Height of joy purchasing electric vehicle (9)

I believe the answer is:

elevation

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'height' is the definition.
(I know that height can be written as elevation)

'joy purchasing electric vehicle' is the wordplay.
'joy' becomes 'elation' (elation is a kind of joy).
'purchasing' is an insertion indicator (some letters take possession of others).
'electric vehicle' becomes 'ev' (this might be a standard abbreviation which I don't know about).
'elation' enclosing 'ev' is 'ELEVATION'.

'of' is the link.

Can you help me to learn more?

(Other definitions for elevation that I've seen before include "plan" , "Height above a given level" , "Height - promotion" , "Grandeur" , "high ground" .)

I've seen this clue in The Telegraph.

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