2024 Hyundai IONIQ 5 Review

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 2024 and not a specific make and model.

How to charge an EV at home

The speed and cost of at-home EV charging varies widely, depending on what car you drive, where you live and what equipment you use. For example, the cost of adding about 100 miles to an EV when you charge at home can be anywhere from $2 to $22. (Adding the same number of miles at a public port can cost from $6 to $35.) Here’s what to know about your at-home charging options.

Level 1 charger. Level 1 chargers plug directly in to a standard 120-volt wall outlet using a connector that comes with most EVs. This option can be cost effective, depending on your electricity rates, but it’s the slowest way to charge an EV — you’ll get up to five miles of range per hour of charging.

Level 2 charger. This will give you a faster charge than a Level 1 charger — up to 250 miles of range per hour of charging — but it's more expensive than the former. Level 2 chargers don’t come with the vehicle, which means you’ll have to purchase these chargers separately. They typically cost from $400-$1,000, depending on your vehicle. You’ll also need a midlevel voltage (240-volt) wall outlet, which is typically reserved for large appliances like dryers and ovens. Such voltage is not common in most home garages, which means additional electrical work may be required. Level 2 wiring and installation can cost up to a few thousand dollars.

Tesla charging. Unlike most manufacturers that use a standard EV charging connector, Tesla uses a unique connector known as an NCAS, and sells its own at-home charging hardware, which is comparable to a Level 2 charger — both the connector and hardware have to be purchased separately.

How to shop for an EV

Many aspects of shopping for an EV are the same as shopping for a gas-powered vehicle. For example, do you prefer a family car with more space or a luxury car with more amenities? Aside from the commonalities though, shopping for an EV has some distinct differences.

Range and battery size. The distance an EV can travel on a single charge is referred to as its range, and EV battery size (measured in kilowatt-hours) affects the range. Battery capacity differs by EV model, and typically the range for different EVs can vary from about 110 miles to over 300 miles on a single charge. This variation means you’ll want to determine which EVs have sufficient range to support the average number of miles you drive. Also, it’s important to keep in mind that EV ranges provided by the EPA are just estimates. Factors like cold weather can significantly reduce the actual number of miles you can drive on a single charge.

Price and incentives. Several years ago, buying a new EV cost on average $17,000 more than buying a gas-powered vehicle. The price gap between EVs and gas vehicles is closing, but cost is still an important consideration when EV shopping. New electric vehicle prices vary greatly, from EV models that cost less than $40,000 to luxury models costing more than $100,000 before any discounts. Determine which models fit your budget, and make sure to check whether you and the car qualify for federal, state, local or electric company incentives to reduce the price.

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.

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