If youíre considering a new ride, you owe it to yourself to check out an electric vehicle (EV). Here are some of the pros and cons of owning one.
Electric vehicles have come a long way in a short amount of time and can eliminate the need for gas. With significantly fewer parts than traditional gas-powered engines, EVs require significantly less maintenance too. EVs have zero tailpipe emissions, so they enable you to do your part in helping the environment.
Many people believe that EVs donít offer the range that they need in terms of miles they can drive on a single charge, but thatís simply not the case. According to the United States Department of Transportation Federal Highway Administration, the average American commutes fewer than 40 miles per day. Most EVs get far more than that.
Here are a few examples.
Nissan Leaf: The Leaf starts at an MSRP of $29,010 and offers 107 miles of range when equipped with the 30-kWh battery. Standard features include Nissan Intelligent Key with push-button start, Bluetooth wireless connectivity and heated front seats. You can also add the NissanConnect system with Navigation, a Bose audio system and leather upholstery. If you download the LEAF EZ-Charge app, you can locate over 20,000 charging stations nationwide so youíll never be worried about running out of power.
ďWhile it has a limited driving range, in most other respects the Leaf is quite similar to a conventional gas-powered compact hatchback, offering a comfortable interior and surprisingly snappy acceleration (albeit with zero emissions),Ē says LeftLane News.
Tesla Model S: The Model S has revolutionized the way people look at EVs. Itís not as much of a great luxury EV as it is a great luxury vehicle that happens to be electric, which was designed to be safer and more exhilarating than anything else on the road. It also offers electric all-wheel drive, autonomous driving features and technology that make it the envy of its peers. Driving range starts at up to 218 miles per charge in base form and can go all the way up to 315 miles. This is impressive in its own right, but even more so when you consider the Model S can go from zero to 60 mph in as little as 2.5 seconds.
Kelley Blue Book says that the ďTeslaís Model S for 2016 is a game changer, offering everything a traditional combustion-engine luxury sedan does without the harmful emissions and unpredictable fuel bills. Ö [T]he Model S can win over the most skeptical enthusiast.Ē
Mitsubishi i-MiEV: An MSRP of $22,995 gets you into a new 2017 i-MiEV, and after the federal tax credit of $7,500, the i-MiEV comes in at an impressively affordable $15,495. Thatís significantly cheaper than popular models like the Toyota Corolla, Honda Civic, Chevrolet Cruze and Ford Focus. Its 60-mile driving range may not be as impressive as that of the other models mentioned, but it allows for fuel-free driving for less than many traditional gas-powered vehicles cost, making the i-MiEV a great second vehicle for people who donít tend to travel very far.
Other options: You can find electric versions of popular models, including the Kia Soul, Volkswagen Golf, Chevrolet Spark and Ford Focus.
While there are many advantages of owning an EV, there are still some factors some people canít overcome. The architecture of the grid is improving, but if youíre looking to travel long distances, many EVs arenít ideal because of their long charging times and limited ranges. Another factor can be price, which puts a lot of buyers out in the first place. And if youíre looking for variety, many manufacturers donít even offer an EV in the first place.
Regardless of what youíre looking for, your financial institution is arguably the best place to get financing, so stop by and let us know what youíre looking for, and weíll do our best to get you the money you need so you have one less thing to worry about.