How Can You Make the Transition to Owning an EV?
Electric vehicle sales in the US are about to double, year-on-year, and there is no doubt that the transition is here to stay. When you consider that some states intend to ban new gas-powered vehicles at the turn of the next decade, it may be time for you to think about making the transition yourself. But what do you need to consider before you take the plunge?
Switching Over to an EV
There could be as many as 1.2 million sales of electric vehicles in 2022 as the US tries to catch up to countries like China and Europe. As growth gathers pace, expect the infrastructure to follow, which makes it even more attractive to own one of these vehicles right now. But as you transition, you need to ask yourself certain questions.
Will My Vehicle Have a Sufficient Range?
The median range of a battery-electric vehicle has now exceeded 250 miles. Meanwhile, the average American commutes about 41 miles daily, so that range may never be an issue for most people. You can buy electric vehicles with a range of well over 250 miles, so if you are a road warrior, you should have enough choices. As you calculate, remember that battery performance can suffer in extreme conditions when you may use the heater or air-conditioning a lot.
Will I Find Places to Charge?
Of course, you'll want to know where to charge the vehicle. If you have the space at home, you can get a home charging kit, with level II charging the quickest option (perhaps four hours). Otherwise, just plan any long journeys and pinpoint electric vehicle charging stations before leaving. After all, you'd only do the same if you were driving a petrol-engine car and needed to find a gas station.
Can I Get Any Incentives?
The federal government wants you to buy an EV, and you may qualify for a one-time $7,500 tax credit. However, there are limitations to this program. You can only buy from a company that assembles the vehicle in North America. Also, your incentive will depend on how much federal income tax you owe in the given year. In some cases, you may be able to take the credit at the point of sale rather than applying it to your end-of-year tax return, but those deals may not come in until 2024.
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What questions come to mind if you're considering buying an EV? Is there one particular issue that will make up your mind one way or the other? Share your thoughts with us below.
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