Otis Singleton
Electric vehicles (EVs) have surged in popularity, with new models debuting each year, making it easier for buyers to find an EV that suits their needs, budget, and lifestyle. When considering where to buy an electric vehicle, it is important to assess your driving needs, such as the average daily distance travelled and the availability of charging stations. While EVs can be charged at home or the office, having a reliable charging strategy is crucial, especially for longer trips. Federal, state, and local incentives, such as tax credits, can also influence the purchase decision, with some cities offering more attractive incentives than others. Online tools and buying guides are available to help shoppers understand their options, compare prices and specifications, and locate local dealers.
| Characteristics | Values |
|---|---|
| Where to buy | Dealerships, online via automaker websites (e.g., Tesla, Rivian, Lucid), or through electric car shopping tools (e.g., Xcel Energy's tool for Coloradans) |
| When to buy | Consider the timing of incentives, such as federal, state, and local tax credits, and research the specific rules and limitations. |
| Research | Understand your needs, budget, and lifestyle, including average daily mileage and charging options. |
| Charging | Assess your access to home, workplace, or public charging stations. Most charging occurs at home, but public DC fast-charging stations are also available. |
| Insurance | Contact insurance companies before buying to understand the costs and implications of electric vehicle ownership. |
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What You'll Learn
Online dealerships
One such platform is Find My Electric, which provides an online vehicle marketplace for buying and selling used Teslas and other electric cars. The platform offers a self-service system for a quick and easy way to list or buy a vehicle, with additional support available if needed. With a focus on community, Find My Electric caters to a like-minded group of Tesla and EV enthusiasts.
For those looking for a more general online dealership, sites like EverCars and EV.com offer a range of electric vehicles to choose from. EV.com also provides guidance on federal incentives to help maximise savings when purchasing an electric car.
Carvana is another online dealership that offers used electric cars. They provide personalised financing terms in under two minutes, without impacting your credit score. Carvana also offers savings by repricing their inventory to make room for new vehicles, and by offering vehicles without shipping fees.
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Local dealerships
When it comes to buying an electric vehicle, local dealerships are a great option to consider. Dealerships offer a wide range of electric vehicles (EVs) to choose from, providing you with the opportunity to find the perfect car that fits your needs and preferences. Here are some advantages of buying an EV from a local dealership:
Variety of Options
Expert Advice and Assistance
Dealerships employ knowledgeable staff who can guide you through the entire process of purchasing an EV. They can answer your questions, provide insights into the latest technology, and offer advice tailored to your specific requirements. Dealership staff can also assist with the necessary paperwork and financing options, making the buying experience more streamlined and convenient.
Incentives and Discounts
After-Sales Support
Dealerships typically provide after-sales support, which can be valuable for EV owners. This support may include maintenance services and repairs and access to charging stations. Dealerships often have established relationships with EV manufacturers, ensuring that your vehicle receives authorized and reliable service. They can also advise you on home charging station installations and provide guidance on optimizing your EV ownership experience.
Convenience and Test Drive Opportunities
In conclusion, local dealerships offer a comprehensive package when it comes to buying an electric vehicle. They provide a wide range of options, expert guidance, incentives, and after-sales support. By visiting your local dealerships, you can compare different EVs, secure attractive deals, and drive away in your new environmentally friendly car with confidence and satisfaction.
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Tax credits and incentives
Federal Tax Credits
The Federal Electric Car Tax Credit, part of the Inflation Reduction Act, offers a substantial incentive for EV buyers. This credit provides up to $7,500 for the purchase of a new qualified plug-in EV or fuel cell electric vehicle (FCV) with a gross vehicle weight of less than 14,000 pounds. The credit amount is based on the vehicle's battery capacity, with a minimum credit of $2,500 + $417 for every kilowatt hour of battery capacity above the minimum 7 kilowatt hours. To be eligible, the vehicle's manufacturer suggested retail price (MSRP) must not exceed certain limits, such as $80,000 for vans, SUVs, and pickup trucks.
State and Local Incentives
In addition to federal credits, various state and local incentives are available for EV buyers. These incentives differ from state to state and even within different areas of a state. For example, in Colorado, residents can use the Xcel Energy shopper tool to determine the available tax credits for specific EVs based on their zip code. Some states or localities may offer immediate savings or discounts at the time of purchase, while others provide tax credits when you file your taxes.
Tax Credits for Charging Infrastructure
Tax credits are also available for the purchase and installation of EV charging equipment. This includes credits for home chargers and associated energy storage, with a potential credit of up to $1,000 for each charging port. Additionally, businesses, fleets, or tax-exempt entities that install EV charging equipment may be eligible for a tax credit of 6% of the cost of the property, with a maximum credit of $100,000 for each single item of property.
Dealership Incentives
When purchasing an EV, you can work with dealerships to process the vehicle tax credit. Most dealerships will handle the tax credit during the purchasing process, making it more convenient for buyers. Additionally, some dealerships may allow customers to transfer their clean vehicle tax credit to the dealership, resulting in an immediate savings of up to $7,500 for a new vehicle and up to $4,000 for a pre-owned vehicle.
It's important to note that tax credits and incentives for EVs have specific rules and limitations, and they may change over time. Therefore, it's essential to stay informed about the latest developments and consult with experts or refer to official sources, such as the IRS and the Department of Energy, to ensure you meet the eligibility requirements and understand the process for claiming these credits.
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Workplace charging
However, there are several considerations for employers who want to implement workplace charging. Firstly, they must gauge employee interest through surveys to determine if a workplace charging program is suitable for their organisation. Secondly, they need to consider the costs associated with equipment, installation, maintenance, and electricity. Federal, state, and utility incentives can help offset these costs.
When it comes to charging equipment, employers can choose from Level 1, Level 2, or direct-current (DC) fast charging. Level 1 stations are less expensive but charge vehicles slower and are typically used by one vehicle during the workday. Level 2 stations are more common in workplaces as they can charge multiple vehicles per day. DC fast charging, while quick, can be expensive if used as the primary charging source.
Employers should also develop policies for sharing charging stations and managing vehicles that have finished charging. This includes considering employee commute distances and EV types, with all-electric vehicles often given preference. Additionally, employers may require employees to sign a parking liability form and are encouraged to seek legal counsel regarding potential liability related to charging stations.
Some workplaces offer free charging, while others charge an hourly rate or match local electric rates. Having a dedicated internal communication channel for charger updates and complaints can help manage the process.
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Home charging
However, if you do not have a reliable home charging setup, you may need to reconsider your decision to buy an electric vehicle. You can explore other charging options, but they may not be as convenient or affordable. Public DC fast-charging stations can be expensive as a primary charging source.
If you live in an apartment complex with an internal garage, you may be able to charge your electric vehicle at home, depending on the availability of chargers. Alternatively, if your workplace provides charging stations for employees, you can charge your vehicle during the day and have it ready for your commute back home.
When purchasing an electric vehicle, it is essential to consider your charging options. Account for charging station locations and the cost of installing a charger at home. Most EVs have navigation systems that can help you find nearby charging stations, and some will even pre-condition your vehicle before arriving at a fast charger.
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Frequently asked questions
You can buy an electric vehicle (EV) from a dealership or directly from the manufacturer. Some automakers, like Tesla, Rivian, and Lucid, offer direct-to-consumer sales.
There are several factors to consider when buying an EV, including range, charging options, price, incentives, and performance. It's important to assess your needs, budget, and lifestyle to choose a model that suits you.
Yes, there are federal, state, local, and utility credits available for electric car buyers. The Federal Electric Car Tax Credit offers a tax credit of up to $7,500 for purchasing a new EV and up to $4,000 for a used one. State, local, and utility incentives vary, so research the specific incentives in your area.
Most EV charging occurs at home overnight, but workplace charging is also an option, as some employers provide charging stations for employees. Public charging stations are available at locations like grocery stores, hotels, and shopping centers.
You can use online resources such as buying guides and dealership websites to research different EV models, compare prices, and learn about available incentives. Websites like FindMyElectric and Drive Electric Minnesota offer tools to help you find and compare EVs based on your preferences and location.
