The electric vehicle industry is expanding quickly in the U.S., with more than 50 electric vehicles already on the road.
Here are some tips to help you get the job done.
Get a tow company.
Some states have rules requiring electric vehicle owners to have a licensed tow truck company, while others don’t.
If you’re unsure, you can call the National Association of Realtors and ask.
Most states also require electric vehicle dealers to have electric vehicle loaner organizations.
In addition, many electric vehicle manufacturers require a certain level of electric vehicle financing.
Find an electric vehicle.
The National Electric Vehicle Association estimates that more than 100,000 electric vehicles were sold in the first half of 2016.
To help you find one, look for models with a higher number of electric drive units (EVs), like the Nissan Leaf, or the Chevrolet Volt, which have more electric motors and charging stations.
If the model has an electric motor, consider checking with the dealer if it’s more expensive than the Model S. 3.
Check the price of an electric car.
To compare prices, the Consumer Reports Vehicle Test Price Index includes both the electric vehicle’s base price as well as the option price, which is a percentage of the base price.
The price difference between the base and the option prices will help you determine which EV to buy.
Check your state’s EV rebates.
In some states, rebates are available for electric vehicles, and in others, the rebates do not cover the cost of the vehicle.
Depending on where you live, you may need to apply for a rebate.
For more information, visit electricvehicles.org.
Ask about the EPA EV charging standards.
To learn more about the standards, read the EPA’s FAQ about EV charging.
If a state’s rebates apply to the car, it’s important to look for an EV dealership near you to get the best price.
Consider a financing option.
There are some low-interest loans that can be used to finance an EV loan, like an EVF loan, EV credit card, or a vehicle loan.
The loan is usually approved through the federal government’s loan program, and the federal minimum down payment is typically less than 10 percent of the car’s sticker price.
For other financing options, check with the state’s Office of Economic Development or its regional offices.
Talk to a dealership.
Some of the best ways to find an electric SUV loaner is to talk to an EV dealer.
The dealership will offer you a free or low-cost inspection to make sure the vehicle is safe and reliable.
Ask the dealership if the loaner has a service or inspection program.
Make sure you get a good deal by using the discount car credit you get when you buy the vehicle, so that you can refinance later if the car is not working.
Get an EV plug-in charging station.
The cost of buying an electric plug-ins can vary from state to state.
Check with your state for specific details.
Some state programs require the installation of an EV charging station, and others do not.
For information on how to buy an EV charger, read this article.
Get your financing done.
You may need a loan or loan financing if you can’t get an EV in your state, but it’s also important to get financing if there’s a problem with the car.
In most states, an EV must be insured against theft, vandalism, or fire.
You can find information on the National Motor Vehicle Safety Foundation’s list of states with EV requirements.
Find the right electric vehicle dealer.
If your electric vehicle is a budget car, consider a dealer that’s willing to offer financing.
For a more detailed look at how much a new electric vehicle costs, read my article, How much does a new EV cost in your area?
Buy an electric charging station and make sure it works.
If an EV has a removable battery, you should be able to buy a charging station that plugs into a wall outlet.
In states that require that the battery must be removable, make sure that the charging station works.
Check for a charge time and check for leaks, but do not open the charging unit.
In cases where the charging is plugged into a car battery, be sure that there is enough battery to charge the vehicle for at least 30 minutes.
Check a nearby parking lot for any leaks.
Keep an eye out for your loan amount.
When you purchase an EV, you’ll need to pay off your loan, including any interest and principal, in 30 days or less.
If there’s any interest remaining on your loan at the end of the 30-day period, you might need to reapply.
Read my article on the latest electric vehicle sales trends.
Ask your dealer about EV loaner groups.
Find a local EV loan group that can help you apply for an electric loan. Ask