At my day job, I often get asked if it is a good time to buy an EV (Electric Vehicle). As with any car purchase, it is a highly individualized decision and depends on various factors. In this blog post, we will discuss some of the things to consider when deciding whether now is a good time to buy an electric vehicle. Please note that the information is based on the date of the posting and most relevant to my US readers.
Cost
The price of EVs is dropping significantly. Many dealers have a large inventory of EVs on their lots and are offering considerable discounts. Used EVs may offer the best value, providing consumers who are in the market to buy at a great price. Some brands are able to be purchased at nearly half their new car purchase price and are only a couple of years old with under 20,000 miles.
Government Incentives
Government incentives for EVs can vary significantly by the car(s) you are looking at purchasing, your income level, and the state you live in. Federal tax credits are up to $7500 for new vehicles and $4000 for used vehicles, but they have many qualifications. NerdWallet has a good article from December 1, 2023 listing the federal requirements. State incentives also differ greatly by state. The US Department of Energy website will have your current state incentives. If price is a major consideration, there may be substantial incentives available to you depending on your situation.
Charging
In the US, the charging infrastructure makes extended trips difficult. Rapid chargers, which can charge from 10-80% in under an hour, are still few and far between. Unless you have a lot of time and flexibility, trips over 250 miles may be arduous. Additionally, in very cold temperatures, the range of an EV can drop by over a third. In my opinion, EVs are best for owners who drive under 150 miles per day and have access to a charging station that can get the battery back up to 90% overnight. If an EV does not meet your driving profile you may want to consider an plug-in hybrid vehicle to give you some of the advantages that an EV provides but gives you the driving range when you need it.
Cost of Ownership
Today, you will find articles that say EVs are more expensive to operate than their Internal Combustion Engine (ICE) counterparts, and other articles that promote EVs as more economical. From what I have experienced, while EVs can be more expensive to purchase, they have significantly fewer repairs and maintenance requirements in addition to lower fuel costs.
Reliability
This is an important consideration. Many of the EVs available today are very reliable. However, it is essential to do some research on the vehicles you are considering to make sure that they have a good reliability record. Reliability can vary widely based on the manufacturer.
Drivability
I have found that EVs handle very well in slippery conditions assuming that the tires are in good shape. EVs are much heavier than similar-sized gas engine vehicles and thus offer better traction. Many EVs also offer all-wheel drive, which magnifies their handling in slippery conditions. If you live in an area with ice and snow, you will find an EV performs very well. Acceleration and torque are also much better than with an internal combustion engine, with little delay between the acceleration pedal and the power going to the wheels.
Environmental Considerations
While EVs offer zero direct emissions, the electricity has to come from somewhere and often is created from burning fossil fuels. Additionally, the materials needed for an EV battery are limited and are only found in specific areas of the world. Technology will have to be created to make batteries out of more available resources, and recycling of existing battery materials will be important to keep EVs an environmentally friendly form of transportation.
In Conclusion
An EV may be a great option for you to consider. Now is a great time to buy if you have been looking at an EV but the cost to purchase has been too high, your driving habits can match the EV’s range, and you are willing to do some research on an EV that best meets your needs. Remember, ShouldIFixMyCar.com can help you make a sound decision on your next automobile.