In recent times, electric vehicles (EVs) have become increasingly popular, with a noticeable shift from traditional gasoline-driven cars to EVs. According to Kelley Blue Book, the third quarter of 2024 saw an 11% increase in EV sales in the U.S. compared to the previous year.
The steady rise in EV adoption has prompted automakers to expand their lineup, releasing a variety of new electric cars, SUVs, and trucks. This guide covers the essentials for those thinking about embracing the electric vehicle revolution.
Understanding EVs
At its core, an electric vehicle operates on electricity rather than relying entirely on gasoline or diesel. These vehicles use an electric motor powered by a battery, which is charged from an external source. Some cars on the market combine both electric and gasoline power, but we’ll get into that later.
Believe it or not, electrification in vehicles traces back to the 1830s with small-scale electric cars, and by the 20th century, there were even some consumer models. Interest in electric vehicles saw a resurgence in the 1970s, gradually strengthening with technological advancements, environmental consciousness, and supportive government policies.
How Electric Cars Function
Electric vehicles are driven by electricity stored in a battery or a battery pack, which activates an electric motor to power the wheels. The battery requires charging from a power outlet at home or a public charging station.
One of the neat features of most EVs is regenerative braking. This system captures kinetic energy when braking and sends it back to the battery, helping to conserve energy, extend the battery’s range, and reduce wear on the brakes.
BEV, PHEV, and HEV Explained
Electric vehicles come in three primary types, often identified by the acronyms BEV, PHEV, and HEV, each with distinct operational methods.
- BEV (Battery Electric Vehicle): These are entirely electric and rely solely on a large battery pack combined with an electric motor.
- PHEV (Plug-in Hybrid Electric Vehicle): PHEVs integrate both an electric motor and a gasoline engine. They allow for a limited range using only electricity—typically 20 to 40 miles—before gasoline kicks in to offer an additional 300 to 500 miles.
- HEV (Hybrid Electric Vehicle): Combining a gas engine, a small battery, and one or more electric motors, HEVs recharge their batteries not by plugging in but through regenerative braking and the gas engine.
Navigating EV Charging
For those new to the EV world, understanding how charging works is crucial since it dovetails with your vehicle’s range.
The range refers to how far you can drive before needing a recharge, which numerous factors influence, including battery size, driving habits, weather conditions, and tire maintenance. Most current BEVs offer a range from 200 to 400 miles per charge, though this can differ based on the model.
EV charging comes in three levels, each varying in speed:
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Level 1: This basic charge uses a standard 120-volt outlet found in most homes, adding approximately 5 miles of range for every hour of charging. While slower, overnight charging can add up to 50 miles of range.
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Level 2: Requiring a 240-volt outlet, Level 2 chargers may need professional installation at home. Three-quarters of public chargers fall into this category, providing about 25 miles of range or more per hour.
- Level 3 (DC Fast Charging): This supercharger can add hundreds of miles in roughly 30 minutes. Typically limited to public charging stations because of its high power output, some modern EVs can fully recharge in less than half an hour.
U.S. public charging infrastructure continues to grow, and as of August 2024, about 192,000 public charging ports were available, with close to a thousand more being added weekly. Semi-public access, like workplace charging stations, is also increasing.
EV Battery Essentials
Most BEVs and PHEVs use lithium-ion batteries because they charge quickly, maintain the charge well, and have a lengthy lifespan. There are a few key terms worth understanding:
- Capacity: Refers to the power stored in an EV battery, with some manufacturers offering various capacity options for the same vehicle model.
- KWh (Kilowatt-hours): This measures battery capacity, ranging from about 30 kWh in smaller EVs to over 200 kWh in larger models. A higher capacity means longer drives per charge but also longer charging times.
- MPGe (Miles Per Gallon Equivalent): This rating helps compare EV and PHEV energy usage to conventional vehicles, with 33.7 kWh equating to one gallon of gas, providing a standardized efficiency measure.
- mi/kWh (Miles Per Kilowatt Hour): This efficiency metric shows how far an EV can travel per unit of battery power, with higher numbers indicating more efficiency.
While replacing an EV battery outside of warranty can be costly, typically ranging from $5,000 to $20,000, prices have been declining thanks to technological innovations and higher production efficiency.
Most EV batteries are built to last, often exceeding a decade. Following charging recommendations, like maintaining a charge below 80%, can extend battery life. Manufacturer warranties typically cover 8-10 years or around 100,000 miles, protecting against significant capacity loss.
Advantages of EVs
Electric vehicles offer several benefits:
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Fuel Savings: Charging an EV is generally cheaper than fueling a gasoline car, especially with home charging. Upfront costs for installing a Level 2 charger can be offset by long-term savings. Where you live affects costs, but in some places, 100 miles of range may only cost around $2.80.
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Eco-Friendly: Fully electric EVs have no tailpipe emissions, thus reducing air pollution and greenhouse gases, while PHEVs and HEVs also offer reduced emissions compared to purely gasoline vehicles.
- Lower Maintenance Costs: BEV systems require little maintenance due to fewer moving parts and reduced fluid needs. Even PHEVs and HEVs benefit from minimal electrical maintenance and longer-lasting brakes due to regenerative braking.
Of course, EVs also come with challenges, such as limited public charging stations compared to ubiquitous gas stations, and potentially longer charge times. Additionally, since EVs are relatively new, there can be uncertainties with new models potentially experiencing more issues than established gasoline vehicles.
Points to Ponder Before EV Purchase
When deciding if an EV is right for you or which model to choose, consider these factors:
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Range Requirements: Do you stick to city driving or plan frequent long hauls?
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Charging Accessibility: Is public charging convenient for you? (Apps like PlugShare can help find stations and check costs.) Do you have the ability to install a Level 2 charger at home? What are your work charging options?
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Vehicle Types (BEV vs. PHEV vs. HEV): BEVs are the greenest choice but best for shorter distances due to lack of gasoline backup. HEVs offer better fuel economy without charging hassle, though with limited electrical range. PHEVs present a good compromise with a reasonable electric range and gas support for longer journeys.
- New vs. Used: The cost of new versus used EVs is a crucial consideration, where used models tend to be more budget-friendly. As per Cox Automotive, the average new EV price was $56,328 in the third quarter of 2024, contrasting with $37,260 for used. New EVs come with the latest features and warranties, as well as potential tax incentives. When buying used, ensure a professional inspection to assess battery health, especially if the warranty period has ended.
Before purchase, check the National Highway Traffic Safety Administration and Insurance Institute for Highway Safety for safety ratings. With EVs available in practically every vehicle segment, from compact cars to SUVs and trucks, assess your budget, safety features, cargo needs, driver capacity, and in-car tech.
Financial Aspects of EV Ownership
The price of EVs can range from under $40,000 to over $100,000 for luxury models. Despite a higher initial purchase cost compared to gasoline vehicles, EVs can lead to savings on fuel and maintenance over time. A Consumer Reports study indicated possible savings ranging from $6,000 to $10,000 over an EV’s lifetime.
The federal EV tax credit offers up to $7,500 for new electric vehicles and $4,000 for vehicle models purchased pre-owned. This credit can sometimes be applied directly at the point of sale. However, more stringent manufacturing regulations have reduced the number of qualifying vehicles, and political factors could influence this credit’s longevity.
Loan financing is another financial consideration, with options for electric car or green loans offering discounts or the ability to finance a home charger. Preapproval from lenders can provide leverage when negotiating with dealerships.
Popular auto guides, such as Kelley Blue Book and Edmunds, are valuable resources to ensure fair pricing during your vehicle search.
Transitioning to an Electric Vehicle
Switching from a gas-powered car to an EV is indeed a significant move. Yet, the benefits in cost savings and environmental impact can make it worthwhile. By getting a handle on what EV ownership entails, you’ll be well-equipped to make a sound decision and enjoy a smooth transition to electric driving.
