Aug 14, 2025
If you’re thinking about buying an electric car, you might be wondering: Is it worth it? That depends on what “worth it” means to you.
For some people, it’s about saving money on gas, oil changes, and maybe even taxes. For others, it’s about helping the environment by driving a cleaner, greener vehicle.
An electric vehicle (EV) could be a smart choice if you want to save money in the long run and lower your carbon footprint. But whether it’s a good fit for you depends on a few things. These include the car’s price, how much you drive, what gas costs in your area, and whether you can get any tax breaks.
If you’re leaning toward buying an EV, it’s worth thinking about the extra costs that can come with owning one. While you can’t use a personal loan to buy the car itself, it may help you cover the cost of various EV-related expenses, including a home charging station or car maintenance down the road.
Interested in exploring whether an EV is worth it for you? Here are some things to think about.
The benefits of an electric car vary based on the cost of the vehicle and how you drive. The advantages may include saving money on gas and maintenance, reducing your carbon footprint, and enjoying the convenience of powering up your vehicle at home.
For some people, the most compelling benefit may be the amount of money that won’t be spent at the pump, especially if the vehicle is charged at home. In fact, EVs are about 4.4 times more energy efficient than gas-powered engines, according to government data.1
One study estimated that “superusers”—drivers in the top 10% of U.S. gas consumers—could save an average of $400 on fuel and maintenance costs each month.2 The reduction in your monthly spending on gasoline might help you reduce your overall spending, so it may be worth considering.
Since electric cars are less mechanically complex than gas-powered cars, EVs can require less standard maintenance.3 And though purchasing a new EV may set you back more than a gas-powered car, the price gap is narrowing. The average price of an EV has fallen 25% since 2018.
The potential benefits are helping raise EV popularity. Sales of electric cars continue to increase, and Americans bought a record 1.3 million electric cars in 2024. By 2035 EVs are expected to make up nearly 72% of light-duty vehicle sales in the United States.4
More affordable alternative EV driving options are also emerging. For example, electric low-speed vehicles (LSVs) are minicars that boast many of the features of a full-size car but at a much lower price.
Despite the cost savings and environmentally friendly benefits, there are a few potential downsides to owning an EV.
Vehicle driving range has been one of the most common concerns. Rapid advancements in battery technology, however, mean that most EVs can be driven more than 200 miles on a fully charged battery. The average range of 2024 EV models reached a record high of 283 miles per charge that year.5 Researchers are working to develop even longer-range models in the years ahead.
Driving habits and weather conditions can also affect the range of an EV. When you run the heat or A/C, you typically need to recharge sooner. Charging a vehicle’s battery can also take longer in cold weather.
While EVs tend to cost less to maintain, you’ll still want to think about things like battery replacement, vehicle depreciation, and tire replacement. Although replacing batteries may be costly, they often last from eight to 15 years, depending on climate. Several manufacturers offer eight-year or 100,000-mile warranties, or extended warranty programs.6
The issue of battery replacement may lead EVs to lose their resale value faster than gas-powered cars. Additionally, because EVs are heavier than gas-powered cars, tires can wear out more quickly for electric cars, adding to ownership costs.
An EV’s carbon footprint is typically smaller over its lifetime than that of a gas-powered car. This is true even when including the electricity used for charging and battery manufacture.7
The process of recycling old EV batteries is also improving, as research evolves on how to reclaim more EV battery materials and boost the recycling rate.
The use of electricity to power the car can also help the environment. Electricity generation is increasingly using renewable sources like wind and solar, so the impact on the environment is growing smaller over time.
For these reasons, especially for people who drive every day, choosing an EV may be an important step toward developing a lifestyle that’s both more economical and more eco-friendly.
One persistent concern about EVs is the availability of charging stations in the U.S. In response, initiatives have been launched to address EV-charging needs, and the number of stations has increased over time. More than 192,000 public charging ports existed in the U.S. as of August 2024.8
The ability to find charging stations has also improved, with apps available to locate them. Several automakers are also integrating charging-location information into their vehicles’ dashboard information systems. Workplace and local parking lot charging is available in many places.
With the right equipment, charging an EV at home can be simple and efficient. Home charging options vary depending on your home and where you reside.
Some recently built multifamily homes have access to vehicle charging stations on-site. In some parts of the country, local code requirements for new-home construction include specifications to accommodate EV charging.
EV owners who live in older homes are typically able to charge an EV using a standard, 120-volt power outlet. While it can take more than 50 hours to reach a full charge, this option might still serve your needs, depending on your driving habits.
For faster charging, you might install a Level 2 (240-volt) charging station. But there may be additional expenses if your home’s electric service needs to be adjusted. Installing a faster home charging station can cost thousands of dollars. A personal loan may help cover the cost of energy-efficient home upgrades like installing a faster EV charging station.
Some EV tax credits and rebates may be available from federal and state agencies. This may depend on the type of vehicle, your income, and where you live. Some states may also offer their own tax incentives and rebates.
Check with the IRS, your state, or your tax advisor to see if there are current benefits available to you.
You might have your own reasons to jump on the growing EV trend. Whether you’re motivated by the prospect of saving money on your transportation costs or taking steps toward a greener lifestyle, it might be worthwhile to consider your EV options.
Less maintenance and being able to ignore price jumps at the gas pump are among the positive things to consider. Other benefits may be the possibility of tax credits and doing your part to reduce impacts on the environment.
With more electric cars on the road, today it’s easy to find information on the pros and cons of EVs. You can also choose an EV from almost every class of vehicle, whether you’re looking for a subcompact, an SUV, a luxury sedan, or even a truck.
However, you might face additional expenses with the purchase of an electric car, including paying an electrician to inspect your home’s power system, installing an at-home charging station, or replacing the battery.
If you’re considering an EV and thinking about adding a charging station or improving your electrical system, you might be concerned about the cost. Don’t worry. Discover® Personal Loans offers loans from $2,500 to $40,000 for almost any purpose. You can choose from multiple repayment options to fit your budget—36, 48, 60, 72, or 84 months.
Whether it’s for auto-related expenses or home renovations, a Discover personal loan could help you make energy-efficient and cost-saving improvements in a way that fits your budget now and in the future.
Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.
