Day: April 9, 2024

Electric Car Buying 101Electric Car Buying 101


With automakers adding more electric vehicles to their lineups and battery technology improving rapidly, now is a great time to consider an electric car. But there are many questions to consider as you shop, including how much range you need, whether you should buy or lease and what other costs to anticipate beyond fuel. We’ve broken down the electric car buying process into manageable pieces so you can make a smart decision.

The first question you need to ask yourself is whether to buy or lease. While buying is generally the better option if you have a strong credit profile and can take advantage of 0% financing, leasing is a good choice for many people who want to try an EV out. That’s because new EVs come to market often and current models typically get updated with more range or new technologies with each passing year, so the ability to swap out your vehicle every few years may be the most appealing aspect of an EV lease.

Electric Car Buying Guide: What You Need to Know

If you do decide to purchase an EV, we recommend going with a new model to guarantee you’ll have the latest in technology and features and the longest range currently available. And if you’re hoping to qualify for the federal electric vehicle tax credit, be sure to check with your local dealer or the IRS website to understand how the program works.