8 things to consider when you're thinking about buying an ...

If you&#;re thinking about buying an electric car or truck, that&#;s great news, both for you and the planet. Not only do electric vehicles cut climate and air pollution by more than half compared to gasoline-powered cars, they can likely save you thousands of dollars over a car&#;s (and an owner&#;s) lifetime. 

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As with any car purchase, there&#;s a lot to think about. Here are eight essential questions all potential EV buyers should consider.

Where can I charge my EV?

Maybe the most important question for any prospective EV buyer is, &#;&#;Do you have charging readily available to you?&#;&#; says Joseph Yoon, who studies car buyers&#; experiences for the automotive website Edmunds.com. 

Here are your options:

Home charging: 

Home charging is often the simplest and cheapest way to go. A basic wall outlet &#; the kind you might plug a lamp or toaster into &#; can get you about 40 miles-worth of charging overnight. For many people, that&#;s enough for everyday driving.

For faster charging, be sure your home has the wiring and electrical service to accommodate a 240-volt outlet, the type a clothes dryer needs. With that kind of power, you can get 25-30 miles-worth of charging per hour, enough to get your EV battery completely full overnight. 

Many EV owners opt to install not just a 240-volt outlet but also a level 2 charger. These chargers, which range in price from about $300 &#; $700, offer smartphone apps that can help manage charging remotely, longer cords, and, for people who only have a driveway and not a garage, can protect the cord and outlet from the elements. A number of utilities and car companies offer incentives to help defray installation costs.

If you live in an apartment building that has a parking lot or garage, you might have at-home charging options, too. Many apartment buildings are installing chargers and a growing number of cities and states have enacted &#;right to charge&#; ordinances and laws, which make it easier for residents to install chargers. Once you know your rights, approach your landlord or building management company to find out about next steps. 

On the road: 

If you regularly drive long distances, or can&#;t charge at home, don&#;t despair: Your charging options are increasing as businesses and governments build out the country&#;s EV charging network. In , more than 12,000 public charging stations, most with several ports each, opened across the U.S. 

Not all the kinks have not been worked out of the system, though, as of late . (A relatively new public/private consortium is working to fix all that.)

To find chargers near you, Yoon recommends the charging app PlugShare. &#;It&#;s a user-sourced reliability and availability report,&#; he explains. &#;It even tracks current levels of charging speed on individual chargers.&#; Google Maps and Apple Maps also list chargers, as do the apps of individual charging networks.

How much does an electric vehicle cost? 

As with other cars, new and used EVs come in at a variety of price points. And there are a sizable number whose sticker price, not counting government incentives (see below), is lower than the average cost of a new car in the United States. (That was close to $48,000 in December, according to analysts at Cox Automotive.)

But a car&#;s sticker price isn&#;t the only price you should figure in. Because EVs&#; fueling costs are often far lower than what most people spend on gas, and EVs need less maintenance overall, many will likely have a lower total cost of ownership, or TCO. (TCO factors in fuel costs, insurance and maintenance as well as purchase price.) 

Because EVs are relatively new, all the data used to evaluate TCO isn&#;t in yet. But a  report by Environmental Defense Fund and the consulting group WSP found EV owners could reduce their costs as much as 29% over 10 years when compared to equivalent gas-powered vehicles. 

How much can I save in tax rebates and credits? 

Given their many benefits, it&#;s no wonder governments want to help people buy electric cars and trucks. The federal government offers an incentive worth as much as $7,500 for many new cars and $4,000 for used EVs priced under $25,000. (Eligibility also depends on your income.) As of January 1, , these incentives have been available directly from many car dealers. 

A number of state and local governments offer EV incentives, too. All of which means you can combine a bunch of incentives and save a whole lot of cash.

What's the difference between a pure EV and a plug-in hybrid? 

If you drive in a part of the country where EV charging is hard to come by or you&#;re still a little hesitant about committing to a purely electric car, there&#;s an option you might not have considered: a plug-in hybrid electric vehicle. 

Plug-ins have more powerful batteries than regular hybrids. When fully charged, some can drive as far as 50 miles on battery alone. That means that the average U.S. driver, who drives less than 30 miles a day, can meet most or all of their daily driving needs using electricity. &#;The real pro of having a plug-in is you can go on a road trip and not worry about charging,&#; says Yoon.

Some people think plug-in hybrids keep us tethered to fossil fuels. But others note that these vehicles often serve as training wheels for want-to-be EV drivers. Either way, they&#;re better for the environment than gas-powered cars. And many are eligible for government incentives. 

Yoon thinks pure EVs have lots of advantages beyond just their cost-savings and environmental benefits. EV owners rave about never needing oil changes and their ability to speed past gas stations without having to pull in and fill up. Not only that, &#;With battery electric vehicles, because they don&#;t have engines and so many parts, you can buy a smaller car that&#;s bigger inside than a gas-powered vehicle,&#; he says. &#;You get inside and think, &#;Wow, this is really big.&#;&#;

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How can I extend the range of an EV? 

Running an EV&#;s heat or air conditioning can reduce its driving range. But EVs that offer heating and cooling using highly efficient devices known as heat pumps can save tons of energy and improve range and performance compared to those without heat pumps. (Heat pumps compare favorably to conventional heating and cooling systems that use only battery power and fans.) Heat pumps can also manage battery temperature, which can in turn optimize charging.

Heat pumps are not standard on every make and model of electric vehicle; many come as optional equipment. If you live in a mild part of the country &#; say, northern California &#; you might not need a heat pump. But for many owners, they&#;re worth the additional price.

Do EVs work in extreme cold?

Yes, electric vehicles still work in frigid weather &#; Norway is the EV capital of the world.

But just as you might take extra precautions driving a gasoline-powered car in extreme cold, EV drivers can take similar steps to buffer against losing range.  

• Park in a garage whenever possible: Garages help protect EVs from brutal temperatures and keep batteries warmer. That extends their range and allows them to charge more quickly.
• Plug in your car or truck for 20-30 minutes before driving, if possible, to warm up the battery and the cabin without draining the battery.
• Charge more frequently and try to keep the charge between 20-80% for peak efficiency.
• Use seat heaters, rather than heating the whole car.

Should I buy or lease?

Whether to buy or lease is a question many car buyers face. Will you put enough miles on your car each year to justify the full purchase price? Could you smash up a leased car and be out thousands of dollars?  

But the issue has more salience for those interested in EVs, for two reasons. The first is that because of the way federal law is written, leasing makes all EVs &#; and by extension, all lessees &#; eligible for federal tax incentives. (The incentive goes to the dealer, not the lessee. So before you sign, make sure the dealer is passing the incentive on to you.)

The second is that EV technology and pricing are changing fast. If you&#;re concerned about keeping up with the latest advances or if recent price drops have you spooked that your car&#;s resale value will be lower than anticipated, leasing might be right for you.

How long will it take my EV to charge away from home?

If you&#;re charging away from home, it&#;s worth knowing how fast your car will charge at high-voltage, level 3 fast chargers. Because of how they are designed, different cars charge at different speeds. 

&#;Right now, most manufacturers are aiming to get you from a 10% charge to 80% in around 30 minutes,&#; says Yoon. He recommends an Edmunds guide to car charging speed that ranks more than 40 EVs. 

If you&#;re in the market for a new vehicle, a used EV may be right for you. To help navigate the process, this guide will cover key considerations when shopping for a used EV, how to claim the IRA tax credit, and the pros and cons of choosing a used vs. new EV.

Link to Future Electric Vehicles

Though EVs are cheaper than gas-powered vehicles to maintain and operate, the upfront cost of a new EV can be a barrier for making the switch. But growing inventory, plus the launch of Inflation Reduction Act (IRA) tax credits worth up to $4,000, have made used EVs an increasingly attractive and affordable option for drivers.

As of December , more than 180,000 electric vehicles (EVs) are on the road in New York State . While most were purchased new, used vehicles are becoming an increasing share of the EV market.

If you plan to use public charging stations, getting a used EV with an adapter allows you to charge at different styles of charge ports. For Level 1 and 2 charging, the SAE J plug is the most prevalent. For fast charging via DCFC, most EV models use a Combined Charging Standard (CCS) plug, apart from Tesla. Buyers considering a Tesla EV could benefit from a CSS adapter since all Tesla models have a proprietary charging plug that differs from all other automakers.

Getting access to an EV&#;s telematics connection is essential for an optimal driving experience. Telematics systems provide two-way communication between a smartphone app and the vehicle to manage charging, view range and other metrics, and receive notifications for servicing and maintenance. Access to an EV&#;s telematics is often complimentary for a set duration before drivers are charged a fee, so it&#;s worth checking with the dealer to see if a subscription comes included for a year or more.

EVs are typically sold with a charging cord, but there are other accessories to keep in mind when comparing options and at the negotiating table.

EV charging may be available at work or school, and such locations are ideal for their longer parking durations. When traveling longer distances, public direct-current fast chargers (DCFCs) can charge an EV to 80% in as little as 20 minutes. Note that most PHEVs and some older EVs are not compatible with DCFCs.

Charging at home, if possible, gives convenience and long-term savings, as the cost of electricity is usually cheaper than a public charging station. Using a Level 2 charger at home is recommended for all-electric models for charging efficiency (20-40 miles of range per hour of charging) and preserving the EV battery lifespan. Level 1 chargers, which add around 5 miles of range per hour, may be sufficient for older PHEV models with limited range.

Though public EV charging stations are becoming increasingly available across New York State, it&#;s important to consider where charging is available.

Warranties are usually transferable with an EV sale. Buyers can provide the EV&#;s VIN to the automaker to check when the warranty expires and verify that it&#;s transferable to a new owner. EV owners can consider purchasing an extended warranty if they&#;re approaching the mileage or year that the factory warranty expires.

EV manufacturers are required by law to provide battery warranty coverage for at least eight years or 100,000 miles after the initial purchase, though some automakers offer warranties lasting ten or more years . Warranties cover the EV battery against failure but may also include provisions for replacement if the capacity is reduced below a specified percentage.

If you&#;ve ever owned a vehicle, you may have encountered manufacturer warranties providing coverage for repairs and the car&#;s powertrain for the first several years.

While EV shoppers may be inclined to prioritize the maximum range, the reality is that New York residents drive an average of 228.3 miles each week &#; or in other words, 32.6 miles a day. Thus, many used electric vehicle models can accommodate the majority of New York drivers&#; day-to-day needs, especially if charging at home, work, or school is an option.

Typically, EV battery range degrades by 2% annually. For example, a Nissan Leaf, which was manufactured with an estimated range of 151 miles, could be expected to have a range of approximately 134 miles in . Note that temperatures below freezing and above 95 degrees can reduce battery range by up to 20%, temporarily .

Vehicle range refers to the distance an EV can travel on a fully charged battery. It&#;s important to consider your routine driving habits &#; commuting to work, running errands, or visiting close family or friends &#; when comparing used EV options.

With either EV option, it&#;s still important to evaluate the vehicle&#;s condition, assess the mileage, and get details on past inspections, maintenance, and accidents. Buyers can typically get a vehicle history report from a dealership or car-buying website. Alternatively, the Vehicle Identification Number (VIN) can be used to generate a report with a third-party company.

All-electric vehicles involve less maintenance since they use fewer fluids (e.g., engine oil) and experience less brake wear from regenerative braking. Plug-in hybrid electric vehicles (PHEVs) benefit from regenerative braking and running partially on an electric motor, but they also have internal combustion engines like their gas-powered counterparts that require regular oil changes and maintenance.

However, there are several EV-specific considerations to keep in mind when browsing options.

Shopping for used EVs involves some of the same questions as any used car: Does the price fit my budget? Is it comfortable? Does it suit my lifestyle?

Rising Used Electric Vehicle Availability

Electric vehicle sales have increased year over year. Nationally, new EV sales have grown from a modest 53,171 in to 326,644 in , indicating a rapid rise in used EV inventory in the coming months and years as early adopters upgrade to newer EV models &#; often with the help of IRA tax credits of up to $7,500 .

In fact, used EV inventory has tripled since and around 190,000 used EVs were sold in the first half of . According to CarMax sales data, these are the five most-purchased used EV models :

1. Tesla Model 3: $37,000 average sale price
2. Tesla Model Y: $47,00 average sale price
3. Nissan Leaf: $23,963 average sale price
4. Ford Mustang Mach-E: $48,015 average sale price
5. Chevrolet Bolt EV: $26,368 average sale price

Based on CarMax&#;s sales data, the average sale prices for both the Nissan Leaf and Chevrolet Bolt EV are near the $25,000 price threshold to qualify for the used vehicle IRA tax credit of $4,000. About 30% of used EVs currently on the market would qualify for the tax credit, which will function as a point-of-sale rebate for buyers starting in .

How to Claim the Inflation Reduction Act Tax Credit for Used EVs

Used EVs purchases in can qualify for an IRA tax credit equal to 30% of the sale price up to a max credit of $4,000. Starting in , buyers can choose to transfer the tax credit to the dealer to lower the price of the used EV at the point of sale, rather than claiming it on their tax returns.

Besides the $25,000 maximum sales price, excluding taxes and fees, qualifying depends on several factors, namely the vehicle model year and buyer&#;s income.

A used EV&#;s model year must be two years prior to the calendar year of the vehicle purchase, meaning that EVs from or earlier will be eligible in .

Additionally, the buyer&#;s income may not exceed the following limits set by the IRS:

• $150,000 for married filing jointly or a surviving spouse
• $112,500 for heads of households
• $75,000 for all other filers

Qualifying is also contingent on buying the used EV for personal use, not being the original vehicle owner, and having not claimed the used clean vehicle credit in the previous three years.

Browse the full list of used EVs models  that meet weight and manufacturer requirements to potentially qualify for the IRA tax credit.

Buying a Used vs. New Electric Vehicle

If you&#;re planning to go electric with your next vehicle purchase, it&#;s worth comparing the pros and cons of buying a used vs. new EV to determine which is right for you.

Used EVs come at a lower upfront cost while still enjoying lower maintenance and operating costs than gas-powered vehicles. The national average price for a used EV in Q4 of was $27,800 , with models under $25,000 qualifying for a $4,000 IRA tax credit. Though powertrain warranties may not transfer from the original owner, battery warranties run for eight or more years, helping reduce the risk of investing in a used EV.

The average cost for a new EV hovered around $48,000 in , though there are notable price gaps between luxury vehicles and more economical and compact models . Several new EVs qualify for both an IRA tax credit and NYS Drive Clean Rebate, resulting in a combined discount of $9,500 for certain models.

The range of used EVs varies considerably depending on the model and year of the vehicle. Older models will have sufficient charge for daily use around town, whereas more recent models often have ranges from 100-200 miles.

The average range for EVs sold in the U.S. in was 291 miles, which significantly exceeds the average New Yorker&#;s weekly driving distance of 228.3 miles . Opting for a new EV could be a better fit for drivers with longer commutes or those living in rural areas where there&#;s currently less public charging available. Drivers that plan to rely on fast charging for frequent road trips may also prefer a new EV, or newer used model, since some older EVs are not compatible with DCFC stations.

Contact us to discuss your requirements of Adult recreational electric vehicle. Our experienced sales team can help you identify the options that best suit your needs.