Fast 5: What You Should Know About EVs

Fast 5: What You Should Know About EVs

Fast 5 is a series highlighting five fun or interesting facts about a variety of topics. In this edition, we’re highlighting the future of driving: electric vehicles (EVs). Whether you’ve driven gas-powered cars for decades or you’re up to date on all the latest tech, these are five benefits you should know about EVs.

1. Driving Experience

   Get behind the wheel of any GM EV, and you’ll immediately notice a different feel to the car. Maybe most apparent is how quiet they are. Forgoing a gas-powered engine, which inevitably makes noise when converting fuel to kinetic energy, makes for one of the quietest rides available.

   But it’s not just the quiet ride that differentiates driving electric. Technology developments related to how you drive make EVs unlike most vehicles. Take the HUMMER EV, for example:

   • UltraVision¹ — This unique suite of camera views (up to 18 camera views on the pickup and up to 17 available camera views on the SUV) was created not just to help give additional views out on the road but provide drivers with a virtual spotter in rugged off-road environments.
   • One-Pedal Driving — A unique experience where you simply lift your foot off the accelerator to slow down or stop completely. One-Pedal Driving is available in all GM electric vehicles, but in the HUMMER EV, it can be used for low-speed, off-road technical scenarios. It gives the driver greater control when taking on uneven terrain.
   • Regen-On-Demand — A technology also known as regenerative braking that enables you to recharge your battery while coming to a stop.

2. Financing

   Don’t let the potentially higher upfront cost of an EV blind you to the financial benefits of going electric. Opting for a fully electric car means you bypass much of the maintenance and fuel costs that go with gas-powered engines. Depending on how much you drive, that alone could save you hundreds or even thousands of dollars every year. It still comes down to whether you’d like to finance or lease your EV.

   GM Financial offers competitive leases for new EVs. Lease payments may be lower compared to financing your vehicle, and many lease terms coincide with the length of the manufacturer’s warranty. You can enjoy the latest technology and features, but there are mileage limits and lease-end fees. At the end of your contract, you can purchase your EV, turn it in or lease (or buy) a new vehicle.

   If you choose to buy a new or certified pre-owned EV instead of leasing, there are no mileage limits. One of the most enticing aspects of buying an electric vehicle is the incentives that may be available. These can include federal tax credits, state rebates and utility company incentives. By taking advantage of these programs, you could reduce the cost of your EV and make it more affordable. The Clean Vehicle Tax Credit offers a one-time credit for up to $7,500 on qualifying EV purchases. Your eligibility to claim the credit depends on the vehicle model and your individual circumstances, including adjusted gross income. (The IRS provides important information on its website.)

   In addition to the Clean Vehicle Tax Credit, it’s worth exploring state and local incentives in your area. You should consult with your tax, legal or accounting professional to determine eligibility.

3. Charging

   With more than 195,000 public chargers and your choice of convenient home chargers, charging up your GM EV is as simple as charging your phone. And while there are myths about charging electric cars, it isn’t as complicated as it may appear.

   Using the Equinox EV as an example, you’ll have two options:

   • Home charging – Plug in at home with 11.5 kW Level 2 (AC) charging,² which can add up to 34 miles of range per hour of charging, per GM estimates.
   • On-the-go charging – Plug into one of the thousands of DC Fast Charge stations nationwide to get about 70 miles of range in just 10 minutes of charging,³ based on GM estimates.

   Even better, vehicles like the Equinox EV can direct you to more than 195,000 available public chargers, while the myChevrolet Mobile App can help you plan the most efficient routes.

4. Distance

   Getting from point A to point B is the goal of transportation; however, the journey is often just as important as the destination.

   GM’s electric vehicles offer a variety of impressive ranges. Whether you’re planning a big road trip or just buzzing around town, you’ll have the power you need to get wherever you’re going. Ultium is GM’s EV platform that’s transforming the automotive industry by providing outstanding power, range and performance. What does all that mean for you? GM offers a variety of electric vehicles with different GM-estimated ranges,³ including:

   • Bright Drop Zevo – Up to 272 miles.
   • Chevrolet Blazer EV – Up to 283 miles.
   • GMC Sierra EV Denali Edition 1 – Up to 400 miles.
   • GMC HUMMER EV – Up to 314 miles.
   • Chevrolet Equinox EV – Up to 319 miles.

5. Durability

   Investing in a vehicle is a big financial commitment, so longevity is important. Here are four key points about GM electric vehicles⁴:

   • Lifespan: GM electric vehicles can last as long as traditional vehicles, depending on factors like driving and charging habits, maintenance and climate. Most GM EVs have an eight-year or 100,000-mile warranty on their batteries and electric motors.
   • Parts: GM electric vehicles have fewer parts compared to traditional vehicles, which can reduce breakdowns and repair needs. However, they still have complex systems and components that may need attention or replacement over time.
   • Maintenance: Electric vehicles generally require less maintenance than traditional vehicles because they have fewer moving parts, no internal combustion engine and fewer fluids to change. However, regular maintenance like tire rotations, brake inspections and cabin air filter replacements are still necessary.

   Ultimately, driving electric is an experience with many benefits. The future of transportation is here, and it’s exciting.

¹ Read the vehicle Owner’s Manual for important feature limitations and information. Some camera views require available accessory camera and installation. Not compatible with all trailers. See dealer for details.
² Professional installation required.
³ Your actual range will vary based on several factors, including temperature, terrain, battery age and how you use and maintain your vehicle.
⁴ For the most accurate and up-to-date information on GM electric vehicles, visit the official GM website or contact your preferred GM dealership directly.

By Josh Foster, GM Financial

Josh Foster takes pride in his three orange cats and the ability to connect people with meaningful experiences. He’s a U.S. Army veteran and volunteers at the Detroit Zoo, where he’s able to educate guests with bad jokes about good animals.