Should I Buy an Electric Car? Here’s What to Consider

By the Mercury Team

Electric vehicles (EVs) are no longer just a futuristic idea. They’re here, and they’re more popular than ever. According to research firm Rho Motion, global EV sales reached a record 17.1 million units in 2024, which is a 25% increase from the previous year. With so many people buying EVs, you might be wondering if it’s time to make the switch yourself. There are many factors to consider before taking the plunge, so let’s explore everything you need to know to decide if an EV is the right fit for you.

Why Are Electric Cars Becoming More Popular?

If you’re weighing the pros and cons of buying an electric car, these benefits highlight why so many people are purchasing them:

Environmental Benefits

One of the biggest reasons EVs are gaining traction is their positive impact on the environment. Unlike traditional gas-powered cars, EVs produce zero tailpipe emissions, which helps reduce air pollution and greenhouse gases. If you’re passionate about protecting the planet, switching to an EV is a tangible way to contribute.

Lower Operating Costs

Who doesn’t love saving money? EVs can offer significant savings over time. For one, electricity is generally more affordable than gasoline, so charging your EV usually costs less than filling up a tank. Secondly, EVs are simpler and easier to maintain because they don’t have an engine, exhaust system, and other essential components you’d find in a gas-powered car.

Cutting-Edge Technology

EVs are packed with innovative features, from regenerative braking that recycles energy to advanced driver-assistance systems. Many models even come with over-the-air updates, keeping your car up to date without a trip to the dealership.

Expanding Charging Infrastructure

Charging your EV is easier than ever. Home charging stations make it convenient to refuel overnight, and public charging networks are growing rapidly, with stations popping up at shopping centers, workplaces, and along highways. Also, apps and maps make finding a charger a breeze, ensuring you’re always powered up and ready to go.

What to Consider Before Buying an Electric Car

Thinking about buying an electric car? It’s a big decision, and while the benefits are exciting, there are a few key factors to keep in mind to make sure an EV is the right fit for your lifestyle:

Budget and Costs

Generally, EVs have a higher upfront cost than traditional vehicles. However, as mentioned before, the minimal maintenance requirements help offset these initial expenses. There are no oil changes, transmission repairs, or exhaust system fixes, which means fewer costly trips to the mechanic. To help lower your costs more, look into EVs that are affordable to insure so you can keep your auto insurance premiums reasonable.

Plus, you may be eligible for EV incentives or rebates. The biggest one is a federal tax credit of up to $7,500 for purchasing a new electric or plug-in hybrid vehicle. However, eligibility for this credit depends on factors such as the vehicle’s price, where it was manufactured, and your income.

Several state and local governments also offer incentives to help you reduce the cost of purchasing an electric vehicle. Check the U.S. Department of Energy’s complete list of federal and state incentives to see what you’re eligible for.

Driving Habits and Range

Next up is how and where you drive. Are most of your trips short, like daily commutes and errands? Or do you frequently drive long distances or go on road trips? EVs come with various battery capacities, so you need to match the car’s range to your driving habits.

If your typical day involves a lot of stop-and-go city driving, a standard-range EV might be perfect. If you often travel long distances, a model with extended range and access to fast-charging networks will be worth the investment. Keep in mind that factors like highway speeds, cold weather, and the use of heating or air conditioning can affect your car’s range, so plan accordingly.

Charging Infrastructure

Finally, think about how and where you’ll charge your EV. Charging your EV at home is the most convenient option, allowing you to charge your car in the privacy of your garage. When you purchase an EV, it comes with a Level 1 charger, which connects to a standard 120-volt outlet and provides 3-5 miles of range per hour. Level 1 charging may be enough for short commutes, but if you need faster EV charging speeds, consider Level 2 charging.

A Level 2 charger connects to a 240-volt outlet and offers about 10-20 miles of range per hour. This means an overnight charge can give your EV battery a full charge. However, you must pay for a Level 2 charger and hire a licensed electrician to install it in your home. In total, you can expect to pay anywhere from $1,000 to $3,000. If you can’t charge your EV at home, your only option is to go to a public charging station. Most charging stations provide Level 2 charging, but some stations offer DC fast charging, which can charge an EV’s battery up to 80% in around 30 minutes. However, even at their fastest charging speeds, public charging stations hardly compare to the in-and-out convenience of filling up a gas tank. That’s why it’s best to plan your charging around work or errands so you can get a decent charge while going about your day.

FAQs About Buying an Electric Car

Let’s look at some frequently asked questions about electric vehicles:

How can you recognize an electric vehicle?

Most EVs don’t have an exhaust pipe since they don’t rely on gasoline, and many manufacturers include distinctive badging (e.g., EV, electric vehicle, zero emissions, etc.) Additionally, some EVs have unique design features like a covered grille (since they don’t need as much airflow for cooling) or futuristic styling that sets them apart from traditional cars.

Are electric cars worth it?

Yes, if you value long-term savings, reduced environmental impact, and modern features. They’re ideal for drivers with access to charging and typical daily commutes but may not suit everyone, especially in areas with limited charging infrastructure.

What factors affect EV resale value?

Several factors can influence how much your EV is worth when it’s time to sell or trade it in:

• Battery health: The battery’s condition is a key factor since it’s the most expensive component of the car. Buyers tend to look for models with good battery warranties or recent replacements.
• Mileage: Just like with gas-powered cars, the number of miles on an EV impacts its resale value.
• Model demand: Popular models or brands with strong reputations tend to hold their value better.
• Technology updates: The fast pace of EV technology can sometimes make older models seem outdated, which might lower resale value.

What are the pros and cons of owning an electric vehicle?

Here are some of the pros and cons of owning an electric vehicle instead of leasing one:

Pros for Buying an EV

• You’re eligible for the federal tax credit and incentives, depending on the EV you purchase
• No mileage limit
• You’re free to customize your EV
• You’re not locked into a lease term, meaning you can sell your EV whenever you want

Cons for Buying an EV

• As your EV ages, its value may decline fast due to improvements in technology, performance, charging speeds, and range
• You might have to pay more money upfront and deal with a higher monthly payment
• You must handle post-warranty issues

Is buying an EV cheaper in the long run?

When you factor in the lower fuel costs, reduced maintenance expenses, and available incentives, an EV can be cheaper in the long run compared to traditional cars. However, the exact savings can vary depending on factors like the specific EV model, local electricity and gas prices, driving habits, and available incentives in your area.

How to Decide If an Electric Vehicle Is Right for You

Choosing whether to buy an EV is a big decision, and it’s not one-size-fits-all. To help you figure out if an EV is the right fit, here’s a simple checklist of personal factors to consider:

1. Budget

• Can you afford the upfront cost of an EV?
• Have you looked into federal tax credits or state rebates to help lower the price?
• Are you ready to save on fuel and maintenance over the long run?

2. Driving Needs

• How far do you typically drive in a day or week?
• Do you need a vehicle with a longer range for frequent road trips?
• Are there enough charging stations along your usual routes if you need to top up?

3. Charging Options

• Do you have a garage or driveway where you can install a home charger?
• Are public charging stations accessible and convenient in your area?
• Will charging fit into your daily routine without causing stress?

4. Environmental Goals

• Is reducing your carbon footprint a priority?
• Do you value the idea of driving a car that produces zero tailpipe emissions?

5. Lifestyle Fit

• Do you enjoy the latest tech features like regenerative braking, over-the-air updates, and advanced safety tools?
• Are you okay with planning charging stops for longer trips or adapting to a new fueling routine?

Conclusion

An EV is a fantastic choice for many drivers, especially those looking to save money, help the environment, and enjoy modern technology. But it’s also important to be realistic about your specific needs and lifestyle. Take your time, explore EV resources, and test-drive a few models to see what feels right.

When you’re ready, Mercury is here to provide you with cheap auto insurance without sacrificing quality. Plus, we offer many auto insurance discounts to help you save even more on your premium.

Contact us today for a fast, free quote!