Purchasing a new car brings joy to the whole family. But it’s a long way from a decision to purchase a car to taking the actual delivery. And with electric vehicles (EVs) being the new kids on the block, the whole process is more complicated than ever. Buying a new electric vehicle is an exciting journey, marking a move toward sustainability and embracing cutting-edge automotive innovation.
However, the process of purchasing an EV today is more complicated than ever. In this guide, we’ll dive into the ins and outs of buying a new EV, from exploring the diverse range of available models to figuring out where to charge up. We’ll also look at how the EV market has changed in recent years, highlighting the differences and challenges compared to buying a traditional internal combustion engine (ICE) vehicle.
Table of Contents
- There Are More EVs on the Market Than Ever Before
- When Buying an Electric Vehicle, Check EVs’ Range
- Charging Infrastructure And Charging Time
- Buying an Electric Vehicle: Beware of Battery Degradation
- Battery Warranty
- Maintenance
- Tire Wear Is an Important Factor When Buying an Electric Vehicle
- Performance
- Software Support
- Resale Value
- Buying an Electric Vehicle: Brand Reputation
There Are More EVs on the Market Than Ever Before
In recent years, the automotive landscape has seen a big shake-up, with loads of new, high-quality EV brands while traditional manufacturers are lagging behind, struggling to keep up with the rapidly evolving EV technology.
From already established players like Tesla to emerging Chinese manufacturers such as BYD, Nio, or Xpeng, the European EV market is experiencing an unprecedented surge in options. These companies are not only bringing their cutting-edge technology but also offering competitive pricing, making EVs more accessible than ever before.
The abundance of EV options from Chinese manufacturers presents compelling choices for European consumers. And there’s a strong reason for that: the European Union alone boasts a population of 448 million, characterized by stable economies and high income per capita. Additionally, with the inclusion of the UK and Turkey, the potential market for Chinese manufacturers expands even more, presenting a massive opportunity with relatively low import barriers.
EVs produce zero emissions, reducing air pollution and greenhouse gas emissions. But what other factors should you consider when purchasing an EV?
When Buying an Electric Vehicle, Check EVs’ Range
If you’ve been driving traditional gas-powered cars until now, it’s important to understand the significant differences between them and EVs. One of the most noticeable disparities is in the range. While some ICEs can cover over 1,000 km on a single tank, no EV currently comes close to that. Tesla’s Model 3 can go slightly over 500 km on a single charge, but only under optimal conditions. The Zeekr 001 has a range of around 600 km, and the Xpeng G6 can reach over 700 km, but most EVs typically offer up to 500 km.
Keep in mind that the range of EVs is much more affected by factors like weather, road conditions, and driving habits compared to ICEs.
Charging Infrastructure And Charging Time
Check the availability of charging stations in your area and assess their accessibility. Determine if you can conveniently charge at home, work, or public charging stations. This is crucial because charging infrastructure and accessibility greatly impact the overall EV experience.
Charging the EV is significantly different than filling up an ICE. Charging times vary depending on the type of charger you use and the battery capacity of your EV. While it might take just a few minutes to fill up a gas tank, charging an EV takes a lot longer, especially if you’re using a standard home charger. But with advancements in fast-charging technology and the rapid expansion of charging infrastructure, it’s getting easier and quicker to juice up your EV on the go.
Buying an Electric Vehicle: Beware of Battery Degradation
As an EV’s battery gets older and gets more use, it can lose some of its capacity. This happens slowly over time and is affected by things like temperature, how it’s charged, how much it’s used, and battery chemistry. When the battery loses capacity, its ability to store energy decreases, so the car can’t go as far on a single charge. However, modern EVs often come with warranties that cover battery degradation for a certain amount of time.
Battery Warranty
Check the warranty coverage for the EV’s battery, because it’s the most important and most delicate part of any EV. Battery replacement is a significant expense, so a strong warranty is a must. Most EV manufacturers provide up to 8 years of battery warranty, so make sure you’re not offered anything less than that. And keep in mind, the warranty doesn’t apply to any physical damage to the battery.
Maintenance
The maintenance requirements of the EV are different than those of the ICE. Generally, EVs have fewer moving parts compared to internal combustion engine vehicles, leading to lower maintenance costs. However, regular maintenance such as tire rotations and brake inspections are still necessary.
Tire Wear Is an Important Factor When Buying an Electric Vehicle
According to tire manufacturer Michelin, EVs are wearing out tires 20% faster than ICE vehicles. The reason is simple physics: EVs are significantly heavier than their ICE counterparts, and the torque provided by electric motors is almost instant.
Performance
Starting with Tesla, there’s a growing number of EV manufacturers that don’t rely on dealerships. You can purchase their cars exclusively online.
While you might opt for this route, today’s cars aren’t cheap, so ending up with a vehicle you don’t like isn’t the best way to spend your money. Consider visiting a dealership or renting the car you’re considering buying to thoroughly test it out. Evaluate its acceleration, handling, and overall performance before making a decision.
Software Support
EVs are filled with advanced features dependent on extensive software use, making them more akin to smartphones than traditional cars. EVs receive multiple software updates throughout their lifetime, which optimize performance, fix software bugs, enhance security, add additional features, and so on.
Ensure that you purchase a car that will receive continuous software updates, preferably Over-the-Air (OTA). This will save you from having to visit a car service center for a software update.
Resale Value
Consider the expected resale value of the EV. EV technology is continuously evolving, so newer models may offer better features and longer ranges, potentially impacting the resale value of older models.
Buying an Electric Vehicle: Brand Reputation
Traditionally, ICE car brands have established long-standing reputations, often associated with reliability, performance, and build quality. With EVs now in the picture, perceptions are changing.
Tesla has become synonymous with cutting-edge technology and innovation. Other EV manufacturers are rapidly building their reputations, while brands like Volkswagen are grappling with numerous issues in their EV models. Throughout this decade, a major shift is expected, with traditional manufacturers losing brand value and new, mostly unheard-of brands like BYD emerging and replacing them.
By considering these factors, you can make an informed decision when purchasing your first electric vehicle. Have fun!