EVs Can Let You Avoid High Gas Prices, but Make Sure They Fit Your Lifestyle

Coventry, UK - February 23, 2019: Owner of Nissan Leaf electric car plugged the charger of the car in City Centre of Coventry.
nrqemi / Getty Images

Consumers wary of the recent surge in gas prices might be thinking about purchasing an electric vehicle so they no longer have to worry about sticker shock at the pump. Before taking the plunge, though, make sure it is a good fit for your lifestyle — because driving an EV often requires a lot more logistical planning than driving a gas-powered car.

See: Biden Announces Ban on All Russian Oil Imports
Find: How Much Does the President Control Gas Prices?

The main challenge comes in finding available charging stations and finding the time to charge up. This is not much of a problem if you don’t drive long distances, because you can charge up at home and get by fine. You might not even need a dedicated home charging station — you can plug your car into a standard household outlet to charge it, though that takes a long time.

However, if you travel long distances frequently, either for business or pleasure, you’ll have to do a lot of planning ahead of time. You can’t just pull into a gas station and fill up in a couple of minutes. You have to find enough charging stations along your route — and set aside enough time to power your EV up again.

Building Wealth

Fully charging an EV can take anywhere from 30 minutes to half a day, Kia noted on its website. It all depends on different factors. For example, larger batteries take longer to charge than smaller ones. If you’re charging from an empty battery, you’ll obviously need more time to charge it.

The maximum charging rate of the vehicle itself also plays a part, as does the maximum charging rate of the chargepoint. Even the weather plays a role. It tends to take longer to charge batteries in cold weather, especially if you use a rapid charger.

Which Really Costs More: Charging an EV or Filling Up Your Tank With Gas?

Jordan Ramer, CEO of EV Connect, wrote in a recent column for Forbes that there are three basic types of EV chargers: Level 1 AC (L1), Level 2 AC (L2) and Level 3 (DC Fast Charging, or DCFC).

Most L1 chargers are found in consumers’ garages and carports and take eight to 12 hours to produce a full charge. L2 chargers typically take four to six hours to fill the battery of an average passenger EV. DCFC chargers are designed to fill a battery to 80% of capacity in 10 to 40 minutes.

Building Wealth

The upshot is that even the fastest chargers take much longer than pumping a tank of gas. If you live a lifestyle in which you’re always in a hurry, EVs might not be a good fit.

Another challenge is ensuring you’ll have plenty of charging options once you’re out on the open road and away from densely populated areas with plenty of charging stations. Most EVs have a much shorter range than gas-powered cars.

For the 2021 model year, the median driving range of all-electric vehicles was 234 miles vs. a median range of 403 miles for gasoline vehicles, according to the U.S. Office of Energy Efficiency & Renewable Energy. That’s a sizeable difference even with more long-range EVs coming on the market.

As Ramer noted, decades of gas-powered auto travel have ingrained the traditional gas station experience in drivers’ minds — something that might be hard to let go of when you shift to an EV.

“Getting a full tank should be fast, convenient and reliable,” Ramer wrote. “Historically, EV sales and the buildout of charging infrastructure have been plagued by legacy perception issues. Most notable of these issues is the fear of becoming stranded without a charging station nearby, commonly called range anxiety.”

Building Wealth

Check Out: 17 Hidden Auto Costs Your Dealer Will Never Tell You About
More: 13 Cars That Are Bad News for Tesla

Range anxiety typically comes from the combination of uncertainty about the availability of EV charging infrastructure and drivers’ “chronic over-estimation of the amount of energy required for a given drive,” Ramer added.

On the bright side, President Joe Biden’s $1.2 trillion infrastructure bill, signed into law last fall, aims to build 500,000 new EV chargers across the country over the next half-decade, The Verge reported. That will go a long way toward easing range anxiety. But you’ll have to wait a few years to get there.

More From GOBankingRates

Share this article:

Building Wealth

About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.
Learn More

Best Bank Accounts for September 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.