Home - auto - Top 5 Mistakes To Avoid When Buying An Electric Vehicle
Top 5 mistakes to avoid when buying an electric vehicle

Top 5 mistakes to avoid when buying an electric vehicle

Buying an electric vehicle can be overwhelming. There are many factors to consider, like which brands to trust, how different driving an electric car will be, and what limitations you will be committing to in the long term. All these queries must be addressed with thorough research and detailed conversation with an expert. In addition, it is crucial to avoid the common mistakes people make while buying an electric vehicle.

Being unaware of incentives
Buying an electric car is economical and environment-friendly, but did you know that the government also applauds you for this decision? The federal government offers a clean vehicle tax credit of up to $7,500 on the purchase of eligible electric cars. This move has encouraged many to buy electric vehicles, increasing their demand. However, the incentive usually applies to the first couple thousand electric vehicles a manufacturer sells. So, you will have to research and select a reliable manufacturer that has not exceeded this sales figure. Besides benefiting from the federal tax credit, check if your state offers a savings program for electric car buyers.

Not knowing the range
Before heading to the dealership, you should ask yourself why you need the electric vehicle. Is it just for quick shopping trips or daily commutes? Depending on your requirements, you can estimate the range your new car should provide. Remember, unlike traditional vehicles that can be re-fueled in seconds, electric cars need time to charge up.

Not considering your location’s weather
This may sound strange, but temperature impacts a battery’s performance. And since electric vehicles run on battery power, it is essential to consider how your location’s weather can affect your new car. For example, extreme cold can reduce the battery range, so you may have to charge it up more often than usual. Also, experts recommend parking the car in a garage during extreme colds.

Not considering cargo space
Many electric car manufacturers install the battery under the backseat or in the trunk, which means you lose cargo space. This design is okay for those who want an electric vehicle for short distances and do not need to carry around much cargo. However, it may be an issue if you often need space to carry your belongings or other items. So, consider the possible cargo space limitations before committing to an electric vehicle.

Going over budget
This is a rookie electric vehicle buying mistake to avoid. Purchasing a new electric vehicle can get confusing if you do not research. You may end up paying more than planned because a sales executive sold you a fancy package that was unnecessary. To avoid falling for such sales strategies, make a list of your requirements and shop within your budget.

Latest Articles

5 mistakes to avoid when investing in a high dividend ETF
finance

5 mistakes to avoid when investing in a high dividend ETF

Exchange-traded funds (ETF) have been gaining popularity in the investment sector for some time now. Along with mutual funds, they have been one of the most preferred investment options among investors. With investors having pumped in billions of dollars in ETFs by now, these funds sure seem like a lucrative investment avenue. However, financial experts suggest treading this path carefully so as to avoid unforeseeable losses. Here are a few mistakes that you can avoid while investing in high dividend ETFs: Overlooking long-term investment Looking at long-term goals is the golden rule when it comes to any type of investment. However, seasoned investors invest in ETFs on a short-term basis through a type of trading called intraday trade. This type of trading allows the investors to buy and sell stocks and other investments on the same day. However, if not thought out carefully, investing in high dividend ETFs through intraday trading can result in lower returns and higher trading costs. Buying an ETF simply based on its name This is one of the most common mistakes people make when investing in high dividend ETFs. Investors may think that an ETF’s name provides an insight into its investment reach, i.e., whether the ETF has local or/and global investors. However, this is a ploy that ETF issuers often use to lure investors. Investing in an ETF based solely on its name can lead to disastrous investments. So understand an ETF’s underlying holdings and market objectives before making an investment. Investing in the wrong ETF Like every investment, almost every ETF is vulnerable to market trends and economic slowdowns. However, this does not mean that the particular ETF has failed. When an ETF liquidates, you might still receive some money (termination and other fees might be levied). But this may take a while and you may lose out on the time that could have otherwise been utilized to make other investments.
How to qualify for a reverse mortgage
finance

How to qualify for a reverse mortgage

A reverse mortgage provides the elderly access to equity in their homes and supplements their income. With its flexible repayment option, it gives homeowners more control over their money. However, the government has laid out strict rules and guidelines concerning reverse mortgage eligibility criteria. So, if you’re considering a reverse mortgage, read on to know the reverse mortgage eligibility criteria and the types of reverse mortgages. Reverse mortgage eligibility criteria The first criterion for a reverse mortgage is that the primary homeowner must be at least 62 years of age. If your spouse is under the age of 62, you might still be eligible if you meet other reverse mortgage eligibility criteria. If you’re not 62 or older than 62, then you won’t qualify for a reverse mortgage even if you satisfy the criteria mentioned below. You must be the primary resident of the home you’re seeking a reverse mortgage for. Note that vacation homes or rental properties do not qualify. You must either entirely own the house or have at least 50% equity in it. If you have any mortgage balance remaining while applying for a reverse mortgage, you must be in a financial position to pay off that balance. You must not be late or overdue on any debt from the federal government. This includes income taxes and federal student loans. If you have to pay off such debts, you may very well use the money from the reverse mortgage loan to settle these debts. You must already have enough money, or be willing to use the money from the reverse mortgage loan to pay property taxes, insurance, and home maintenance and repair costs. You must meet a Department of Housing and Urban Development (HUD)-approved reverse mortgage counselor to understand how a reverse mortgage works. During the counseling, the counselor will review your eligibility for a reverse mortgage loan and inform you of the financial ramifications associated with a reverse mortgage.
5 benefits of opting for debt settlement
finance

5 benefits of opting for debt settlement

Debt settlement can be a financial lifesaver for many. Managing debt is quite a difficult task. With every advancing payment due date, one may feel their finances getting tighter and tighter. Between paying for a house mortgage, student loans, credit card debt, personal loans, and many other debts, it is quite common to miss out on paying one payment. Although it may not seem like a big problem initially, this is not good for financial health in the long term. This is where debt settlement comes in. There are multiple benefits to availing debt settlement offered by some of the top 10 debt settlement companies. No more bills With debt settlement, no more bills will be incoming in the mailbox. Debt settlement results in the closure of a debt account by the creditor. In such cases, one will not be able to use their credit cards again. However, this can be beneficial since it will prevent further debt in the future. With debt settlement, there is a permanent erasure of debt. No more collection calls With mounting debt, the calls of creditors are always incessant. If one if falling behind on too many bills, they are bound to be subjected to creditor calls throughout the day. This can add to the stress of not being able to clear away all the dues. Plus, many collection departments are not known to be kind on calls. When a debt settlement is opted for, it will stop the incessant calls from the various collection departments. No bankruptcy risk Rather than filing for bankruptcy, debt settlement is a better option. With the bankruptcy filing, credit score can deteriorate quite significantly. In some cases, the credit score has slid down by nearly 200 points, taking a good credit score to bad credit score. The credit score lowers with debt settlement too.