Driving the transition to electric vehicles
Car manufacturers are coming out with a range of fully electric and hybrid electric models every year. We know these new vehicles present new and different questions for car buyers, and Chase Auto is here to help you navigate the quickly accelerating world of electric driving. Explore the latest tools and information to make the transition to an electric vehicle.
Types of electric vehicles
There are three types of car technologies that use the word “electric” – hybrid electric, plug-in hybrid electric and fully electric. These vehicles provide a range of options for consumers.
EV tools & resources
Plan your route
Journey beyond one charge with a growing network of public charging stations.
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Charge at home
You can charge up your car at home while you sleep. Here's how it works.
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The Washington Post
Buy now or wait? What the new electric vehicle credits mean for you.
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Frequently Asked
Questions
The median range of an electric vehicle with a fully charged battery is roughly 250 miles. Same page link to footnote reference 1 With approximately 46,000 public charging stations across the United States, simple commuting and long-distance travel are both possible in most electric vehicles. Same page link to footnote reference 2
There are roughly 46,000 charging stations in the United States. Most are condensed in highly populated urban areas, but there are public charging stations available in all 50 states. Same page link to footnote reference 3 To find chargers when planning your next roadtrip, visit this mapping tool that will show you all chargers on your route along with real-time availability.
The median range of an electric vehicle with a fully charged battery is roughly 250 miles. Same page link to footnote reference 4 If you run out of power in an electric vehicle, the car will simply stop moving. Similar to a gas-powered car being towed to a nearby gas station, an electric car can be towed to the nearest charging station to recharge. Same page link to footnote reference 5
An electric car will typically add anywhere from $30-$60 to your monthly electric bill. Same page link to footnote reference 6
Electric vehicles tend to cost marginally more to insure than equivalent gas-powered cars. Same page link to footnote reference 7 That’s because insurers do not have long-standing risk assessment data for electric vehicles, as they do for gas-powered vehicles. Same page link to footnote reference 8
The average price of an electric vehicle is approximately $56,000. Same page link to footnote reference 9 This is higher than the average price of a traditional new car, which is approximately $47,000. Same page link to footnote reference 10
The federal government currently offers a $7,500 rebate off the cost of a fully-electric car, and plug-in hybrids are eligible for a portion of that rebate, depending on their electric driving range. This rebate is available for the first 200,000 qualified EVs sold by each manufacturer, and then winds down over time.
There may be additional rebates and discounts offered by your state, local municipality, or local electricity provider. These may include additional rebates off the cost of the car, rebates on home charging systems, discounts on electric charging rates or perks like preferred parking or carpool lane access.
Discover the savings you may be eligible for using this incentive look-up tool.
The Inflation Reduction Act implements up to a $7,500 tax credit for new EVs and a $4,000 tax credit for used EVs. New EVs eligible for the tax credit must be assembled in North America, and potentially meet other manufacturing requirements. To know which vehicles qualify, refer to this resource from the U.S. Department of Energy.
Starting on January 1, 2023, the credits will be limited to single filing taxpayers with an annual income of $150,000 or $300,000 for joint filers.
Also beginning on January 1, 2023, new EVs must have an MSRP of $55,000 or below to qualify for the tax credit. SUVs, vans, and pickup trucks must not exceed an MSRP of $80,000 in order to qualify. Used EVs are eligible as long as they cost no more than $25,000. Same page link to footnote reference 11
In the U.S., the average cost of a kilowatt of energy is approximately 13 cents. Same page link to footnote reference 12 If you drive 1,000 miles a month, the cost to fuel your electric vehicle will be just over $30. However, the cost to charge an EV is dependent on many factors, including your location, vehicle and power source. Charging at home and charging with a public charger also have different costs.
The short answer is no, EVs can be charged anywhere you can find an outlet. However, for city dwellers living in a high-rise apartment complex, townhome, or any other form of multi-family housing, home charging will require additional planning. As electric vehicles continue to become more common, newer buildings are more likely to offer home charging options for residents driving electric vehicles. Same page link to footnote reference 13
However, if you live in a high-rise apartment with a parking garage that does not provide access to a home charging option, you can discuss with building management the practicality and possibility of installing home charging equipment on building grounds. Certain states and cities offer programs that will help cover the costs associated with the installation of home charging in your parking lot, and strategies such as assigned parking for EV owners can make home charging convenient and easy for residents. Same page link to footnote reference 14
Other options for EV owners without a garage include finding a supercharging station close to home, charging at a location close to work, or working with your employer to coordinate a charging station on company grounds.
EV maintenance costs are typically lower than conventional automobiles. EV owners save an average of $4,600 in repair and maintenance costs over the life of the vehicle compared with a gasoline-powered car. Same page link to footnote reference 15
Selecting a location for electric vehicle repairs depends on the make and model of the car and the nature of the issue. For standard repairs such as rotating tires, inspecting the suspension, or replacing cabin filters and wiper blades, any local shop can be of service. However, for issues relating to the EV battery or other EV technology, you should bring your car to your local dealership or other qualified mechanic.
PHEVs are Plug-in Hybrid Electric Vehicles, and they have both a gas-powered engine and an electric motor that is charged by plugging it into an outlet. Same page link to footnote reference 16 Some PHEVs operate on electricity until the battery is nearly empty, and then switch over to their gas-powered engine. Other PHEVs—sometimes called “blended mode” PHEVs—use gasoline and electricity simultaneously to power the vehicle while the battery has charge. Either way, PHEVs are able to run on gasoline alone, even when the electric battery is fully depleted.
Sources
This content is for educational purposes only and provides general auto information. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. Outlooks and past performance are not guarantees of future results. Chase is not responsible for, and does not provide or endorse third party products, services or other content. For specific advice about your circumstances, you may wish to consult a qualified professional.