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Is it 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 financial calculators and tools as well as publishing original and objective content, by enabling you to conduct research and compare information for free and help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not restricted 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 when products are featured on this website, for example the order in which they appear within the listing categories in the event that they are not permitted by law for our loans, mortgage, and other products for home loans. But this compensation does have no impact on the information we provide, or the reviews you see on this site. We do not cover the entire universe of businesses or financial deals that could be accessible 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 has a specialization in helping readers to navigate the details of taking out loans to purchase an automobile.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing concise, well-researched, and clear information that dissects complicated topics into bite-sized pieces.
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It is a financial strain car ownership starting from the first purchase until fueling up at the station, has reached record levels for motorists in the past year. As gas prices have gone down to $3.38 on Feb. 24, according to AAA -the cost of financing a car is becoming more expensive as . Drivers pay an average of $700 a month for new car financing, and $525 for used in 2022's third quarter, . With the high cost of filling with fuel and pay for, plus the ever-present worries over climate issues, many drivers are searching for an alternative solution. You might be asking "Should I buy an electric car?" And you wouldn't be the only one. Electric vehicles (EV) market share has been on the rise in the past few years and TransUnion believes that the EV market share will reach . However, the cost upfront of an electric car might not be right for every driver. Should I buy an electric vehicle? The choice to buy electric should be approached with the same vigor as choosing the model and make of the next vehicle. For some, the convenience of low maintenance can make the price tag worthwhile. "From an entirely consumer experience viewpoint, buying an electric vehicle is very positive," says Brian Moody, executive editor at Autotrader. "In addition, the driving experience of electric vehicles can be very enjoyable. Acceleration is more brisk and electric cars have cool features like the ability to heat or cool down your car's interior prior to hitting on the highway." If there's no full electric car, a hybrid or plug-in model is more efficient than conventional gas models, while saving you money than an electric vehicle. As Moody says, these typically have a lower price tag as well. They "function like an electric vehicle on a day-to-day basis and consume gas only on long trips." This is why they are a good choice for people who want to drive electric, but aren't 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 initial costs have traditionally been prohibitive, they're decreasing as more options become available and legacy brands dive into the market for electric cars. It's clear that the U.S. auto market is changing to electric. Record-high gasoline prices could have helped increase sales of electric vehicles. Electric vehicles comprised 5.7 percent of all new vehicle registrations in the second quarter of 2022, according to . It may not seem like much however it's an impressive rise in comparison to the 1.5 percent share that EVs represented in Q2 2018. This growing interest in electric vehicles has resulted in advances in financing options as well as tax credits. This increased market is one of the primary reasons to consider purchasing an electric vehicle. While Tesla has a majority of the market, TransUnion predicts the luxury brand will fall of the market share by 2025, due to the increasing number of innovative and more mainstream makes that are entering the market. Moody offers a similar outlook regarding car availability. "It used to be true that there were only few small or expensive electric vehicles. While EVs cost more overall but some models are more reasonably priced. For example, Kia EV6 and Chevrolet Bolt. Kia EV6 and Chevrolet Bolt." The Nissan Leaf is another cost-effective electric vehicle. EV drivers have nearly the same credit profile as those driving luxury Satyan Merchant Senior Vice President and automotive business leader at TransUnion, has seen increasing interest in EV financing and a subsequent impact on the automotive finance market. TransUnion's 2022 research found that, of the 33 million consumers between 2019 to 2021 who financed new traditional and EV loans the majority of EV-related customers had similar credit profiles to those driving luxurious automobiles. The people who drove regular EVs were able to get an average score for credit of 775, falling into the prime category. The average interest rate was 2.8 percent. This is less than the median APR that was 4.9 percent for all new cars for people with credit in the prime category. The high average competitive APR for EVs isn't just due to the high credit ratings of these motorists. They are also making . The study also revealed motorists were much more likely begin their journey . In actual fact nearly one third of the respondents conducted online research on vehicle types and makes. Merchant says, "Our research clearly shows that electric vehicle buyers have good credit risk profiles. However, this group also has varying preferences, with a greater appetite in shopping around for financing options via digital means." This increased demand is likely to be evident in new options for EV financing, as well as an increasing number of vehicles that are available in the coming years. Alternatives for environmentally friendly financing are expanding This growing marketplace for electric vehicles led to advancements in financing. While drivers can utilize or lending to their electric vehicles, lenders specifically for EVs are gaining popularity and provide customers with a customized experience via . Alex Liegl, CEO of , comments on the company's involvement in EV financing and the company's goal to make climate-related investment an easy choice. The Tenet method "gives customers the ability to control upfront costs for investment and save down-payment cash to be used for other expenditures," Liegl says. In addition, there is a deferment option that transfers one third of the price into one final payment at the closing of the term of financing. This will result in smaller monthly payments and an easy financing experiencehowever, a significant amount might be due by the end of the term. The goal, Liegl says, is to "help customers completely enhance their lives through making green home improvements less expensive, such as the installation of solar panels, battery backup and smart appliances, EV charging and much more." Other businesses, such as EV-Savings, act as an online marketplace for loan prequalification directly connected with incentives for EVs and green loans offered in your state. According to their website, drivers could save as much as $200 each month on monthly EV loan payments. Are EVs able to have a lower lifetime cost? So can you say that an electric vehicle is worth the cost? The positive feelings that come with operating a vehicle that is healthier for the environment isn't always the only reason people are turning to EVs. Additionally, they can reduce costs. Although it's the case that gas costs are higher when driving, in some cases driving electric can be more affordable overall. A survey in 2020 found that electric car owners reduced the cost of repairs over the course of their ownership as per Consumer Reports. This is due to the differences in general maintenance that EVs have. They don't require oil changes and use more efficient powertrains. Drivers of battery-electric vehicles and plug-in hybrids spent just 3 cents per miles over the life of the vehicle, compared to 6 cents for traditional vehicles. However, the electric vehicle experience isn't always positive. CNET is an affiliate of the Red Ventures company, reported on a study conducted from We Predict that found . Although it's true that drivers do not have to pay the extra cost of , like oil changes and simple inspections, electric parts are much more expensive when it comes to repairs. This means that the longer maintenance times and higher-priced replacement parts could result in electric cars being the same, or more expensive, than driving gas-powered vehicles. Moreover, electric cars can be more efficient than gas-powered cars because of technological advancements however, the present demand for EVs helps to stabilize prices at the moment. How do you finance an electric vehicle The process of an electric vehicle is quite similar to the traditional gas-powered car. It is crucial for you to take the exact procedures that you would normally follow, in addition to understanding be aware of the weight your credit score and history carry. As mentioned, driving electric also carries federal and potential state benefits that you would not 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. In 2023, new models could also receive an federal tax credit . The car cannot be bought for more than $25,000. If the vehicle is eligible for tax credits of up to 30% of the purchase price, which is capped at $4,000. The federal tax credits are both accompanied with income limits and vehicle requirements, so make sure that you and your future EV meet the requirements before you dive in. In addition, you may be able to claim an income tax credit for your state based on the state you live in. Consider these questions before buying an electric vehicle Owning or operating an electric vehicle has its own set of requirements that you might not have dealt with before. Consider these questions. 1. What is the range of the vehicle? It is essential to determine the distance your vehicle can bring you -- for both your typical commute and your travel habits. Energy.gov lists that the 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 the latest technology. But it is wise to assess your needs , taking into account your typical commute and expected leisure activities. 2. Do I need to rent before buying an electric car? "Leasing an electric car can be a good option to get a taste of ownership in an electric vehicle," Moody says. It is usually less expensive on a month-to-month basis and usually includes a warranty. If you are on the side of electric vehicles you should consider leasing one to see if you like the feeling and the driving experience. 3. Do I have access to charging stations for my vehicle in my neighborhood? Even though the Electric Vehicle Council found that around a third of electric vehicle drivers recharge at home, a lot of drivers do not possess the option of installing a Level 2 charger. That's okay. A lot of EVs can now be charged to charge using any electrical outlet, although it may take all night or longer to get an entire charge. But, you might require a quicker charge at times. Many EVs require about 45 minutes to get to 80 percent battery capacity at an outlet that is fast charging. For information on the locations you could be able to get an earlier charge look up this map that shows charging stations in the vicinity. Make sure that the charging stations that you are planning to visit can be used with the car you're considering. Think about an electric car when you're 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 take advantage of the low rates of interest. However, as the industry expands as more options for mid-tier vehicles pop up, more people can reasonably think about electric options. Are you one of those who comprise 36 percent Americans who are considering electric? Moody recommends aiming at the sweet spot, purchasing a used model that is anything in the three to five-year range to benefit from a lower cost and an adequate amount of warranty protection.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase an automobile.
Edited by 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 control their finances through providing clear, well-researched information that breaks down otherwise complex subjects into digestible pieces.
Auto loans editor
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