Electric Vehicles (EV) – 10 Key Point for Due Diligence To Perform

Before buying an electric vehicle (EV), one should thoroughly do research on available makes and models to ensure that it meets your needs and provides a good, long-term driving experience. Here are 10 most important things to keep in mind:

1. Range – Single Charge Drive

A very basic and highly important factor to consider is driving range of a EV, that is distance it travels on a one-time charge. Evaluate your daily commute, frequency and need of long-distance trips, and the availability of charging stations. Small EVs offer ranges between 200 to 400 miles, actual results vary based on driving conditions and habits. If you drive shorter distances more, and have ease of charging, a low-range EV might suffice your needs. For longer distances or higher usage, a high range EV would be ideal.

2. Charging Infrastructure

Home Charging: Do a feasibility check to ensure whether or not you can install a Level 2 charger at home, that enables faster charging in comparison to a regular household outlet (Level 1).

Public EV Charging Facilities: Thoroughly research availability of charging stations in areas of your commute. Various Apps can help you find charging stations nearby. Though DC fast charging stations are useful for long trips but, are not available in all regions.

Speed of Charging: Identify facts – how quickly EV you are willing to buy charges with different types of chargers i.e. Level 1, Level 2, and DC fast charging. Fast chargers reduce charging times significantly but, are not available commonly or are accessible.

3. Battery Life and Warranty

Battery Life: Battery is lifeline of the EV and is the most expensive component, that is why understanding its lifespan is highly important. EVs generally come with defined warranties covering battery e.g. for 8 years or 100,000 miles, whichever comes first.

Degraded Usability: With time, batteries start losing their capacity. Do research for the model you are considering from reviews from existing customers i.e. from real-world reports on degradation. While technology evolves and manufacturers continually improvise battery technology to enhance customer experience, it remains one important review point.

4. Cost

Upfront Price: EVs usually have a high upfront cost in comparison to other traditional gasoline vehicles, but it offsets by government incentives/rebates and low operating cost. However, you may want to check how much is it? And, which make/model fits your budget?

Tax Credits and Incentives: Check if federal or state tax credits or rebates for buying an EV are being provided. For example, in the U.S. buyers may be eligible for up to $7,500 in federal tax credits, depends on the make and model.

Benefits Analysis: Considering lower cost of electricity against traditional fuels such as gasoline (petrol), reduced regular maintenance cost (no oil change required, fewer moving parts), potential of savings on taxes, do analysis on cost versus savings.

Financing Options: Finance option directly from manufacturers, and against buying, leasing may also be a beneficial option for EVs.

5. Performance and Driving Experience

Accelerating and Handling: Take a test drive of few models to have a neck of its handling and functioning. Typically, EVs offer an excellent acceleration because of instant torque from electric motors.

Regenerative Braking: With evolution of EVs, regenerative braking systems that recapture energy when you slow down, helps recharge the battery on the move. It reduces consumption of electricity during charging and increase drive range. You may want to include this feature in your checklist to search ideal EV you may want to buy.

6. Charging Costs

Cost of electricity vary by location, but electricity at home is usually cheaper than commercial set-up. That is why your cost of charging may vary at home versus a charging station. This becomes an essential part of your research. As, as mentioned earlier feasibility check of installation of Level 2 charger should be done.

7. Interior Space and Features

Technology and Infotainment: Evaluate it for the features that matter to you. EVs offer cutting-edge technology, large infotainment screens, integration with smartphones e.g. Android Auto, Apple CarPlay, and Advanced Driver-Assistance Systems (ADAS).

Comfort and Ergonomics: Ensure the seats provide good driving position, visibility and are comfortable for you, especially for longer drives.

8. Brand and Model Reliability

Brand Reputation: Some manufacturers, like Tesla, Nissan, and Chevrolet, have been producing EVs for years. These brands have more reliable track record. Research the reliability of the specific EV model you’re considering.

Service Centers: EVs are manufactured with specialized components, there should be authorized service centers nearby that can handle repairs or maintenance.

9. Resale Value

Depreciation: Like other traditional cars, EVs also do depreciate over time, and their resale value can also vary. Factors like battery degradation, technological advancements, and government policies (like tax credits) can impact an EV’s resale value.

Brand Perception: Some brands like Tesla tend to hold their value better than others, largely due to their technology and customer demand.

10. Futureproofing and Software Updates

Over-the-Air (OTA) Updates: EVs, like Tesla or Volkswagen models, do receive software updates to add new features or improve vehicle performance. This keeps your car up to date without needing a special visit to the dealership.

Compatibility with Future Technology: Consider technology being used and how it aligns with future technologies, such as increased battery capacity, faster charging systems, and autonomous driving features.

BONUS POINT FOR ENVIRONMENT LOVERS

11. Environmental Impact

Environmental Sustainability: All EVs produce zero tailpipe emissions, some of the models are built using more sustainable materials. Research the vehicle’s lifecycle impact, including battery sourcing, recycling efforts, and energy efficiency.