As any driver knows, gas prices can be unpredictable. They can shoot up suddenly, putting a strain on your budget. And with the pandemic causing so much economic uncertainty, many people are looking for ways to save money on gas. One option is to switch to an electric vehicle (EV). EVs are becoming increasingly popular, and there are a number of reasons why they may be the right choice for you. First of all, they’re more efficient than gas-powered cars, and they emit less pollution. Second, they’re often cheaper to maintain. And finally, with gas prices skyrocketing, they can save you a lot of money in the long run.
With so many benefits, EVs are definitely worth considering. However, if you are taking out a personal loan to buy a car you really need to analyze the pros and cons of the EV.
Arguments Against EVs
At this point, nearly everyone agrees that continuing to use fossil fuels poses a direct threat to the planet. Gas usage creates carbon emissions that contribute to climate change. Hybrid and electric vehicles have existed for quite some time, and if you buy one, you’re helping to slow global warming.
However, some individuals have been reluctant to get a hybrid or electric car because they feel they’re more expensive, on average, than other vehicle options. Other consumers looking for new cars are worried that there aren’t enough charging stations yet to accommodate these vehicles, while gas stations are easy to find.
The Case for EVs
In recent years, though, these two arguments have begun to erode. Gradually, the federal government has taken steps to install more charging stations for EVs around the country. They’re more prevalent at the moment in larger cities, but as gas-fueled vehicles wane in popularity, we should see charging stations start to appear in more rural areas as well.
As for electric vehicles being too expensive, that’s also changing. Many companies have come out with EVs that have starting price tags comparable to similar-sized hybrids or gas-powered cars, trucks, or SUVs.
For instance, a new Chevy Bolt will cost you $26,595. GM, the parent company, will also help any individual or family who buys one to install the necessary 240-volt home charger.
A new Nissan Leaf will cost you $28,895. If you buy one, you’re also eligible for a federal tax credit. The EPA estimated range for a new Leaf is anywhere from 149 to 212 miles, depending on driving conditions.
Is Buying an EV the Right Move for You?
It’s true that you can find cheaper hybrids or gas-powered cars than the EVs we’ve mentioned, especially if you buy used or certified pre-owned rather than a brand-new car. However, you will have to continue dealing with sky-high gas prices if you do. Gas averages around $5 per gallon at the moment, and there seems to be no sign that it will drop to pre-2022 levels anytime soon.
If you buy an EV, you’re likely going to pay more upfront for it, but you’ll save money over the years that you have that vehicle. The cash you save on gas can be put toward other things, like mortgage payments, rent, utility bills, groceries, and so forth. Also, you’ll know you’re helping the planet, which is more critical now than at any other time in human history.
If you’re worried about an EV’s viability when you’re going on a long trip, you can plan out a route beforehand along which you know there are publicly available charging stations. If you’re driving through a part of the country where there aren’t any charging stations, you can always rent a gas-powered or hybrid vehicle specifically for that drive.
If you’re feeling the pain at the gas pump in 2022, it’s well worth your time to at least consider an EV. There are more models available now than ever before, and government subsidies make them an even more attractive option.
Name: Michael Bertini
Job Title: Consultant
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