What you need to think about when buying an EV in 2024

Are you considering trading in your traditional gas-powered car for your first electric vehicle? Now is a great time to make the switch. EVs are gaining popularity, with expanding infrastructure and a growing selection of models. 

At Motor, we’ve helped hundreds of people make the transition by assisting them in finding the right EV for their lifestyle at the best price and helping them navigate EV ownership.

So, what do you need to think about when buying an EV in 2024? Here is your step-by-step guide.

Which EV is for me: researching personal preferences

Choosing the right EV goes beyond just finding a car to get you from A to B. It’s a personal choice that reflects your values and lifestyle. 

Picture yourself charging your EV with energy from your own solar panels, creating an affordable and eco-conscious mode of transportation. You have the choice! EVs are packed with innovative technologies like regenerative braking systems, energy management and autonomous driving features, all geared towards boosting performance and sustainability.

Style and Size – what choices do you have? 

Good news about finding the right style and size of your EV – there is a lot to choose from in 2024! From about 50 EV models in 2020, we now have around 130, covering everything from sedans to SUVs and pickup trucks. You’ve got all big traditional automotive players like Audi, Chevy, Ford, VW or Hyundai through to newer companies focusing solely on EVs such as Rivian, Lucid or Tesla. 

Check out this list of available EV models to find the perfect fit for your needs.

In our community of EV drivers at Motor, some of the most popular EVs include the VW ID.4 and the Nissan Ariya. And lately, there’s been a growing demand for larger family-sized EVs. Our recent trip to the New York Auto Show highlighted the popularity of electric SUVs, with more options for electric 7-seaters like the  Kia EV9 or the VW ID.Buzz. With so many makes and models available, it’s an exciting time for consumers because you can really find an EV that suits your needs.

Driving range – how long can you go on one charge?

One of the first things to think about when comparing one EV to another is the electric range. Think of it as the size of your gas tank. 

Your ideal range depends on how you plan to use your EV. Most EVs can go between 150 to 400 miles on a full charge, with the average being around 270 miles. Here’s something to keep in mind: about 30% of the price of your EV is because of the size of its battery. This means that the bigger the battery, the farther you can drive on one charge, but it also means a higher price tag.

Since a bigger range costs more, it’s smart to think about how much range you really need. Do you mostly drive short distances for work or errands? Or do you take long road trips often? We’ve found that many people overestimate their range needs, which results in most of the battery capacity sitting unused for most of your vehicle’s life. 

We’re here to help you in understanding your driving patterns, whether for daily commuting or road trips, and guide you towards the best EV for you and your lifestyle. Reach out to us for a complimentary pre-purchase consultation, here. 

Charging capabilities – how fast can your EV charge

The perfect EV for your needs is a delicate balance between range and charging capabilities.

If you’re a homeowner with a short daily commute, you might find that a low-range EV model like the Chevy Bolt EUV, which you can conveniently charge at home without super-fast charging capabilities, suits your needs perfectly. However, if road trips across the country are on your agenda, you may want to consider a model with very fast charging capabilities and a longer range, such as the Kia EV6.

So, keep in mind that charging speeds vary between EV models. The electrical architecture of your EV determines how quickly you can charge it at home or at public charging stations. The fastest charging EVs under $60,000 are the Kia EV6, the Hyundai Ioniq 5 and the Tesla Model 3. 

EV test drive – what special EV features do you need 

Once you’ve narrowed down your favorite EV models, it’s time to hit the road and test them out. EVs can have distinct driving experiences and unique features that differentiate them from one another. And some of the EV specific auto companies like Polestar even offer to bring a car to your house for one of the more convenient test-drives.  Check out our detailed post on what to look for during your test drive.

Financial aspects: EV incentives

When purchasing your EV you can currently save a lot of money! From tax credits to special deals on home charging setups to participating in your utility’s EV programs (yes, those are a thing!) 

Researching all options can be daunting, and filtering through eligibility criteria can seem like reading something in a different language. We can give you a head start! 

EV Incentives – how to save money with EV, utility and charging

• Many EVs are eligible for a federal income tax credit of up to $7,500. You can find a list of qualified vehicles, along with personal requirements, here.  
• Additionally, there might be state rebates or tax credits, utility rebates, and other local programs available in your area. Some programs even offer incentives for returning your traditional ICE car or purchasing a used EV. Find some great examples in this article. 
• We highly recommend checking in with your local utility provider. Some utilities offer EV charger installation rebates, as well as special EV charging rates or time-of-use rate plans that feature different pricing depending on peak and off-peak electricity times.
• At Motor, we’ve helped EV owners save up to $15,700 on their new electric vehicle! 

We’ve created a simple online tool that asks you just a few questions, so our team can create a personalized plan for all of the savings you could be eligible for, so you can be confident you’re not leaving any savings on the table. Check it out, here!

EV charging infrastructure: home and public charging

About 80% of EV charging happens at home as it is the most convenient and cheapest option. The rest happens on the move. Let’s explore both options. 

Charger installation – do you need a home charger? And what kind?

Before bringing your EV home, it’s important to plan how you’ll charge it.

• Level 1 Charging: Slow, No Installation Required

For some, particularly those with short daily commutes, charging your EV from a standard 120V outlet using the charger provided with your vehicle (Level 1 charging) will probably work fine! It’s the slowest charging option which gives you around 3 miles per hour. 

• Level 2 Charging: Faster, Requires 240V Outlet and Installation

In most cases, homeowners opt for a faster Level 2 charger installed in their garage or driveway. This requires a 240V outlet, the proper electrical setup and a home charging station. It’s about 10 times faster than Level 1 charging. There are various brands for Level 2 chargers. Factors to consider include charging speed and whether you wish to integrate your EV with your home, such as using it as a backup power source or feeding electricity back into the grid. This feature is available in select models like the Ford F-150 Lightning or Kia EV9.

If you’re not sure what’s best for you, we’re here to help. We can provide charger installation services and guidance on incentives offered by your state or local utility company to make this a more affordable option. 

Public charging – what to consider for charging on the go 

When you’re thinking about where to charge your EV in public, it’s important to know how your choice of car affects your options. This depends on the type of charging connector and which charging networks are compatible.

In the past, Tesla stood out with its exclusive Supercharger network. Other carmakers often teamed up with third-party charging providers like Electrify America, EVgo, or ChargePoint. But now, Tesla has opened up its network, and many EV manufacturers are working together to use the same charging standard (NACS). This means that eventually all charging stations will work with every EV, making it easier for drivers.

It’s a good idea to check with your chosen brand or dealer for current partnerships and charging incentives. For instance, Ford offers a partnership with Electrify America and Tesla featuring a simple “plug and charge” feature and many automakers offer either charging credits or free charging for a certain period. 

So, should you buy an EV in 2024? We think now is a great time to go electric. 

At Motor, we are a growing community of EV enthusiasts and keen to help each other with this transition. EV technology has matured, options are plentiful, and infrastructure continues to expand. To sum it up, if an EV makes sense for you, now is a great time. 

We’ve covered the basics, from picking the perfect EV to navigating incentives and charging options, but know that answering this question can be nuanced with multiple factors. 

As the EV market continues to evolve and expand, we’re here to support you every step of the way. Whether you’re ready to take the leap or just beginning your journey, feel free to reach out to us for personalized assistance and guidance.