Buying an Electric Vehicle: Three things you need to know

Electric Vehicle (EV) usage in the U.S. is climbing. First quarter sales of EVs surged 45% from a year ago, according to Kelley Blue Book. EVs now account for 7.2% of total auto sales, according to Cox Automotive.

The EV maker with the biggest brand recognition is Tesla (TSLA), but competitors Ford (F) and General Motors (GM) have been catching up. GM's strong first quarter with sales of 20,670 vehicles put the auto maker into the No. 2 spot in the EV race. Ford only sold 10,866 vehicles. Neither caught up to Tesla, which delivered 161,000 vehicles.

If you’re interested in buying an EV for the first time, it may seem daunting. Learning the lingo and differentiating between your growing number of vehicle options may be tricky. Yahoo Finance’s Seana Smith and Dave Briggs break down the three biggest things you need to know about buying an EV.

Watch the full interview here.

Key Video Moments

00:00:05 On growth of EVs in U.S.

00:00:16 Considering price of EV

00:00:30 On Tax credits

00:00:40 Considering charging options

00:00:56 Considering range

Video Transcript

SEANA SMITH: EV usage is climbing. First quarter sales of electric vehicles surged 45% from a year ago. They now account for just over 7% of total auto sales that's according to Cox Automotive.

DAVE BRIGGS: Here are three things to consider when buying an EV. First is a big one. It's the price. The average price of an EV is over $61,000 that's according to Kelley Blue Book. That's $10,000 more than a gas-powered car.

To offset the cost the government covers some tax credits for certain electric vehicles. The credits, , they range from $3,700 up to $7,500.

SEANA SMITH: The second consideration is charging. Right now, there are over 130,000 public chargers across the US. That's a far cry from the 1.2 million needed by 2027 to support EV adoption according to S&P Global Mobility.

DAVE BRIGGS: The final consideration is range. Most electric cars give you 200 miles of driving range for every charge that's according to Kelley Blue Book. Some like Tesla models 3 and Y provide as much as 300 miles and the Lucid Air Dream edition gives more than 500 miles.