EV Hub
Understanding the world of electrified vehicles–hybrid and electric–can help you make an informed buying decision
Plugging into the EV Lifestyle
Whether you're looking to buy a used electric car or you prefer an affordable new EV, here are some questions for you to think about first.
Read on to learn more about the benefits of electrification, as well as the ecological impact, cost, and tech associated with EVs.
Benefits of Electrification
Eco-friendly
Driving to your next exciting destination is great, but spending money on fuel and spewing exhaust gasses isn't. Imagine driving with fewer (or even zero) emissions. There's a lot to think about beyond what does or doesn't come from the tailpipe.
Potential savings
While going EV won't save you a fortune overnight, the long-term savings are nothing to downplay, not to mention the potential tax incentives and federal credits that can lower your tax liability with eligible vehicles.
Latest technology
Step one on your journey toward green driving may start with deciding what best fits your lifestyle. Technology is transforming the auto industry with innovations that can enhance your green driving ambitions.
Cost of electric cars
If higher upfront costs deter you from purchasing an EV, there are other long-term potential savings that could help offset those initial costs. The EV tax credit is one way for many EV owners to lower their tax liability. Charging at home will also help insulate you from fluctuating gas prices, and the sometimes high EV public charging rates. Maintenance costs can also make a difference for gas versus electric vehicles.
Driving green tech
Savings and environment aside, the technology behind electrified vehicles is also advancing rapidly. Developments like solid-state batteries are on the horizon and can accelerate that advancement. There's actually a bunch of interesting new EV tech on the way, but what about the power grid? Is it ready for the next stage of EV adoption?
Charging forward
As the power grid develops, figuring out how charging works is another major part of EV ownership. Where to charge your EV, charging times, whether it's safe to charge in the rain, and how to calculate range are some starting points to understand EV charging. You don't have to eliminate convenience from your search for the right EV purchase, compare vehicles to determine what works best for you.
Cost of electric cars
All things considered, you can generally expect a higher price tag upfront for an electric car versus a gas-powered one, but those initial costs aren't the only factors in the EV equation. You can recoup the difference by paying less over time to run an electric vehicle. As a prime example, try calculating the costs of two nearly identical cars save for the powertrain, such as the BMW 430i Gran Coupe versus the all-electric BMW i4.
The electric vehicle in this instance is around $10,000 more in MSRP, but that higher price is offset over time by having no fossil fuel costs (unlike the gas-powered Gran Coupe). The average driver in this case would need just over four years to see the financial benefit of the EV option—in other words, saving $200 per month in gas adds up, but it takes a while. If upfront costs are a primary concern, there are more affordable options hitting the market as electric vehicles continue to grow in popularity.
Fuel economy
You can still compare whether your next EV makes sense for your driving lifestyle using fuel economy data. Although EVs are purely electric and don't run off of gasoline, miles-per-gallon-equivalent or MPGe ratings also calculate fuel economy. The total range you want from your electric car may help you decide between which EV to choose over a similar gas-powered vehicle.
Tax/green initiatives
Fuel economy and maintenance aren't the only avenues for EV savings potential. The government offers a federal tax credit to EV buyers, in addition to state and local tax incentives. While these benefits are not discounts to reduce the sticker price, they can overall tax liability when you purchase eligible EVs and PHEVs.
Pushing the technological envelope
The amount of advancement for EVs in the last ten years alone has created somewhat of a technological renaissance. What was once exclusive to tech-first brands like Tesla is now rolling out across the industry; including on combustion-powered vehicles. Over-the-air updates are one example, which can enhance the speed, efficiency, and intelligence of your connected car.
Shifting toward a greener future
As the popularity of electric cars accelerates, so does the development for automotive technology overall. Sustainable advancement toward solid-state batteries, dual-chemistry batteries, wireless charging, car Wi-Fi, and enhancements for more rapid EV charging are just some of the ways that the industry is shifting toward a greener future. New electric vehicles are coming to the market as the movement away from fossil fuels gains more appeal.
Charging forward
Committing to driving an electric car takes planning and patience, but the benefits that come with EV ownership can make the effort worthwhile. Today's fastest-charging EVs can replenish almost entirely within 18 minutes. Not all chargers can refill an EV battery that quickly, though, so unless you have your own charger, the time you'll spend plugged-in could outweigh time spent at the pump. With a combustion vehicle, you might expect to spend a few minutes filling up at a gas station, but with an electric car you can buy your own charger and plug-in from the convenience of your home.
Charging smart
If you're new to EVs, range anxiety is a real phenomenon. It can be unnerving, not knowing whether you'll have enough charge for that anticipated road trip, or imagining getting stranded with no charging station in sight. The impact of running out of juice when driving electric is a little different than with a conventional car. You can still overcome those perceived barriers by charging smart. Knowing what to do when the weather changes and where to charge your vehicle are two ways to plan for success.
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Browse moreIn terms of sustainable driving, “green” vehicles are typically broken down into three primary categories: hybrid, plug-in hybrid (PHEV) and all-electric (EV). When we refer to green cars, that's what we mean. This site is for educational purposes only. The third parties listed are not affiliated with Capital One and are solely responsible for their opinions, products and services. Capital One does not provide, endorse or guarantee any third-party product, service, information or recommendation listed above. The information presented in this article is believed to be accurate at the time of publication, but is subject to change. The images shown are for illustration purposes only and may not be an exact representation of the product. The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the availability or suitability of any Capital One product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional.