Electric Vehicles Continue to Grow in Popularity

Regardless of how you may feel about electric vehicles (EVs), they have just enjoyed a record year. About 1.7 million EVs were sold in the U.S. in 2024 — a 21% increase over 2023. California, Florida, and Texas are the top three states in the country in terms of the number of EV registrations. 

Consumers appear more willing to embrace EVs, or at least consider one alongside a more traditional internal combustion engine model when shopping for a new vehicle. There can be some rather compelling reasons to consider an EV. Here’s some information to help you decide if one could be the right fit for you:

What Is an EV?

All-electric vehicles (also known as battery-electric vehicles or EVs) are powered by an onboard battery that stores electrical energy, according to the U.S. Department of Energy’s Alternative Fuels Data Center. Unlike conventional gas-powered or hybrid vehicles, EVs rely solely on electricity to make the car run. The Environmental Protection Agency (EPA) classifies EVs as zero-emissions vehicles due to the lack of exhaust or tailpipe emissions expelled.

Rather than fueling with gas, an EV requires its battery to be recharged, similar to charging your smartphone, laptop or other electronic device. Current battery technology limits how far EVs can travel, especially compared to gas-powered vehicles. However, extensive research and development continue to identify methods to lengthen this range and improve efficiency to accommodate market demands.

Are Electric Vehicles Worth it?

Finding out if an EV is the right move for you requires considering the advantages and disadvantages of EV ownership. EVs offer several benefits, including:

• Efficiency:The National Renewable Energy Laboratory estimates today’s EV batteries will last between 12 to 15 years in moderate climates or eight to 12 years in climates with extreme temperature changes. Most EV manufacturers offer an eight-year, 100,000-mile warranty on electric or hybrid batteries and related components, and aftermarket vehicle service contracts and extended warranties provide similar coverage.
• Eco-friendliness:EVs are also kinder to Mother Earth than their gas-powered equivalents. “EVs can be better for the environment, especially when charged using renewable energy sources,” says Dr. Rajit Gadh, professor at the University of California, Los Angeles. “In this case, EVs not only eliminate tailpipe emissions but also significantly reduce emissions at the energy generation stage, creating a cleaner and more sustainable transportation solution.”

How To Find the Right EV for You

Determining whether an EV is right for you and which models may best suit your lifestyle can be challenging. Consider your driving needs, budget, federal and state tax incentives, charging options and vehicle availability for starters. You may also ask yourself the following questions:

• How many miles do you drive daily, and how does that align with your chosen EV’s range?
• Where will you charge your EV? Do you have money available to upgrade to a Level 2 charger at home if necessary?
• How much will you save on electricity compared to gas?
• Which available EV models, if any, do you prefer?
• How can you take advantage of current federal and state EV tax incentives?
• What will you do if the battery pack fails?

Many potential EV owners opt to lease an EV before pulling the trigger on ownership. Consider looking into an EV lease at a dealership near you to put available models to the test. Car subscription services can also offer extended test drives with shorter terms than leases.

You can read the full article, including information on the potential tax benefits of purchasing an EV, here.

There are more EV models being introduced by car companies every day. Many major car manufacturers are heavily investing in and launching EVs. So, there are plenty to choose from. Why not get out there and see which ones might fit your lifestyle?