Consider these factors when comparing electric and gas vehicles

Buying an electric vehicle: 4 key differences

Charging stations aren’t as plentiful as gas stations, though they’re rapidly being added by employers and retailers. Research charging station availability in your home and work areas and consider installing one at home.

You'll 'refuel' differently

EVs may be easier to buy online. And besides buying or leasing, you may be able to subscribe to EVs. Subscriptions tend to be shorter than leases and might let you drive a variety of models.

There are more ways to get vehicles

Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Buying an EV may qualify you for tax credits, reduced tolls and rebates on home charging stations. If you lease, the dealer may get a tax credit, which could be used to cut your payments.

More incentives are available

You may want to upgrade your EV sooner than you would a gas vehicle. To make sure your finances keep pace with technology, consider leasing or taking out a shorter loan.

Technology is changing faster

Shop for electric vehicles in your area, calculate payments and apply online

MORE FROM BANK OF AMERICA

Watch more, 2 mins

The true cost of owning a car

Read more, 4 mins

What are the real costs of an electric car?

You may also be interested in

Want to learn more?