is extremely satisfying. Acceleration is more brisk and electric cars have cool features like the capability to heat and cool your car's interior before hitting the road." And, if you don't have a fully electric vehicle, a hybrid or plug-in model could be more efficient than conventional gas models, while being kinder on your wallet as compared to an EV. According to Moody explains, these are more likely to have a lower price tag as well. They "function in the same way as an electric car on a day-to-day basis, consuming gas only for long trips." This is why they are a good choice for drivers interested in driving electric but who aren't yet willing to commit completely. The electric car market has seen a lot of innovation in the last two years, and is set to continue growing. Although upfront costs have historically been high, they're dropping as more options become available and legacy brands dive into the market for electric cars. The U.S. auto market is moving towards electric vehicles. Record-high gas prices may have helped to boost sales of electric cars. Electric vehicles comprised 5.7 percent of all new vehicle registrations in Q2 2022 according to . It may not seem like much however it's an impressive increase from the 1.5 percent share that EVs represented in the second quarter of 2018. The increasing interest in electric vehicles has resulted in improvements in financing options such as tax credits and tax rebates. This increased market is among the top reasons to consider purchasing an EV. While Tesla currently dominates the market, TransUnion predicts the luxury brand will lose its percentage of the market by 2025 because of the increasing number of innovative and more mainstream makes entering the space. Moody shares a similar perspective when it comes to car availability. "It used to be true that there were only a handful of very tiny or extremely expensive electric cars. While EVs tend to be more costly as a whole however, certain models are more reasonably priced. For instance the Kia EV6 and Chevrolet Bolt." The Nissan Leaf is another cost-effective electric vehicle. EV drivers share almost the exact same credit profiles as those who drive luxury vehicles. Satyan Merchant Senior Vice President and chief of business for automotive at TransUnion has witnessed a rise in interest in EV financing and a subsequent impact on the automotive finance market. TransUnion's 2022 study reported that from the 3 million customers between 2019 to 2021 who financed new traditional and EV loans, most EV borrowers had nearly identical credit profiles as those who drive luxury automobiles. Those driving conventional EVs were able to get an average score for credit of 775 and fell into the category of prime. Also, they had an APR average of 2.8 percent. This is less than the median APR of 4.9 percent for all new cars for borrowers in the prime category. The low average APR for electric vehicles isn't solely because of the credit profiles of these drivers. They are also making . The study also revealed the drivers are more inclined to start their . In reality nearly one third of the respondents conducted research online on car models and makes. Merchant states, "Our research clearly shows that buyers of electric vehicles have great credit risk profiles, but the group has different preferences, with a greater appetite in shopping around for financing of vehicles through digital means." This larger appetite will likely be reflected in new options for EV financing combined with an increasing number of vehicles that are available over the next few years. Options for eco-friendly financing are increasing. The growing market for electric vehicles has resulted in advances in financing. While consumers can borrow or use for electric vehicles, lenders specifically for EVs are becoming more popular and provide customers with a customized experience through . Alex Liegl, CEO of Tenet, discusses the company's work with EV financing and the company's goal to make climate-related investment an easy choice. The Tenet approach "gives customers the freedom to control upfront costs for investment and save down-payment cash to use for other expenses," Liegl says. In addition you can also choose a deferment option which shifts an entire portion of the price to one final installment at the end of the financing term. This will result in low monthly payments as well as an easier financing experiencehowever, a significant amount may be due by the end of the term. The aim, Liegl says, is to "help customers completely electrify their lives by making environmentally sustainable home improvements less expensive, such as installing solar panels and battery backups as well as electric vehicles, smart appliances and much more." Other businesses, such as EV-Savings, act as a marketplace for loan prequalification that is directly linked to EV incentives and green loans that are available throughout your region. According to its website, consumers could save as much as $200 per month on their monthly EV loan installments. Can EVs carry lower costs over the life of their lease? So what makes an electric car worth the cost? The satisfaction that comes when you drive a car that is healthier to the planet isn't always the only reason people are turning to EVs. It also has the potential to save money. Although it's the case that gas costs are higher when driving, in some instances, electric vehicles can be less expensive in the long run. A survey in 2020 found that drivers of electric vehicles reduced the cost of repairs over the lifetime of ownership, according to Consumer Reports. This is due primarily to the distinct differences in upkeep that come with EVs. They do not need oil changes or maintenance, and they have an easier powertrain. The drivers of battery-electric vehicles as well as plug-in hybrid vehicles paid only 3 cents per mile over the course of their vehicle's life, compared to 6 cents per mile for conventional vehicles. However, driving electric isn't all rosy. CNET is an affiliate of the Red Ventures company, reported on a study from 2021 of We Predict that found . Although it's true that drivers can avoid the additional cost associated with , like oil changes and routine inspections, EV components are more expensive when it comes time for repairs. This means that the longer maintenance times and more expensive replacement parts can make driving electric the same, or more expensive, than driving gas-powered vehicles. Additionally, electric vehicles can be driven accelerate faster than the traditional gas-powered option because of the speed of technological advances however, the present demand for EVs has helped keep prices in check at the moment. What is the best way to finance an electric car The procedure for financing an electric vehicle is a lot like the process of financing a conventional gas-powered car. It is important that you follow similar procedure that you would normally follow, in addition to understanding be aware of the weight that the credit rating and past carry. As mentioned that driving electric vehicles also carry the potential for state and federal benefits that you would not traditionally have access to. One of these is , an incentive worth $7500 which is available to all newly-built, approved plug-ins and fuel-cell electric vehicles. In 2023, new models could also get an Federal tax credits . The vehicle cannot be purchased for more than $25,000. If the vehicle is eligible for credits up to 30% of the purchase cost, with a maximum of $4,000. The federal tax credits are both accompanied with income limits and vehicle requirements, so make sure that you and your future EV qualify before diving in. In addition, you may be eligible for the state tax credit based on where you live. You should ask yourself these questions prior to purchasing an electric vehicle and operating an electric vehicle has its own number of demands which you may not have encountered in the past. Think about these issues. 1. What is the vehicle range? It is important to check the distance your car will get you -- for both your normal commute as well as your daily travel. Energy.gov provides the range of 2021 model year vehicles with a potential range of as long as 405 miles. Fortunately, motorists will have lesser "range anxiety" because vehicles are catching up with available technology. However, it's important to assess your needs by factoring in your usual commute as well as anticipated leisure activities. 2. Do I need to rent before buying an electric car? "Leasing an electric car can be a good option to try out the waters of ownership in an electric vehicle," Moody says. The cost is typically lower on a monthly basis and usually includes a warranty. If you are on the side of electric vehicles you should consider leasing one to test the experience and feel. 3. Are I able to connect to car chargers in my region? Although the Electric Vehicle Council found that about of EV drivers recharge at home, many drivers don't possess the option of installing a Level 2 charger. That's okay. A majority of EVs can now be charged to charge at any outlet that is electrical, but it might take all night or longer to get a full charge. That said, you might need a speedier charge at times. There are many EVs require about 45 minutes to reach 80 percent battery capacity when you use the fastest charging station. To find out which stations you may have the chance to receive a faster charge look up this map that shows charging stations nearby. Make sure that the charging stations that you are planning to visit are compatible with the car you're looking at. Consider an EV when shopping for your next vehicle Is an electric vehicle worth the investment? Like any other luxury vehicle, EVs can carry higher initial costs and require solid credit scores to enjoy lower interest costs. However, as the industry expands and more mid-tier options come on the market, more motorists are able to think about electric options. Are you among that 36 per cent of Americans considering electric? Moody recommends aiming to find the sweet spot by buying lightly used -- anything in the three to five-year range -- to enjoy a lower price and a good amount of warranty coverage.
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to control their finances by providing precise, well-studied information that breaks down complicated topics into bite-sized pieces.
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