The Practicality Of Owning An Electric Vehicle: How Being Sustainable Makes Life Simpler

In 2023, around 1.2 million U.S. car owners and buyers switched to an electric vehicle (EV), according to Kelley Blue Book, a Cox Automotive Company and vehicle valuation company. Data shows that roughly 1,189,051 new electric cars hit the road last year, and the U.S. electric vehicle market now accounts for 7.6 percent of the automotive market, an increase from 5.9 percent in 2022. 

Similar forecasts are being made for this year. Industry experts estimate around 338,844 new electric vehicles will be sold during the third quarter of the year (June - September), bringing the total estimated number of new EVs sold in the United States up to 1.3 million, a slight increase compared to last year’s figures. 

Switching to an electric vehicle has never been more convenient. Legacy automakers are electrifying their production line-ups in an attempt to compete for a bigger market share. There are plenty of new models to choose from, which in turn has helped keep prices at a moderate level, and allowed for more entry-level options to come onto the market. 

Government support for electric vehicles has shifted in the last few years. Investment in charging infrastructure in some states means that more people will have access to charging facilities and related EV services. Federal tax incentives have also made owning an electric car more attractive. 

The Inflation Reduction Act (IRA) introduced a series of new tax credits specifically aimed at electric vehicle owners, which allows them to claim up to $7,500 in tax credits. Though this is subject to eligibility requirements, it’s never before been a better time to choose electric when looking to purchase a new car. 

Making The Switch

Switching from a traditional gas-powered vehicle to an all-electric or battery-powered electric vehicle can seem daunting. There are plenty of things to consider, not to mention all the various options that are now available on the market. 

Being in the driving seat of an electric car can help provide you with the practicality you desire. Gone are the days of having to deal with noisy combustion engines that pollute the air and having to know all the dead car battery tricks when you find yourself on the side of the road. 

Electric vehicle ownership comes with a handful of favorable outcomes that can help you live a more practical, yet simple life. 

Environmental Benefits 

One of the key attractions of owning an electric vehicle is that it produces less carbon emissions than conventional internal combustion vehicles. Driving to make an impact can help set the right tone, helping you live a cleaner and more sustainable life. 

Many newer electric vehicles produce less or zero tailpipe emissions. In fact, plug-in hybrid vehicles (PHEVs) may produce no emissions when operating in all-electric mode, while hybrid electric vehicle (HEV) models will vary depending on the manufacturing model. 

For some would-be buyers and current owners, choosing an electric vehicle compared to a traditional gas-powered car allows them to make a contributing effort towards moving away from fossil fuels and instead focus on making more sustainable choices. 

Economic Benefits 

There are plenty of economic benefits for driving an electric vehicle, and some of them may include:

Lower maintenance costs: Despite being highly sophisticated machines, EVs have less maintenance-related costs compared to traditional vehicles. For starters, not having an internal combustion engine already reduces the need to replace things such as oil or spark plugs every few months. In some consumer reports it was found that EV owners spend nearly half as much money on vehicle maintenance and repairs as compared to gas-powered car owners. 

Fuel costs: Gas prices are constantly changing. In the last few years, the average price for a gallon of gasoline has been steadily increasing, reaching an all-time high of $5.016 per gallon in June 2022. Since then, prices have decreased, but wider uncertainty over oil makes it hard to predict whether prices will remain the same in the coming years. One consumer report found that owning an electric car can significantly reduce car-related expenses, especially after removing the need to pay for fuel. 

Reduced ownership cost: Taking into account that some electric vehicles will have a higher sticker price, the longer-term outlook provides a more promising picture that shows EV drivers typically have less vehicle ownership costs. The total cost of owning an electric car, which includes services, maintenance, and fuel over the vehicle's lifetime can save owners up to $10,000. 

Tax Benefits 

Buyers of new electric vehicles can qualify for federal tax credits. This initiative was introduced to incentivize consumers to choose electric cars, which means that they can now claim up to a certain amount of their vehicle cost when completing their annual tax returns. 

There are however some limitations, and it’s important to stay up to date about requirements before you can qualify for the tax credit. Some of the things to consider include: 

Vehicle eligibility: Only a handful of new electric vehicles are currently included in the list of eligible EVs that qualify for the tax credit, however, this list is growing. 

Income limitations: There is a cap on personal income, which could mean that high income earners may be excluded from the tax credit. Individuals earning $150,000 filing individually, and couples earning $300,000 filing together will not qualify. 

Vehicle manufacturing: Tax credits are only applicable to EVs that have been assembled in North America and contain American-made components and battery cells. This could mean that not all-electric vehicle models may be eligible, and would-be buyers will need to purchase a vehicle that fulfills this criteria. 

Personal Benefits 

Owning an electric car can help reduce your stress levels and make for a more relaxing, comfortable, and less anxiety-inducing driving experience. One study found that EV drivers and those that own electric cars had reduced stress, and experienced overall better mental health.

Seeing as electric vehicles are less noisy, have less pollution, and create less internal friction compared to gas-powered cars, drivers tend to be more focused and have a calmer driving experience. 

Even hybrid drivers have less stress and feel more calm behind the wheel. In a study conducted in the United Kingdom, around 38 percent of drivers cited that they felt less stressed in an EV compared to when they drove a gas or diesel car. 

Factors such as being less noisy and refined added to the overall improved driving experience. These studies help to prove an important point in how our driving habits and our cars can influence our overall well-being and how being stressed behind the wheel can have an impact on your mental health. 

Choosing A Simpler Life 

While market penetration of electric vehicles is not yet close to that of gas-powered cars, growing popularity and widespread adoption of electric vehicle infrastructure is helping drivers choose a cleaner, less noisy and more comfortable driving experience by opting for an electric vehicle. 

Although some models are often priced higher compared to a traditional combustion engine car, the long-term cost of ownership and maintenance makes owning an EV a lot more attractive and budget-friendly. 

It’s important to remember that there are also plenty of drawbacks to owning an electric car, and each person’s preferences will change over time. However, choosing to live a sustainable, more environmentally conscious lifestyle can help bring more simplicity into your life, which can make owning a car less expensive and a lot more practical.