Main attractions: Efficiency & sustainability
Perhaps the biggest thing EVs have going for them is energy efficiency that translates into low operating cost. Tech industry website NerdWallet pointed out that driving an all-electric car can result in a 36% increase in energy and money savings over five years. This can add up to $10,000 or more in savings compared with a similarly sized hybrid or traditional gasoline automobile.
The considerable savings in part stem from the $7,500 federal tax credit for which EV owners are eligible. What’s more, NerdWallet pointed out that many state governments have their own rebates and credits for owners of EVs and hybrids. A local car dealer can explain these when you're shopping. The remaining savings simply stem from not having to buy gasoline regularly.
Sticking points: Does it have the range?
Prospective buyers can be put off by the short mileage range of an EV. According to automotive publication Car and Driver, many of the EVs currently available on the market can only travel a maximum of 100 miles before needing to recharge. And the recharging process takes several hours. Some EVs currently in the development and manufacturing stages will have 200-mile ranges and above, but they aren't available yet.
There's also the cost of a home-charging station to consider. An EV owner might need one (even in an urban area with public charging stations). EV charging stations can range from $600 to well above $4,000. Automotive website Autotrader reported that some consumers are discouraged by the possibility of low resale values and long-term battery life prospects.