What You Need to Know Before Getting an EV

Electric vehicles (EVs) are becoming more popular in the Philippines. In fact, it’s expected that the annual purchase volume for EVs will hit 20,000 units in 2025. There are plenty of reasons why consumers and businesses alike are making the shift. For one, many people consider EVs a smart investment against rising fuel costs. If you’ve been thinking about getting an EV, it’s easy to be drawn to the promise of quieter rides, lower emissions, and potential savings in the long run.

But a car is always a significant investment, whether it runs on fuel or electricity. That means you need to take a closer look at the details that come with EV ownership before making your decision. By doing so, you can weigh the benefits against the challenges and determine whether an EV is the right choice for your lifestyle and budget. Here’s a list of what you need to know: 

Upfront Costs Versus Long-Term Savings

One of the first things you’ll notice is that EVs usually come with a higher price tag compared to traditional vehicles. This can feel daunting, but the long-term picture looks different. EVs tend to cost less to maintain because they have fewer moving parts. You also save money each time you charge with electricity instead of filling up at the pump.

To make the purchase easier, you can look into financing options. For instance, an auto loan from EastWest can cover at least PHP 200,000 of the vehicle cost. Plus, with a repayment period of between 12 and 60 months, this loan lets you spread the cost over time and can help you plan your budget better. Thinking carefully about financing ultimately makes the upfront expense more manageable and ensures that you can take advantage of the potential savings EVs offer in the years to come.

Charging Infrastructure

Even the most advanced EV won’t serve you well if you can’t easily recharge it. Charging stations are being rolled out in the country, especially in major cities and along key highways, but they’re still far less common than fuel stations. So, you need to ask yourself whether the current network suits your driving habits.

Some owners install home charging units for convenience. This option works best if you have a secure parking space with access to a reliable electrical connection. Do note that this adds to the initial cost of EV ownership. Consider getting a personal loan from EastWest if you need extra funds for setting up a charging station. Meanwhile, if you live in a condo or apartment building, check whether your property management allows or supports home charging installations.

Range and Battery Life

EVs vary in terms of how far they can travel on a single charge. For daily commutes within the city, even a modest range may be enough. However, if you often drive long distances or travel outside urban centers, you’ll need a model with a larger battery capacity.

It’s also important to look into the battery warranty. Manufacturers usually provide warranties that cover a certain number of years or kilometers. Since battery replacement is one of the most expensive aspects of EV ownership, having a solid warranty can give you peace of mind.

Incentives and Government Support

The Philippine government has taken steps to encourage EV adoption through the Electric Vehicle Industry Development Act (EVIDA). Under this law, EV owners can enjoy certain benefits, such as exemption from number coding in some areas, lower registration fees, and potential tax perks.

These incentives make EVs more attractive, but it’s still worth checking the latest updates. Government policies evolve, and staying informed ensures you don’t miss out on benefits that could make your ownership experience more cost-efficient.

After-sales Service and Parts Availability

Because EVs are still relatively new in the local market, not every dealership or mechanic can handle the repair and maintenance of these vehicles. Before you buy, find out whether the brand you’re eyeing has established after-sales support in the Philippines. Researching this aspect includes checking where service centers are located, what kind of warranty coverage is offered, and whether spare parts are easy to source. 

Environmental Impact and Sustainability

One of the biggest reasons drivers are drawn to EVs is their environmental benefit. EVs produce no tailpipe emissions, which reduces air pollution in cities. This makes them an appealing option if you care about lowering your carbon footprint.

That said, consider where your electricity comes from. Charging an EV with power generated from renewable sources, when available, makes your choice even more sustainable. But even if your electricity mix isn’t fully green, switching to an EV still contributes to cleaner air and a healthier urban environment.

Beyond upgrading your car, choosing an EV is about investing in the future. Embracing EVs reflects a future-forward mindset, and the same can be said about thinking through the details discussed in this article before buying. When you weigh your options with care, you not only protect your finances but also ensure that owning an EV becomes a rewarding, stress-free experience.

Ready to get your own EV? Check out EastWest’s auto loan offers and apply today. We also have an auto loan calculator so you can have a quick glimpse at your potential monthly amortizations.