10 Things to Consider When Buying Adult recreational electric vehicle

Financial Considerations

From sticker prices and maintenance to insurance and hidden costs, EVs come with complex financial considerations. Here's a primer on key things to look at during the early stages of your research:

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Average Purchase Prices

Electric vehicles are expensive. Kelley Blue Book, a definitive resource for auto market trends, reported the average price of a new EV at $55,353 in January . The most affordable EVs start in the $30,000&#;$40,000 range, while Edmunds reported the average cost of a used EV at $37,000 at 's outset.

Meanwhile, the purchase prices of traditional gas-powered cars are lower on average than electric cars. Though the price gap continues to narrow, experts aren't sure exactly when it will close.

If current EV prices sound a bit rich for your liking, you might catch a break if you wait. Kelley Blue Book tracked a 3.5% year-over-year decline in EV transaction values from to , and the trend looks set to continue. Major EV producers including Tesla and GM have started lowering their prices as vehicle inventories have piled up on dealer lots.

However, there is one caveat: if you wait too long, you might miss out on valuable electric vehicle tax credits.

EV Tax Credit for

Given the environmental benefits of emissions-free electric vehicles, the federal government offers incentives to consumers who buy one. With a value as high as $7,500, the EV tax credit for goes a long way toward making electric vehicles more affordable. Used EVs also qualify for a credit of up to $4,000.

While that sounds great on the surface, there's a lot to unpack. First, not all EVs qualify for the credit, and those that do may not be eligible for the maximum credit.

The actual value you can claim with the EV tax credit will depend on:

• The EV's initial purchase price (MSRP)
• Where it was assembled
• What type of battery it uses
• Where the critical minerals in the battery were sourced
• Your pre-tax income

A lot of variables and technicalities apply, so you'll need to perform your own research to see just how much you'll be eligible to claim. The U.S. Department of Energy (DOE) offers a helpful resource you can use to dig into specific numbers.

Ownership Costs: Upsides & Downsides

Ownership costs of EVs can be tricky to predict. They'll save you money in some ways, but could cost you more in others. First, let's break down savings opportunities:

• You'll save on gas.

How much you'll save depends on whether you buy a hybrid model or go fully electric. In February , Kelley Blue Book reported an average monthly cost of about $60 for the electricity used in home EV charging. Meanwhile, the typical U.S. household spends about $150&#;$200 per month on gasoline, according to J.D. Power.

• Maintenance costs tend to be lower.

EVs have fewer moving parts, which tends to make general maintenance more affordable. You won't need to change your oil, transmission fluid, or spark plugs.

Next, we'll consider ways EV ownership might cost you more:

Link to Future Electric Vehicles

• They're more expensive to insure.

In general, EVs cost more to insure than similar gas-powered models. This is mainly because they cost more, and are therefore more expensive to replace in a worst-case scenario.

• Major repairs will cost you.

While you stand to save on regular maintenance, major repairs can cost a pretty penny. EV parts can be harder to source, and their batteries are notoriously expensive. Replacement batteries range from about $5,000&#;$20,000, so you'd be wise to build a fund to cover that cost should the need arise.

• EVs carry many hidden costs.

The hidden costs of EV ownership can easily total into the thousands of dollars. These costs depend on the make and model you choose, but generally include things like setting up a home charging station and budgeting for the many hardware, software, and firmware updates you'll need. Some manufacturers charge for updates.

Finally, consider long-term EV resale values. There's a lot of conflicting information out there: some authoritative sources say they hold their value better than gas-powered cars, while others describe EV resale values as some of the worst in the auto market.

The takeaway: there's a lot of price turbulence in the EV market right now. Nobody is quite sure where trends are heading, so it's wise to plan for the worst when making projections.

You need to plan for road trips.
Planning when and where to charge when driving long distance is one of the things readers brought up the most frequently about their EV driving experiences. Charging speed was another. &#;I wish charging would become faster, like it is to fill up gas,&#; said Sonal from California. Currently, Level 1 (120-volt charging) and Level 2 (240-volt charging) take hours, and even DC fast charging in public places on the go typically takes 30 to 60 minutes.

&#; Expert&#;s tip: If you&#;re going on a long trip, we recommend you use the PlugShare and Electrify America apps to help you find charging stations and plan your trips. Plugshare also has user reviews that will let you know whether certain public charging stations are crowded.

And it&#;s worth noting that even though EV charging is slower compared with filling up on gas, most owners charge at home overnight. And for a long trip, DC fast charging is very helpful. &#;I&#;ve stopped at DC fast charging places for 10 minutes to gain 80 miles of range, which sometimes makes all the difference in the world,&#; says Gabe Shenhar, associate director of CR&#;s auto testing program, who has tested just about every EV that&#;s been on the market for the last 10 years. 

If you&#;re looking to buy an EV with a longer range, here are the models that can go more than 250 miles on a full charge.

Cold weather has an impact on EVs.
Colder temperatures affect the EV&#;s range as well as its charging speed, many readers pointed out. According to our recent tests, the range of an EV model can drop by 25 percent in cold weather when you&#;re cruising at 70 mph compared with the range in mild weather. And in the past, CR has found that short trips in the cold with frequent stops and reheating of the cabin can reduce the range by 50 percent.

&#; Expert&#;s tip: To conserve battery power, select a lower temperature for the cabin, for example, adjusting it to 66° F instead of 74° F, and rely on seat heaters and a heated steering wheel for warmth. 

Make sure you drive slower, because long stretches of fast driving (more than 70 mph) deplete a battery faster. And when you&#;re parking your car, choose a garage that&#;s at least partly heated.

The tires of EVs wear out faster.
&#;I&#;m at 60,000 miles and just bought my third set of tires, despite driving conservatively almost all of the time,&#; said Garrett from Alabama. 

One reason for the accelerated wear and tear on tires is that EVs tend to be heavier than gas cars, Gabe says.

There is also more wear on EV tires due to the higher torque of the cars. EVs supply their power immediately rather than building it up gradually, which means the tires have to work harder to get traction. 

&#; Expert&#;s tip: You can buy EV-specific tires, which are designed to maximize grip and reduce rolling resistance, which is the drag created by the tires rolling down the road. And while tires wear out faster for EVs, EVs often cost less to maintain as a whole because they have fewer and simpler components. 

Using the touch screen comes with a bit of a learning curve.
Navigating all the features on the touch screen was the No. 1 thing that required some time of adjustment, said Robert from New Jersey. And it can be tricky to use the touch screen, as one Facebook user pointed out, because some screens require a precise touch to access functions, which can be difficult on a bumpy ride.

&#; Expert&#;s tip: If you want to reduce the need to use the touch screen, you can set your preferences for various functions such as audio, mirrors, and air vents, and program that into the system&#;s memory so that you don&#;t have to adjust them while you&#;re driving, Gabe says.

Though driving an EV may require an adjustment of habits, a majority of you said you were satisfied with your vehicle in Smarter&#;s questionnaire. Many of you brought up how quiet and smooth it was to drive and how cheap it was to charge and maintain. And though people tend to worry about range, none of you reported personal experiences of running out of battery power. Thank goodness for that.

Bonus reading: Looking to purchase an EV? Here&#;s how you can find local and federal incentives and tax rebates for the EV model you&#;re interested in.

Are you interested in learning more about Adult recreational electric vehicle? Contact us today to secure an expert consultation!