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Am I a fool for buying an electric car?
I bought an electric car last year to save costs and do my part to reduce emissions on the road. But I’ve run into some disadvantages in owning an electric vehicle and I am concerned I made the wrong choice. Am I a fool for buying an electric car?
Bellina Gaskey · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Buying an electric car definitely has its challenges, but no, it doesn’t mean you’re a fool for buying one.
Many drivers are choosing to buy electric vehicles
(EV) to reduce emissions and save money, but it’s still important to calculate the cost of owning a car, whether it’s electric or gas.Some advantages to consider when buying an electric car are:
*Save money on fueling
*Less frequent maintenance
*Qualify for EV tax credits
An electric car can be a solid investment, but one of the biggest challenges facing electric car owners is that there aren’t yet enough charging stations near them. Not to mention, charging an EV can take 30 minutes or more. That’s quite a bit longer to wait than filling up at the pump.
However, the
range of electric cars
is improving in comparison to gas cars, and companies are developing better fast-charging stations to meet demand. You also can’t argue with the improved fuel efficiency and lower fueling costs an electric vehicle can bring.Electric cars are typically more expensive to buy upfront, although they give substantial savings in the long run. Electric cars have fewer maintenance costs—no oil changes needed! Plus, the once pricey electric batteries have started reducing in cost.
Insurance prices can be higher, since your electric vehicle is likely to be a newer model, but you can expect to pay similar rates for a newer gas-powered model, too. Not to mention, you can qualify for [EV tax credits] (
https://getjerry.com/electric-vehicles/which-vehicles-qualify-for-ev-tax-credit-2022
) and you’ll never pay any road taxes that are imposed on gas vehicles.Whether you already own an electric car or are considering buying one, it’s a good idea to do some research and see if it’s the right fit for you. Luckily, it’s becoming [easier to buy an electric car] (
https://getjerry.com/insights/bay-area-initiative-making-easier-to-buy-electric
). Be sure to calculate the costs of owning one in your area and make sure your city has the infrastructure to support your latest purchase.While you’re researching the costs and realities of owning an electric vehicle, take a minute to save on your car insurance with the
Jerry
app.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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