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Is this the right time to buy electric? Considerations when financing an EV Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct research and compare data for no cost - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this website, for example for instance, the order in which they be listed within the categories of listing in the event that they are not permitted by law. Our loans, mortgage, and other home loan products. This compensation, however, does affect the content we publish or the reviews that you read on this site. We do not include the vast array of companies or financial deals that could be open to you.
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7 min read published 27 February 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 using loans to buy a car.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain confidence to take control of their finances with concise, well-researched, and clear information that break down complex topics into manageable bites.
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Financial burdens of vehicle ownership starting from the first purchase until filling up at the gas station, reached record levels for drivers in the last year. While gas prices have crept down -- a gallon averaged $3.38 on Feb. 24, according to AAA -- financing a vehicle gets more expensive . It costs drivers an average of $700 a month for new car financing, and $525 for used in 2022's third quarter, . With high costs to fill up and finance, plus the constant worries about the climate, many drivers are looking for a new solution. Perhaps you're asking "Should I purchase an electric car?" And you wouldn't be the only one. Electric vehicles (EV) sales have increased over the last few years, and TransUnion believes that the market share of EVs will grow to . But the expensive upfront cost of an electric car might not be right for everyone. Should I buy an electric car? The decision to purchase an electric vehicle should be approached with the same vigor as choosing the model and make of the next vehicle. For some, the ease of paired with minimal maintenance makes the high price tag worthwhile. "From a strictly consumer experience viewpoint, buying an electric vehicle will be very positive," says Brian Moody, executive editor at Autotrader. "In addition to that, driving in electric vehicles can be very enjoyable. Acceleration is more brisk and electric cars come with interesting features such as the capability to heat and cool your car's interior before you hit roads." In the event that you are not a full EV, a hybrid or plug-in model could be more efficient than gas-powered models and being kinder on your wallet as compared to an EV. According to Moody says, these typically have a lower price tag in addition to being able to "function like an electric vehicle on a day-to-day basis with gas being used only for lengthy trips." This can be a viable option for people who want to drive electric but not prepared to commit to a full-time commitment. The market for electric cars has seen great innovation over the last two years and will continue to expand. While initial costs have traditionally been high, they're descending as more options become available and legacy brands dive into the market for electric cars. In the U.S. auto market is changing to electric. Record-high gasoline prices might have helped increase sales of electric vehicles. EVs made up 5.7 percent of all new vehicle registrations in Q2 2022 according to . It may not seem like much however it's an impressive increase over the 1.5 percent share that electric vehicles accounted for in Q2 2018. The growing demand for electric vehicles has led to improvements in financing options such as tax credits and tax rebates. This expanded market is among the top reasons to consider buying an electric vehicle. While Tesla is currently the most popular choice, TransUnion predicts the luxury model will be a minority of the percent of market in 2025 due to the influx of new and mainstream brands entering the space. Moody has a similar view regarding the availability of vehicles. "It used to be true that there were only one or two tiny or extremely expensive electric cars. Although EVs cost more overall however, certain models are priced more affordably. For instance there is the Kia EV6 and Chevrolet Bolt." The Nissan Leaf is another cost-effective electric vehicle. EV drivers have nearly the same credit profile as the owners of luxury cars. Satyan Merchant, senior vice president and business leader for automotive at TransUnion, has seen increasing interest in EV financing and a subsequent influence on the entire auto finance industry. The study by TransUnion for 2022 found that, from the 3 million customers between 2019 and 2021 who took out new EV and traditional vehicle loans, most EV borrowers shared almost identical high-credit profiles as those who drive high-end vehicles. The people who drove regular EVs had an average score for credit of 775 and fell in the top category. The average interest rate was 2.8 percent. This is lower than the median APR that was 4.9 percent for all new cars that are available to borrowers in the prime category. The competitive average APR of electric vehicles isn't only due to the high credit profiles of these drivers. Buyers are generally also making . The study also showed that drivers were more likely to start their . In actual fact over one-third of them did online research on the vehicle makes and models. Merchant explains, "Our research clearly shows that electric vehicle buyers have excellent credit risk profiles. However, this group also has varying preferences, with a greater appetite in shopping around for financing options via digital means." This larger appetite is likely to be evident in new choices for EV financing as well as the increasing number of vehicles that are available in the coming years. Alternatives for environmentally friendly financing are increasing. The growing market for electric vehicles has resulted in advances in financing. While drivers can utilize or lending to their electric vehicles, lenders specifically for EVs are gaining popularity and provide the customers with a personalized experience via . Alex Liegl, CEO of Tenet, discusses the company's work with EV financing and its goal to make climate investing an easy choice. The Tenet method "gives customers the flexibility to control upfront costs for investment and also save money from down payments to use for other expenses," Liegl says. In addition the deferment option that shifts a quarter of the purchase price into one final payment at closing of the term of financing. This will result in low monthly payments as well as an easy financing experiencehowever, a substantial amount may be due at the conclusion. The purpose, Liegl says, is to "help customers fully transform their lives with electricity by making sustainable home upgrades less expensive, such as installing solar panels as well as battery backup and electric vehicles, smart appliances and more." Other organizations, like the ones listed above , serve as an online marketplace for loan prequalification that is directly linked to incentives for EVs and green loans available in your state. According to its website, drivers could save as much as $200 each month on monthly EV loan payment. Can EVs carry less cost over their lifetime? Therefore, is an electric car worth the cost? The good feelings that come from driving a car that is better in terms of environmental impact isn't always the sole reason why people are switching to electric cars. Additionally, they can save money. Although it's true that gasoline is used up when driving, in some instances, electric vehicles can be more affordable in the long run. In a 2020 survey, electric car owners saved an average of and repairs over the lifetime of ownership, according to Consumer Reports. This is due to the differences in general upkeep that come with EVs. They do not need oil changes or maintenance, and they have more efficient powertrains. Drivers of battery-electric vehicles and plug-in hybrid vehicles spent only 3 cents per mile during the lifetime of the vehicle, compared to 6 cents per mile for traditional vehicles. But driving electric isn't completely pleasant. CNET, which is a Red Ventures company, reported on a study conducted from We Predict that found . Although it's true that drivers can avoid the cost associated with regular maintenance such as oil change and routine inspections, EV parts are much more expensive when it comes time for repairs. This means that the longer maintenance times and higher-priced replacement parts could make electric vehicles the same, or more expensive more expensive than driving gasoline-powered vehicles. Moreover, electric cars can accelerate faster than the traditional gas-powered option due to technological advancements, although the current demand for EVs is helping to stabilize prices at the moment. How to finance an electric vehicle The procedure for financing an electric vehicle is a lot like the traditional gas-powered vehicle. It is crucial to follow the same procedure you normally would, as well as be aware of the weight your credit scores and past have to carry. As previously mentioned that driving electric vehicles also carry federal and potential state benefits that you wouldn't normally have access to. One of them is an incentive worth $7500 which is available to all new, qualified plug-in as well as fuel-cell vehicles. New in 2023, you may also be eligible to claim the federal tax credit . The car cannot be bought for more than $25,000. If it is eligible you may claim credits up to 30 percent of the sales cost, with a maximum of $4,000. The federal tax credits are both accompanied with income restrictions and car requirements, so you need to make sure that you and your future EV qualify before diving in. Beyond that, you might be able to claim a state tax credit depending on the state you live in. Consider these questions before buying an electric vehicle Owning and operating an electric vehicle has its own number of demands that you might not have dealt with in the past. Think about these issues. 1. What is the vehicle range? It is crucial to know the distance your vehicle can get you -- for both your typical commute and your travel habits. Energy.gov reports the range of 2021 model year cars with a potential range of between 405 and 405 miles. Fortunately, motorists will deal with lower levels of "range anxiety" as vehicles catch up with technology available. But it is wise to check your needs by factoring in your normal commute, as well as your expected leisure activities. 2. Do I have to rent before buying an electric vehicle? "Leasing an electric vehicle could be a great way to test the waters of ownership in an electric vehicle," Moody says. It is usually less expensive on a monthly basis and generally comes with a guarantee. If you are on the side of electric vehicles and are considering leasing one, see if you like the experience and feel. 3. Are I able to connect to charging stations for my vehicle in my neighborhood? Although it is true that the Electric Vehicle Council found that around a third of electric vehicle drivers charge up at home, many drivers don't possess the option of installing an EV charger that is Level 2. That's okay. A majority of EVs are now able to charge at any electrical outlet, however it could take the whole night or more to achieve an entire charge. That said, you might need a speedier charge at times. There are many EVs require about 45 minutes to reach 80 percent battery capacity when you use an outlet that is fast charging. To determine which stations you may be able to obtain speedier charging take a look at the map, which shows charging stations nearby. Double-check that any charging stations that you are planning to use will work with your vehicle you're thinking of buying. Consider an EV when shopping for your next car. If you're wondering, is the electric car worth it? Similar to other luxury vehicles, EVs can carry higher initial costs and require a strong credit profile to take advantage of the low rates of interest. But as the industry grows and more mid-tier options come up, more people could look into electric alternatives. Are you among those who comprise 36 percent Americans who are considering electric? Moody suggests aiming at the sweet spot, buying lightly used -- something that falls in the three to five-year range -- to benefit from a lower cost and a decent amount of warranty coverage.
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Authored 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 using loans to buy the car they want.
The edit was done by 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 confidence to take control of their finances by providing precise, well-studied information that breaks down complex subjects into digestible pieces.
Auto loans editor
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