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Is now a good moment to purchase an electric vehicle? 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 decisions by offering you interactive tools and financial calculators that provide objective and original content. We also allow you to conduct research and analyze data for free and help you make informed financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies who pay us. This compensation may impact how and where products are displayed on this website, for example the order in which they may appear within the listing categories, except where prohibited by law for our loan products, such as mortgages and home equity, and other products for home loans. However, this compensation will have no impact on the information we provide, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial deals that could be available to you.
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7 minutes read. Published February 27, 2023
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of taking out loans to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to take control of their finances through providing precise, well-researched and well-researched content that breaks down otherwise complex topics into manageable bites.
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It is a financial strain car ownership starting from the first purchase through filling up at the gas station, hit record highs for drivers in the last year. Although gas prices have climbed down to $3.38 in February. 24 as per AAA -the cost of financing a car is becoming more expensive as . The average cost for financing is $700 a month for new vehicle financing and $525 for used in 2022's third quarter, . With steep costs to fill out and fund, and the ever-present worries over climate change, many motorists are itching for another option. Perhaps you're asking "Should I purchase an electric vehicle?" And you wouldn't be the only one. Electric vehicle (EV) sales have increased in the past few years, and TransUnion believes that the EV market share will grow to . However, the high upfront cost of electric vehicles could not be suitable for all drivers. Do I need to buy an electric vehicle? The decision to purchase electric is one that should be considered with the same vigor as selecting the model and the maker of the next vehicle. For some, the ease of low maintenance will make the expensive cost of the price worth it. "From the point of view of a pure consumer standpoint, purchasing an electric vehicle will be extremely positive," says Brian Moody who is executive editor at Autotrader. "In addition to that, driving in electric cars is very rewarding. It is quicker and more efficient, and electric cars come with cool features like the ability to heat up the vehicle's interior prior to hitting the road." If you don't have a fully electric vehicle, a hybrid or plug-in model could be more efficient than gas-powered models and being kinder on your wallet than an electric vehicle. According to Moody explains, these typically have a lower price tag as well. They "function as an electric vehicle for everyday use, consuming gas only for long journeys." This can be a viable option for people who want to drive electric but not ready to commit fully. The electric car market has seen tremendous innovation over the last two years and is expected to continue to grow. While upfront costs have historically been prohibitive, they're decreasing as more options are made accessible and established brands move into the electric car market. In the U.S. auto market is shifting toward electric Record-high gas prices might have helped propel EV sales. Electric vehicles comprised 5.7 percent of all new vehicle registrations in Q2 2022, according to . That may not seem big but it's a significant improvement from the 1.5 percent of EVs in Q2 2018. The increasing interest in electric vehicles has led to improvements in financing options such as tax credits and tax rebates. This increased market is among the main reasons to consider buying an electric vehicle. While Tesla currently dominates the market, TransUnion predicts the luxury brand will lose its percent of market in 2025 due to the increasing number of innovative and mainstream models coming into the market. Moody has a similar view regarding vehicle availability. "It was once the case that there were only one or two small or very expensive electric cars. While EVs cost more overall, some individual models are more reasonably priced. For example Kia EV6 and Chevrolet Bolt. Kia EV6 and Chevrolet Bolt." The Nissan Leaf is another cost-effective alternative to EVs. EV drivers share almost the exact same credit profiles as those driving luxury Satyan Merchant the senior vice president and business leader for automotive at TransUnion has witnessed a rise in the popularity of EV financing, and an ensuing influence on the entire automotive finance market. The study by TransUnion for 2022 found that of the 33 million customers between 2019 to 2021 who took out new EV and traditional vehicle loans, most EV borrowers had nearly identical credit profiles as those who drive luxurious cars. Those driving regular EVs had an average score for credit of 775, which falls in the top category. They also had an average APR of 2.8 percent. This is less than the median APR that was 4.9 percent for all new cars that are available to people with credit in the prime category. The low average APR for EVs isn't just due to the strong credit ratings of these motorists. Buyers are generally also making . The study also revealed that drivers were more likely to commence their . In reality, more than one-third did online research on the vehicle types and makes. Merchant states, "Our research clearly shows that consumers of electric vehicles have good credit risk profiles, but the group has different preferences, with a greater interest in looking for financing options via electronic means." The greater interest will likely be reflected in new options for EV financing combined with an increase in the number of vehicles available over the next few years. Alternatives for environmentally friendly financing are increasing. The growing demand for electric cars has also led to advancements in financing. While motorists can use or borrow for their electric vehicles, lenders specifically for EVs are gaining popularity and provide drivers with a tailored experience by offering . Alex Liegl, CEO of Tenet, discusses the company's work on EV financing and its aim to make climate investment an easy decision. The Tenet method "gives customers the ability to control upfront costs for investment and also save money from down payments to pay for other expenses," Liegl says. In addition the deferment option that shifts one quarter of the purchase price to one final payment at end of the financing term. This will result in smaller monthly payments and a streamlined financing experience -however, a substantial amount might be due at the end. The aim, Liegl says, is to "help customers fully transform their lives with electricity by making environmentally sustainable home improvements more affordable, including the installation of solar panels and battery backups and electric vehicles, smart appliances and more." Other organizations, like the ones listed above , serve as a marketplace for loan prequalification that is directly linked to EV incentives and green loans available throughout your region. According to their website, consumers can save up to $200 per month on their monthly electric vehicle loan payments. Are EVs able to have less cost over their lifetime? Therefore what makes an electric car worth it? The positive feelings that come with operating a vehicle that is more sustainable to the planet isn't always the sole reason why people are switching to electric cars. There's also the potential to save money. While it is true that gasoline is used up while driving, in certain cases driving electric can be cheaper in the long run. In a 2020 survey, electric vehicle owners have saved on average and repairs over the course of their ownership, according to Consumer Reports. This is due to the distinct differences in maintenance that EVs have. These vehicles do not require oil maintenance and have an easier powertrain. Drivers of battery-electric vehicles and plug-in hybrid vehicles paid only 3 cents per mile during the lifetime of the vehicle as opposed to 6 cents for traditional vehicles. But driving electric isn't completely rosy. CNET, an affiliate of the Red Ventures company, reported on a study from 2021 from We Predict that found . Although it's true that drivers do not have to pay the cost associated with , like oil changes and simple inspections, electric components are more costly when it comes to repairs. This means that the longer maintenance times and more expensive replacement parts can make electric vehicles more expensive, or even less more expensive than driving gasoline-powered vehicles. Moreover, electric cars can be more efficient than gas-powered cars due to the speed of tech advancements and the increasing demand for EVs is helping to stabilize prices at the moment. How to finance an electric car The process of an electric vehicle is fairly similar to the process of financing a conventional gasoline-powered car. It is important for you to take the exact procedure you normally would, as well as understand the terms available and the weight that your credit score and history carry. As previously mentioned, driving electric also carries federal and potential state benefits that you wouldn't traditionally have access to. One of these is , an incentive of $7,500 that applies to new, qualified plug-in and fuel-cell electric vehicles. If you buy a new vehicle in 2023, you might also be able to receive an Federal tax credits . The car can't be bought for more than $25,000. If the vehicle is eligible for credits up to 30 percent of the sales cost, with a maximum of $4,000. The federal tax credits are both accompanied with income limits and car requirements, so you need to make sure that you and your future EV are eligible before you begin. In addition, you may be able to claim the state tax credit based on where you live. Consider these questions before purchasing an electric car and operating an electric vehicle comes with an additional number of demands that you may not have dealt with before. Think about these issues. 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 as well as your daily travel. Energy.gov reports the average range for 2021 model year vehicles with the potential to cover up to 405 miles. Fortunately, motorists will have lesser "range anxiety" because vehicles are catching up with technology available. But it is wise to evaluate your requirements by incorporating your typical commute and expected leisure activities. 2. Should I consider leasing before purchasing an electric car? "Leasing an electric car can be a great way to try out the waters of electric car ownership," Moody says. The cost is typically lower on a month-to-month basis and typically comes with a warranty. If you're on the fence about driving electric, consider leasing one to check out the experience and feel. 3. Are I able to connect charging stations for my vehicle in my neighborhood? Even though it is true that the Electric Vehicle Council found that the majority of electric vehicle owners can charge at home, many drivers do not possess the option of installing the Level 2 charger. That's okay. Many EVs can now be charged to charge using any electrical outlet, however it may take all night or longer to get an entire charge. However, you may require a faster charge at certain times. There are many EVs take around 45 minutes to get to 80 percent battery capacity at the fastest charging station. To find out the locations you could be able to get speedier charging, check out the map, which shows charging stations nearby. Double-check that any charging stations you plan to visit can be used with the car you're thinking of buying. Consider an EV when shopping for your next vehicle Is an electric vehicle worth the investment? As with other luxury vehicles, EVs can carry higher cost upfront, and drivers need solid credit scores to enjoy low interest rates. However, as the market grows with more middle-tier choices come up, more people could think about electric options. Are you one of the 36 percent of Americans who are considering electric? Moody suggests that you look to find the sweet spot by purchasing a used model that is something in the three- to five-year range -- to get a better price and a good amount of warranty protection.
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of borrowing money to purchase the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing concise, well-researched and well-written information that breaks down complex topics into manageable bites.
Auto loans editor
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