Top Five EV Buyer Questions, Answered

The demand for electric vehicles has been on the rise this year. According to Edmunds data, EV sales increased by almost 82% year on year, and currently account for 5% of the whole market. However, plenty of potential customers are skeptical of this novel technology. In light of this, the following are answers addressing the top questions on the minds of EV shoppers before making a purchase.

The number of miles one can drive on a full charge

The type of EV model, the size of the battery, the outside heating rate and the driver’s habits while driving will definitely impact this number. The approximate range for modern electric vehicles could be 250 miles, while earlier versions will have a shorter range of 100 to 200 miles due to the earlier technology that wasn’t advanced and also because of deterioration of their batteries. Note that you will travel further if you speed up gradually. Overspeeding and erratic driving will reduce one’s range.

How long the battery will last?

The number of times the battery is subjected to harsh conditions, the frequency of high and low charge states of operation, the number of charge cycles, and the number of trips to a DC fast charger are just a few of the variables that will affect how long your battery will last.

The performance of an EV battery will deteriorate over time. Your EV battery would be functioning at about 77% after a 10-year period according to vehicle data company Geotab. To help allay some of this worry, the federal government has required that all electric vehicle batteries have a lifespan of at least eight years or 100,000 miles, whichever happens first. The coverage has increased to 10 years in California, along with 14 other states that have enacted zero-emissions vehicle rules.

Does the EV does qualify for tax credit?

Qualifying for an EV tax credit has been modified since the implementation of the Inflation Reduction Act. Starting next year, price restriction, revised taxable income of the person purchasing the vehicle and EV battery components will all be incorporated into the specifications when doing the final assembly. The maximum price for qualified SUVs as well as vans and pickups will be limited to $80,000, while sedans and other automobiles will be limited to $55,000. The EV battery components will require that at least 50% of the battery components used in electric vehicles be purchased and manufactured in the United States or imported from a country that supports free trade agreements. This percentage will rise in the coming years.

The duration it takes to charge

The battery capacity, the built-in chargers and the outlet voltage that permits plugging all play a role in how long it takes to charge an EV. Since 110-volt outlets slow down charging, level 2 chargers are primarily used by those who charge at night on 240-volt outlets. However, a level 3 quick charger is needed while driving long journeys because the charging stations placed along the road are powerful and will cut the charging time in half.

Availability of EVs

Your nearby car dealer has a large selection of electric vehicles to choose from, but in the event of a shortage, as has recently been reported, one may need to wait until the vehicles are available or anticipate paying more from overly enthusiastic dealers. Some businesses, such as Tesla and Lucid, engage in direct sales to customers on their websites. The vehicles are assembled once a customer creates an order. The delivery date, which can range from only a few weeks to more than a year, is determined by the make and design of the vehicle.

As people become more informed about electric vehicles and the technologies powering them, the market is likely to explode for manufacturers such as Rivian Automotive Inc. (NASDAQ: RIVN).

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