The Pros and Cons of Electric Cars

Ready or not, the rise of electric vehicles is coming..

In 2023, less than 1% of cars sold in the U.S. were electric. And yet, by 2030, it's estimated that 1 in 10 cars on the road in America will be electric vehicles. That's left many new and used car shoppers considering the benefits and drawbacks of electric cars. If you're considering going green, here are the pros and cons of electric vehicles to consider, and how to decide whether an electric vehicle is right for you.

There are a lot of attention-grabbing headlines about the benefits of electric vehicles (EVs). Driving an EV might align with your moral values around environmentalism, save you money and even make you look cool. Here's an overview of the pros of going electric.

Many people choose EVs for environmental reasons. Unlike cars powered by internal combustion engines that run on gas or diesel, EVs don't contribute to carbon emissions from driving, a major cause of global warming and climate change.

EVs still have a climate impact because of their manufacturing and the electricity needed to charge them, but it's a to smaller carbon footprint than that of traditional vehicles.

Driving an electric car can save you money, and not just at the pump. One of the biggest cost savings comes from federal incentives and tax credits given after you purchase an electric vehicle. You may qualify for a tax credit of up to $7,500 if you buy an eligible EV.

Of course, once you go electric, you won't need to budget for gas anymore. Switching to an EV can save you up to $700 a year on gas. In addition, EVs need less ongoing maintenance (no more oil changes !) because of their electric motors, which can be another cost savings.

Let's not gloss over the cool factor that comes with EVs. Not only are some EVs very trendy, but they also have great acceleration. Electric motors can produce more torque more quickly than gas-powered engines, so you'll zoom away from stoplights or onto the highway.

Before you decide that an EV is right for you, it's important to consider the drawbacks of electric cars. Here are a few of the most common:

One of the biggest drawbacks of an EV is its relatively limited range. Once your battery gets low, you must plug in—and finding a charging station can be much more challenging and time-consuming than finding a gas station. Today, EVs have an average range of almost 300 miles,so they'll be able to cover most commutes. But, if you regularly drive longer distances or take road trips, you'll need to plan ahead to access charging stations along the way.

Sure, EVs can save you money in some ways, but they also come with some big-ticket expenses. To start, EVs are more expensive to purchase than gas-powered vehicles. The price of EVs has fallen in recent years, but they still cost about $2,800 more than a comparable gas-powered car, on average.

Another major consideration is the cost of replacing the battery. Most batteries last 10 to 12 years,but when they fail, replacing them costs thousands of dollars.

EVs can do more and more, but they still can't perform in quite the same way as gas-powered cars. If you regularly tow and haul, this is a major concern. Towing drastically reduces the range of an EV, so you won't be able to get off the beaten path in the same way you can with a traditional truck or SUV.

Ultimately, there's no single answer to whether electric vehicles are worth it. Instead, you have to look closely at your specific lifestyle and driving habits. Here's what to consider.

The biggest consideration is how you typically drive. If you're a traveling representative, the average 300-mile-a-day charge might not be enough for you. On the other hand, if you only make short trips, you likely won't need to give range a second thought.

EVs really shine in the city, where drivers are typically traveling shorter distances and have more access to recharging stations. However, even in the city, you'll need to think about how to plug in your EV, since apartment dwellers and street parkers won't have the luxury of just plugging in from their driveway.

If you live in a rural area and travel long distances, the weight of range anxiety might not be worth the benefits of an EV. However, you likely have the perk of being able to plug in right at home.

The availability of charging stations varies widely around the country. Before buying an EV, consider access to charging stations along the routes you typically drive. For example, does your employer have a charging station at the office? Is there access to charging in your favorite ski towns or seaside escapes?

Electric vehicles have come a long way in recent years. For example, the average U.S. battery range has quadrupled since 2011. Federal and state governments are actively working on infrastructure plans that will make charging stations more accessible. In fact, you may have seen more chargers popping up near you recently. As EVs evolve, so will the pros and cons of going electric.

The right car for you should fit your style, beliefs and driving habits. Maybe an EV is a good fit, or maybe you're better off with a traditional gas-powered car for the moment. No matter what vehicle you're driving, regular maintenance and updates can keep your vehicle performing its best. The Synchrony Car Care credit card can help you pay for the maintenance items all vehicles need, from new tires to brakes. Apply now .