Common questions about electric vehicles (EVs)

From different types of EVs to the costs of EV charging, we’ve got answers to your biggest questions (and helpful buying tips too).

You see it on the roads: More and more people are driving electric vehicles (EVs). According to the Boston Consulting Group, more fully electric vehicles will be sold than gasoline cars worldwide by 2028 — that’s just five years away.

Government credits remain available and the prices of EVs are dropping. So, what do you need to know before plunking down some serious cash for a car? We’ve got answers to some of the most common EV questions, as well as some helpful buying tips.

Common questions about EVs

• What is an electric vehicle?
  There are three main types of electric vehicles. They include a hybrid (HEV), which has a gasoline engine and a self-charging battery, and two versions that require charging: a plug-in hybrid (PHEV), which also has a gasoline engine, and a fully battery-powered vehicle (BEV). All three types are more fuel efficient than a full gasoline model.
  
  
• How do you charge an electric vehicle?
  Most people charge their EVs at home using a standard 120V outlet (Level 1), or a 240V outlet or wall-mounted charging station (Level 2). A Level 2 charger is faster than a Level 1 outlet and is found at most public spots and workplaces. Some public charging stations also offer a Level 3 DC fast charger for BEVs with batteries that can handle the higher power. Most EVs produced in North America — but not all — use the same plug type for Level 1 and Level 2 charging. Not all EVs can use a Level 3 charger, and those that can may use varying plug types.
  
  
• How long does it take to charge an electric vehicle?
  According to the U.S. Department of Transportation, charging times can vary dramatically depending on the type of EV and the charging level.

• How much does it cost to charge an electric vehicle?
  According to Kelly Blue Book, it’s cheapest to charge your EV at home. Public stations can have time-based fees that cost more than your home electric rate. Still, whether at home or at a public station, it generally costs less per month to charge an EV than it does to buy gas for a traditional vehicle.
  
  
• How much does it cost to own an electric vehicle?
  In general, EVs are more expensive to purchase than similar vehicles with a gasoline engine. But without a gasoline engine, BEVs cost less to maintain and are cheaper to operate over the life of the car, according to Consumer Reports. Keep in mind, you may want to budget for the installation of a Level 2 charging station in your house. Eventual battery replacement can also be very costly  ̶  anywhere from $4,000 to $20,000, according to NerdWallet.
  
  
• How long do electric vehicle batteries last?
  Battery reliability varies by automaker, and other factors, like weather, can impact battery life. But in general, J.D. Power says you can expect your battery to last 10 to 20 years.
  
  
• Do electric vehicles need oil changes?
  Because hybrids have internal combustion engines, maintenance requirements are similar to conventional gas vehicles. Fully electric EVs replace the gasoline engine with an electric motor that doesn’t require oil changes. However, they do have other maintenance needs, and regular checks are recommended.
  
  
• Are electric vehicles better for the environment?
  Yes. According to the EPA, EVs have a smaller carbon footprint than conventional gas-powered vehicles, even when adding in the amount of electricity used for charging.
  
  
• How hard is it to find an electric vehicle charging station?
  The infrastructure for public charging stations is continuing to improve and there are lots of ways to find one when you’re on the road. One such resource is PlugShare, a website and app that shows the nearest charging stations and what type of plug and power output they offer.
  
  
• How much does it cost to install an electric vehicle charging station at my house?
  A dedicated charging station has a lot of advantages over using a standard 120V or 240V outlet, including that it draws from an electrical line that doesn’t interfere with your home’s existing power supply. Many charging stations also offer Wi-Fi connectivity so you can monitor charging, receive alerts and control the unit via an app. According to Angi, these units can run $300 to $1,700 for a single port, plus electrician fees.
  
  
• How can I find a good deal on an electric vehicle for sale?
  Prices for EVs range from the mid-$20,000s to more than $100,000, so there are options for almost any budget. And while they are generally more expensive than similar vehicles with gasoline engines, there are lots of credits, rebates and other incentives available to help with the purchase price. Edmunds.com has a tool to help shoppers sort through the pricing options and reviews of leading cars.

Tips for buying and financing an EV

If you’re ready to buy one of these eco-friendly cars, here are some tips for making your purchase easy and stress-free.

• Do your research: Look at the different types of EVs on the market and think about your own driving habits and budget. You may want to consider an EV with a longer per-charge range or shorter charge time, depending on how you plan to use the car. Also, explore options that will work best within your budget.
  
  
• Comparison shop: Just like buying a traditional car, you can get deals on an EV if you shop around. Make sure to take advantage of federal and state tax credits or rebates, dealer incentives and special financing. Many insurance providers offer a discount for EV coverage, so make that part of your comparison shopping.
  
  
• Get your financing: If you want to finance your purchase, it’s a good idea to check out different lenders and see what kind of financing options they have available. Consider interest rate, terms and down payment requirements before making your choice.

Want to know more? Read about the motivations behind one woman’s decision to purchase two electric vehicles. Ready to buy? U.S. Bank can help you shop and finance your next vehicle all in one place.