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Electric vehicles (EVs) have been growing in popularity over the last decade and there are now more than 10 million EVs on the world’s roads. What’s more, 18 of the 20 largest car manufacturers have committed to increasing EV options and sales. As the variety of EVs grows to include a wider range of price points and longer average driving ranges, more and more drivers are considering the switch to electric – presenting new and different questions for car buyers. So, if you’re thinking “should I buy an electric car?”, here are some factors to consider before you make a purchase.

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 to consider:

After homes, cars are the largest purchase most people make in their lifetime. That’s why drivers think carefully about how to spend their dollars. Many consumers are less familiar with EVs and PHEVs, so we’ll walk through some of the factors to consider before you decide whether to buy an electric car.

There are two types of costs to consider for all vehicles – up-front costs and ongoing costs – but the specifics differ for EVs.

With so many major manufacturers building EVs, there are more options for you than ever before. But that’s not the only consideration. Up-front and ongoing costs, maintenance considerations, charging logistics and environmental sustainability are all key factors to consider when deciding if you should buy an electric car. The upside is that there's no wrong answer — there's only what’s right for you.

This article 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.

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