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Is now a good time to invest in electric vehicles? Considerations when financing an EV Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct research and analyze data for free and help you make sound financial decisions. 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 products that appear on this website are provided by companies that pay us. This compensation may impact how and where products are displayed on this website, for example for instance, the order in which they appear in the listing categories, except where prohibited by law. This applies to our loans, mortgage,, and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews appear on this website. We do not cover the entire universe of businesses or financial offers that may be open to you.
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7 min read published on February 27, 2023.
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of borrowing money to purchase the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with precise, well-researched and well-researched content that breaks down otherwise complicated topics into bite-sized pieces.
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Financial burdens of ownership, from the initial purchase until refilling at the gas station, reached record levels for motorists in the past year. While gas prices have crept down to $3.38 in February. 24 as per AAA -- financing a vehicle is getting pricier as . Drivers pay an average of $700 per month for brand new vehicle financing and $525 for vehicles used in the third quarter of 2022's fiscal year, . With high costs to fill out and fund, plus the ever-present concerns about the climate, many drivers are searching for an alternative solution. You might be asking "Should I purchase an electric car?" And you wouldn't be alone. Electric vehicle (EV) demand has been on the rise over the last few years, and TransUnion predicts that the market share of EVs will grow to . However, the high upfront cost of an electric car may not be the best choice for every driver. Should I purchase an electric vehicle? The decision to purchase electric must be approached with the same vigor as selecting the model and the maker of your next car. For some, the ease of low maintenance will make the expensive cost of the price worth it. "From a strictly consumer experience perspective, buying an electric vehicle will be very positive," says Brian Moody the executive editor of Autotrader. "In addition that the driving experience offered by electric vehicles is extremely satisfying. It is quicker and more efficient, and electric cars come with interesting features such as the capability to heat the vehicle's interior prior to hitting on the highway." In the event that you are there's no full electric car and a hybrid model is more efficient than conventional gas models, while costing less than an electric vehicle. As Moody states, they tend to carry lower costs as well. They "function as an electric car in the daytime and consume gas only on long trips." This can be a viable option for drivers interested in driving electric, but aren't prepared to commit to a full-time commitment. The electric car market has seen a lot of innovation in the last two years, and is set to continue growing. While initial costs have traditionally been prohibitive, they're decreasing as more options are made available , and traditional brands are dipping into the electric car market. It's clear that the U.S. auto market is shifting toward electric Record-high gas prices might have helped increase sales of electric vehicles. Electric vehicles comprised 5.7 percent of all new vehicle registrations in Q2 2022 according to . This may not sound like a lot however it's an impressive improvement in comparison to the 1.5 percent share of EVs in Q2 2018. The growing demand for electric vehicles has led to improvements in financing options as well as tax credits. This market expansion is among the top reasons to consider buying an electric vehicle. Although Tesla currently dominates the market, TransUnion predicts the luxury brand will fall of the percentage of the market by 2025 because of the increasing number of innovative and more mainstream makes entering the space. Moody has a similar view regarding the availability of vehicles. "It was once the case that there were just one or two small or expensive electric vehicles. While EVs are more expensive in general but some models are more reasonably priced. For example there is the Kia EV6 and Chevrolet Bolt." The Nissan Leaf is another cost-effective electric vehicle. EV drivers have nearly identical credit profiles to the owners of luxury cars. Satyan Merchant the senior vice president and chief of business for automotive at TransUnion has noticed a growing interest in EV financing, which has a direct influence on the entire auto finance industry. The study by TransUnion for 2022 found that out of 33 million consumers between 2019 and 2021 who originated new EV and traditional car loans, most EV borrowers had nearly identical credit profile to those who own luxurious automobiles. Those driving conventional EVs had an average score for credit of 775 and fell into the prime category. The average interest rate was 2.8 percent. This is lower than the average APR which was 4.9 percent for all new cars for borrowers in the prime category. The low average APR for electric vehicles isn't only because of the credit scores of these drivers. Buyers are generally also making . The study also showed the drivers are more inclined to commence their research . In actual fact nearly one third of the respondents conducted online research on vehicle types and makes. Merchant says, "Our research clearly shows that consumers of electric vehicles have excellent credit risk profiles. However, this group also has varying preferences, such as a higher interest in looking for financing of vehicles through electronic means." The greater interest will likely be reflected in the new options available for EV financing, as well as an increasing number of vehicles that are available within the next few years. The options for green financing are growing. This expanding marketplace for electric vehicles led to advancements in financing. While it is true that consumers can borrow or use for electric vehicles, EV-specific lenders are growing in popularity and offer drivers with a tailored experience by offering . Alex Liegl, CEO of Tenet, explains the company's efforts with EV financing and its goal to make climate investment an easy choice. The Tenet approach "gives customers the freedom to control upfront costs for investment and also save money from down payments to be used for other expenditures," Liegl says. In addition the deferment option that shifts a quarter of the purchase cost to one final payment at the close of the financing. This will result in low monthly payments as well as an easier financing experience- but a large amount may be due by the end of the term. The purpose, Liegl says, is to "help customers completely transform their lives with electricity by making green home improvements less expensive, such as installing solar panels, battery backup as well as smart appliances, EV charging and more." Other organizations, like the ones listed above , serve as an online marketplace for loan prequalification directly connected with EV incentives and green loans available throughout your region. According to its website, drivers could save as much as $200 per month on their monthly EV loan payment. Do EVs have lower costs over the life of their lease? Therefore, is an electric car worth the cost? The positive feelings that come with operating a vehicle that is more sustainable to the planet isn't the only reason people are turning to electric cars. There's also the potential to save money. While it's the case that gas costs are higher while driving, in certain situations, driving electric could be more affordable in the long run. According to a survey conducted in 2020, drivers of electric vehicles saved an average of and repairs throughout the duration of ownership as per Consumer Reports. This is due primarily to the different methods of maintenance and upkeep of EVs. They don't require oil maintenance and have more efficient powertrains. The drivers of battery-electric vehicles as well as plug-in hybrid vehicles spent only 3 cents per mile over the life of the vehicle, compared to 6 cents per mile for traditional vehicles. However, driving electric isn't all positive. CNET is a Red Ventures company, reported on a 2021 study by We Predict that found . While it's true that drivers can avoid the additional cost associated with maintenance, such as oil changes and simple inspections, electric components are more expensive when it comes time for repairs. This means that longer maintenance times and the costlier replacement parts may result in electric cars being just as, or pricier, than driving gas-powered vehicles. Furthermore, electric vehicles are able to operate be more efficient than the traditional gas-powered option because of the speed of technological advances and the increasing demand for EVs helps to maintain prices. What is the best way to finance an electric vehicle procedure of financing an electric car is fairly similar to that of a traditional gasoline-powered car. It is essential that you follow similar procedures that you would normally follow, in addition to understanding understand the terms available and the importance that your credit score and history are able to bear. Like we said, driving electric also carries the potential for state and federal benefits that you would not typically have access to. One of them is an incentive worth $7500 which is available to all new, certified plug-in or fuel cell electric cars. In 2023, new models could also get a federal tax credit . The car can't be bought for more than $25,000. If it is eligible, you can claim credits up to 30 percent of the sale price, capped at $4,000. Tax credits for federal residents come with income restrictions and car requirements, so you need to make sure you and your future EV are eligible before you begin. Beyond that, you might get a state tax credit depending on where you live. Consider these questions before purchasing an electric car as well as operating an electric vehicle has its own set of needs which you may not have dealt with before. Consider these questions. 1. What is the range of the vehicle? It is important to check the distance your vehicle can take you for both your normal commute and your travel habits. Energy.gov reports the range of 2021 model year cars with the potential to cover up to 405 miles. Fortunately, motorists will deal with lower levels of "range anxiety" because vehicles are catching up with available technology. But it is wise to evaluate your needs by factoring in your usual commute as well as anticipated leisure activities. 2. Do I need to consider leasing before purchasing an electric car? "Leasing an electric vehicle could be a good option to try out the waters of EV ownership," Moody says. The cost is typically lower on a monthly basis and usually includes a warranty. If you are on the decision of driving electric and are considering leasing one, check out the feel and experience. 3. Do I have access car chargers in my region? Although it is true that the Electric Vehicle Council found that the majority of electric vehicle owners recharge at home, many drivers do not enjoy the convenience of installing a Level 2 charger. That's okay. Many EVs can now be charged to charge using any electrical outlet, although it may take all night or more to achieve fully charged. That said, you might require a faster charge at certain times. A lot of EVs take around 45 minutes to reach 80 percent battery capacity when you use an outlet that is fast charging. To determine where you might be able to get a faster charge look up the map, which shows charging stations nearby. Make sure that the charging stations you intend to use will work with your car you're considering. You should consider an electric vehicle when looking for your next vehicle So, is the electric car worth it? As with other luxury vehicles, EVs can carry higher cost upfront and owners must have a strong credit profile to enjoy lower interest costs. However, as the industry expands and more mid-tier options come up, more drivers are able to look into electric alternatives. Are you one of that 36 per cent of Americans thinking about electric? Moody recommends aiming for the sweet spot by buying lightly used -- something that falls in the three- to five-year range to get a better cost and an adequate amount of warranty coverage.
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Authored by Auto Loans Reporter
(image: https://image.slidesharecdn.com/onlineloanspayday-160720084944/95/payday-loans-online-same-day-cash-canada-with-instant-application-approval-1-638.jpg?cb=1469004944)Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of taking out loans to purchase the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing concise, well-researched and well-written information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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