2024 BMW i5 Review
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NerdWallet overview
The BMW i5 is a midsize luxury sedan introduced in 2024 as the first all-electric vehicle in the automaker’s established 5 series line-up. The 2024 i5 has two trim options — the entry-level eDrive40 and the high-performance M60 that speeds to 60 mph in 3.7 seconds.
EPA estimates place the eDrive40 range at up to 295 miles per charge and the all-wheel-drive M60 xDrive at up to 256 miles. The i5 comes with standard driver-assistance features like blindspot detection and lane departure warning. Optional Highway Assistant enables hands-free driving at speeds up to 85 mph in certain situations.
This review of the BMW i5 covers key features, available trims and specs, the cost of ownership and how to shop for an EV.
Cost of EV ownership
Automotive group AAA conducts an annual Your Driving Costs study that breaks down vehicles by category and provides the average costs for five top-selling models in each category. The summary below is for its EV category in 2023 and not a specific make and model.
Operating costs | |
Fuel cost per mile | 4.74 cents. |
Maintenance cost per mile | 8.12 cents. |
Ownership costs | |
Full-coverage insurance | $1,820. |
License, registration, taxes | -$192.* |
Depreciation (15K miles/year) | $5,296. |
Finance charges | $1,260. |
Total cost: 15K miles per year | |
Operating costs | $1,929. |
Ownership costs | $8,183. |
Total per year | $10,112. |
*Negative amount reflects the availability of federal and state incentives, which vary from state to state. | |
How to charge an EV at home
EV charging is divided into three different categories — Level 1, Level 2 or Level 3, also known as DC fast charging. Each level differs in its amount of electrical output and how fast it recharges an EV.
DC fast chargers, as the name implies, have the highest level of output, and not all EVs have the capability to use this type of charger. Typically, this type of charger is found at public charging stations and not in homes. So, when planning for home charging, your decision comes down to whether Level 1 charging or Level 2 charging will meet your needs.
Level 1 charging may be sufficient if you don’t drive your car a lot and only take short trips around town. You would plug the EV into your standard 110-volt home outlet, and your battery would be replenished at a rate of about 3-5 miles per hour. Most EVs come with a Level 1 charging cord.
Level 2 charging is the most common and will add about 20-25 miles of range for every hour your EV is plugged in. However, it requires a 240-volt outlet, which will likely require electrical upgrades in your home. Also, most EVs don’t come with a Level 2 charger, so you may need to buy the charger and pay an electrician for installation. Expect to pay several hundred dollars or more to prepare for Level 2 charging at home.
To minimize the ongoing cost of charging at home, check with your electric company about the best time to charge. Some offer lower rates if you charge during off-peak electrical usage hours.
How to shop for an EV
When deciding which EV model is right for you, consider factors like incentives, charging costs and battery range.
Tax credits, incentives and rebates. There are federal, local and manufacturer-specific incentives that can reduce the cost of buying an EV. First, there’s a federal EV tax credit for new and used EVs. Note that there are EV and buyer-specific criteria you must meet to qualify for this credit. Additionally, state, local governments and electricity companies, in some cases, offer cash incentives for EV buyers. You can find these through a database provided by the U.S. Department of Energy. Manufacturers also offer incentives in the form of rebates and low interest loans.
Charging costs. The best EV charging option will depend on factors including your vehicle’s efficiency, whether you decide to charge at home, where you live and more. Charging at home is typically cheaper than using a public charger. The cost of charging at home will depend on your electricity rates, and if you decide to opt for Level 1 charging (plug your EV into a standard wall outlet) or use a Level 2 charger, which requires additional equipment and potentially electrical work. You can also choose to charge at a public fast-charging port, which will cost you anywhere between $6 and $35 to add about 100 miles to your vehicle. Consider which charging option(s) might fit your budget when purchasing an EV.
Battery range. When deciding which EV is right for you, a top consideration should be range — this is how far an EV can travel before its battery needs to be recharged. Some EVs can travel over 400 miles on a single charge, while others top off around 150 miles. If you plan on primarily taking long drives with your car, you’ll want an EV with a higher range, although these typically come with steeper prices than lower-range vehicles.
How to shop for an auto loan
The process of getting an auto loan can go quickly: If you meet credit requirements, you may be able to walk into a dealership and drive away with a car and loan today. Still, it pays to take your time to tick off the following steps, to ensure you find the best loan with the lowest rate for your financial situation.
1. Check your credit report and credit scores. You’re entitled to a free copy of your report every week from each of the major reporting bureaus, Experian, Equifax and TransUnion.
2. Shop around at more than one lender. Survey large and regional banks and local credit unions, as well as online lenders and loan aggregators.
3. Get preapproved. This is different from pre-qualifying and requires a hard credit pull that may temporarily lower your credit scores. But because the lender will get more information about you and your credit history, the estimated rate should be closer to the final rate you receive upon loan approval.
4. Set a budget. Your loan offers will show the most you can borrow, the interest rate and an estimated monthly payment.
5. Select and finalize your loan. If you decide to buy a car at a dealership or online retailer, don’t skip applying for financing there too. Car manufacturers may offer below-market interest rates for their brands purchased at a dealership. And online retailers typically have their own financing and access to a network of lenders, but most allow you to bring your own financing.
» MORE: How to get an auto loan
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How to shop for auto insurance
Getting car insurance can be as quick as clicking a few links; the process boils down to these five steps:
1. Gather some information. You'll need the basics of every driver who'll go on the policy, as well as facts about the car.
2. Determine your coverage needs. Each state has its own minimum requirements, but you may want broader coverage for your vehicle.
3. Decide where to get insurance. Your options include going directly to an insurer, using a "captive" or independent agent, or going through a specialty agency.
4. Compare companies. Get quotes from multiple places. And make sure you’re comparing policies with the same coverage limits and deductibles.
5. Buy your new policy (or update your existing one). Once you’ve chosen a company and a policy, you can usually pay all at once or on a monthly schedule. If you’re buying a new car, make sure you have insurance coverage in place before you drive off the lot.
» MORE: How to get car insurance
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