With gas prices soaring and all the hype around new electric vehicles, you may be wondering if your next car should be an EV.

While an electric vehicle (EV) might be the right choice for many, there are lots of variables to consider before making this decision. Here’s what to know about electric cars before going this route:

What are some pros of owning an electric car?
The most obvious and prominent advantage of owning an electric vehicle is saving on fuel costs. Driving a car that runs on electricity instead of gasoline means saving money, month after month. Of course, the higher the cost of gas, the more you'll save. While you'll have to pay for electricity to charge the vehicle, another budgeting bonus to consider is that electricity costs tend to be more stable than gasoline prices.

Another well-known advantage of driving an electric car is the environmental benefits. Lower fuel emissions means a smaller carbon footprint on the environment, which is always a good thing.

What are some disadvantages of owning an electric vehicle?
There are several disadvantages to owning an EV to be aware of before making a purchase.

First, it’s important to note that the battery of every EV may need replacement sometime down the line.

Federal regulations require automakers to cover the battery of their vehicles for a minimum of eight years or 100,000 miles, whichever comes first. Some automakers also cover battery degradation, which is when a full charge powers fewer miles than it should. However, if the battery dies after the warranty expires, the cost of replacing it will need to be covered by the owner and it could be costly. The good news is that, as EVs become more popular, they are also becoming less expensive to manufacture.

Another disadvantage to owning an EV is being limited in the number of miles you can drive before you will need to recharge your vehicle. The number of miles you can drive on a full charge, also known as the vehicle’s range, will vary with each car. Most EVs will average 250 miles of range. While this will cover most people’s daily commute, road-tripping in an EV will take some planning. Luckily, as electric cars become more commonplace, finding a charging station on a major highway is becoming easier. However, if you plan to take many road trips with your EV, you may want to purchase a car that is capable of fast charging so you don’t have to spend hours at a charging station every few hundred miles on your trips.

Can I charge my electric vehicle at home?
Yes, you can charge your EV at home. Plug it in at night, and it’ll be ready to go in the morning. How’s that for convenience?

However, before ordering a Tesla, it’s good to be aware that the standard 110-volt wall outlet (Level 1 charging) is relatively slow, adding approximately four miles of range per hour. If you depleted a full 250 miles of range, it can take several days to fully recharge your vehicle. If you’ll be charging your car outside, be sure to verify your charging cord is designed for outdoor use.

Most EV owners hire an electrician to install a 240-volt outlet in their garage. This allows for Level 2 charging, which can add 25 miles of range per charging hour. Be sure to get a reliable quote to know the cost of such work.

How much does electricity cost?
Electricity, though much cheaper than gas, typically isn’t free. The exact price will vary by state, so check how much electricity will cost in your own home state before purchasing an EV.

To save more on charging your EV, consider these points: Charging an EV at home is typically less expensive than charging it at a public charging station – unless, of course, you find one of those rare cost-free public charging stations. In addition, charging your EV overnight, or on the weekend will cost less than charging it at peak times, such as weekday afternoons and evenings. You may want to reach out to your utility company to learn exactly what it’ll cost you to charge your vehicle. Some companies offer special plans for EV owners, so be sure to inquire about that as well.

What kind of maintenance will my electric vehicle need?
A big bonus of owning an EV is having lower maintenance costs. Electric motors have fewer moving parts than gasoline engines. This makes EVs far easier to maintain than their gas-powered counterparts. In addition, many car parts, which generally need replacing after a while – like spark plugs, filters and oil – are irrelevant to EVs. This means fewer trips to the mechanic and significantly lower maintenance costs.

How much will an electric vehicle cost?
All the convenience and long-term savings of an EV comes at a high price, and most of them have a higher starting cost than gas-powered cars. Of course, there’s a large range, starting with the Nissan Leaf at just $27,400 and going all the way up to the Tesla Model 3 at $58,990.

Fortunately, there are many government-sponsored incentives for purchasing an electric car. These incentives are offered on the federal, state and local government levels, so be sure to see what’s available before completing your purchase. It’s important to note, though, that many of these incentives are not open to every buyer and every kind of EV. And, the incentives are not available for used cars.

The other challenge is that some EVs are in such high demand that there's a very long waiting list to get them. It's very rare to be able to walk into a dealership and drive away in your new EV, so if you need a car quickly, you may need to guy a regular, gas-powered car or a used EV instead of waiting for a new one to become available.

If you’re looking to finance an auto loan for your new electric car, look no further than Commonwealth One! Our auto loans offer low interest rates, easy payback terms and a quick approval process. Call, click, or stop by to discuss all the options we have! Plus, ask us about GAP coverage and loan protection options.