Should you invest in an electric car?

Carrollton, Texas electric car auto insurance

Electric vehicles are becoming more and more popular, which may get you thinking about going out and buying one. Although there are many benefits to buying an electric car, there are also some possible downfalls. Make sure you consider both sides before jumping into a new electric vehicle.

The Good:

  • You won’t waste money on gas. Electric vehicles eliminate your worry of the ever-rising gas prices.
  • You can help the environment. According to the U.S Department of Energy, electric vehicles do not emit any air pollutants from their tailpipes like gas vehicles do.
  • Maintenance and additional savings. Aside from saving at the gas pump, electric vehicles will save you money on oil changes, transmission fluids, and exhaust system maintenance since they do not require any of these.
  • Tax incentives. Some electric vehicles purchased in 2010 or later may be eligible for up to $7,500 of federal income tax credit.

The not so good:

  • Range. Most electric vehicles can only travel 100-200 miles before they need to be charged, as opposed to the 300 miles a gas vehicle can travel. If your car does run out of battery, it will take 4 to 8 hours to charge completely.
  • Charging logistics. There are not nearly as many charging stations as gas stations out there. If you are travelling long distances, you may have to go out of your way to find a charging station.
  • Extra costs. While you won’t be spending any money at the gas pump, an at home charging station can cost up to $2,000. You also have to take into account the amount your home electric bill will go up from charging your vehicle.

When it comes to buying an electric vehicle, make sure to check out all the pros and cons to make sure it is the right vehicle for you. When it comes to insuring your electric vehicle, contact Mike Leonard Insurance Agency, located in Carrollton, Texas, to make sure you get the best auto insurance policy for your needs.