Should I Buy an Electric Car?

buy an electric car

The answer to “should I buy an electric car” has a lot to do with where you live and how you drive. And while the boom in EV sales in recent years has been powered by early adopters, the market’s growth is expected to continue.

The reason: EVs are typically cheaper to operate than fuel-powered cars, with the most up-to-date models offering long-range capability and an extensive network of public charging stations, which can be used to offset any reliance on home charges. Additionally, maintenance costs for EVs are about 30 percent less than those for traditional cars, thanks to the absence of oil changes and spark plug replacements. And because regenerative braking helps conserve battery power, batteries generally last longer than the typical gas-powered model.

Buy an Electric Car: A Comprehensive Guide

Despite these advantages, there are a number of barriers to widespread adoption, including high auto loan rates and the cost of the vehicles themselves. But these hurdles are gradually fading, with several EVs currently available for under $40,000 (including the Nissan Leaf), and a variety of incentives to reduce up-front sticker prices.

And while the steep spike in gasoline prices seen through much of 2022 likely won’t repeat, a volatile global economy will undoubtedly send oil prices soaring again. If that happens, EVs’ lower operating costs could make them even more appealing to drivers. For more information on local, state and federal incentives, visit our EV incentive search. And if you’re planning to shop for an EV, check to see whether you qualify for the federal $7,500 credit and $4,000 for used cars.

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