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Starter's Guide to Owning an Electric Vehicle

December 27th, 2015  |  Auto Insurance

Many people like the idea of getting an electric vehicle. However, if you’re thinking about buying an electric vehicle there are some crucial differences to gas cars that you need to be aware of. Here’s a crash course in owning an electric vehicle:

Hybrid or All-Electric?

This is the starting point for most people. Are you looking for an all-electric vehicle such as a Tesla or the Nissan Leaf? Or do you want the peace of mind that comes with having gas power as a back-up like with the Chevrolet Volt?

All-electric vehicles provide the best efficiency, as well as reduced operating costs. They do away with internal combustion completely. Because of this they tend to have larger battery capacity than hybrids and are less complex to maintain and repair.

Plug-in Hybrids are the most common form of hybrid available right now. They provide most of the benefits of electric vehicles, but eliminate range anxiety by having a small gas engine take over if you run out of juice on a long trip.

Both types of electric vehicles have a limited selection of models to choose from. If you need to drive a truck, minivan, SUV, or something with all-wheel drive, you may not have an affordable option outside of a gas vehicle. However, as more people become interested in owning an electric vehicle, that will slowly change. Over the next several years as the technology becomes more widespread, the prices on these cars should come down.

Right now there is a wider selection of hybrids than all-electrics. Which car suits you best depends on your daily driving needs. You can find a list of available electric vehicles  online to help you make your choice.

Cost

While there’s no argument as to whether electric vehicles are cheaper on fuel than gas cars, there’s a heavy up front cost when it comes to buying one. Electric and hybrid vehicles often cost about $10,000 more than a similar gas vehicle. And that’s just the price of the car. You might also need to install a home charging station that can fully charge your battery in a night or less. That’ll run you another $1,000 or so for purchase and installation.

Electric cars are the best for maintenance. They require no oil changes and the systems generally don’t wear down as quickly as a gas engine so you can save a lot of money on maintenance. Hybrids unfortunately will probably increase your maintenance costs as their dual systems are more complex.

These costs may put you off at first, but over time, the reduction in fuel and maintenance costs (in the case of all-electrics) can offset that initial higher buying cost, in some cases even within the first couple of years. This is something to consider when deciding whether or not owning an electric vehicle makes financial sense.

Range: Can you get there?

The main thing people are nervous about when it comes to plug-in cars is the reduced range. This is a reasonable concern, especially for people who commute long distances to their jobs. While manufacturers commonly boast abilities ranging from 100 km to 160 km, for pure electric cars (hybrids have lower end range for pure electric due to smaller batteries, but the gas engine means greater overall range), it’s a good idea to assume the range is about 25% less than advertised. You need to account for reduced efficiency in cold weather, as well as simply having a safety buffer. That’s cutting it close for a lot of commuters.

Charged Up

It’s perfectly possible to charge via a standard 110 V outlet, but that will take forever. Some governments and manufacturers like Tesla are working hard to create a network of public quick charge stations that can help extend the effective range of electric vehicles by providing reliable refueling –  just as gas vehicles have. Unfortunately, it seems like we’re still years away from achieving anything close to the convenience of gas stations for electric vehicles.

If you are serious about owning an electric vehicle, consider downloading an app to help you locate the nearest charging station. There are apps provided by car manufacturers and third-party developers like OpenChargeMap.org

Maximizing the range and efficiency of your electric vehicle may require a change in driving habits, but it can help you squeeze some extra kilometres out of your vehicle.

Are you thinking about owning an electric vehicle? Try comparing auto insurance quotes to see which car can save you money in just a few minutes.

Image Courtesy of Adobe Stock

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