Electric vehicles are becoming even more popular each year. More and more models are hitting the market, and the prices are dropping. So is it the right time to buy an electric vehicle? The answer to that question depends on your specific needs and wants. In this article, we go over the pros and cons of buying an electric vehicle so you can make an informed decision on whether or not this is the right choice for you!

Is it a Good Time to Buy an Electric Car?

Electric vehicles are becoming more popular as technology improves, the cost of batteries decreases, and gas prices go up. There are many factors to consider when purchasing a new vehicle, electric vehicles offer several benefits that may make them a good choice for some consumers.

Are EVs good for the environment?

Electric vehicles are environmentally friendly. Unlike gas-powered cars, new EVs produce zero emissions. Also, while initial costs may be slightly higher, they have lower operating costs than gasoline-powered cars. Ev’s also typically have lower maintenance costs. And thanks to the federal government investing billions in green energy and state tax incentives, electric vehicle ownership can be more affordable than traditional cars.

Are they affordable?

Overall, electric vehicles are becoming more mainstream and affordable every day. If you are concerned about your environmental impact or saving money on transportation costs, an EV may be the right choice.

What should you factor into your budget?

Many people ask the question, and it’s a great starting point for consideration. Many factors will weigh into the equation, including cost per kilowatt-hour and charge time with different types of electricity supplies. At the same time, the initial cost of an EV may be a little higher than a traditional internal combustion vehicle you will save on operating costs in the long run. In addition to various tax credit programs from state governments which can reduce the purchase price by up to 5 thousand dollars!

The federal government is offering tax credits in some cases up to $7,500 for buyers of new electric cars. However, the size of the credit varies by manufacturer, and legislation is set to expire for some companies soon. For example, tax credits are no longer available for Tesla or GM EVs. The credit could also end soon for Toyota unless new legislation extends the program. Despite the expiration of the tax credit, many manufacturers are still offering significant discounts on electric cars. As a result, there is still an excellent reason to consider purchasing an electric car, even if the federal tax credit is no longer available.

What are your specific driving needs?

While electric vehicles have many benefits, there are some drawbacks to consider. Limited range is the biggest downside to electric cars, so if you frequently drive long distances, an electric car may not be the best choice for you. Additionally, charging infrastructure is still developing, so if you don’t have access to a charging station at or near your home, owning an electric car may not be practical. Waiting times for charging can also be lengthy – up to eight hours for a full charge on some EVs – so if you’re someone who likes to hit the road right away, an electric car may not be the best fit.

That said, EVs are becoming more popular, and technology is constantly improving. So, If you’re asking is it time to buy an electric vehicle? Now is a great time to do your research and figure out if an EV is the right choice for you.

How will you regularly charge your electric vehicle?

Gas prices are getting high, making the prospect of plugging in your car rather than pumping your wallet into your gas tank a more popular choice. However, you need to figure out how you’ll charge your car regularly.

Do you own a home where you can install a charger?

If you own a home, you may want to have charging stations that will work with your car installed in your garage, and you will need to factor the installation costs into your budget.

What if you don’t own a home?

If you don’t have a garage to plug your new EV into, you’ll need to find public charging stations in your area. And, you’ll need to consider the cost of charging your car. Fortunately, many cities are investing in charging stations thanks to new federal government green energy programs. So, it’s easier than ever to charge your car even if you don’t own a home. Overall, it’s an excellent time to buy an electric car, but do your research first!

Why do electric vehicles have such long waiting lists?

Electric vehicle buyers face longer delays due to two main factors: a stock shortage that existed before the pandemic and ongoing supply chain issues. These factors have led to shortages in parts necessary to produce new EVs. Supply-chain problems have been leaving cars sitting on the production line waiting for parts. Companies like Ford, Volkswagen, and Mercedes are sold out of EVs for months to come.

Why the wait?

The pandemic has exacerbated the already tight supply of electric vehicles. This is because many of the parts that go into making an EV are sourced from China. When the pandemic first hit, China was forced to lock down several of its factories. This led to a decrease in production and a consequent decrease in the supply of parts.

How long will this last?

The good news is that China is now starting to reopen its factories. However, it will take some time for production to ramp up to pre-pandemic levels. In the meantime, EV buyers will have to continue to wait patiently for their new cars.

What are manufacturers saying about waiting lists?

Time to buy an electric vehicle? Be ready to wait. Car companies feel these pressures, they say. In the last few years, the wait for electric vehicles was seen as too long, but now manufacturers have not offered concrete solutions. 

The market for electric cars is rapidly growing, and manufacturers face lengthy delays due to supply chain problems, which has sent waiting times for new vehicles to unprecedented levels. In addition, gas prices have been increasing, further increasing the demand for EV’S.

Wait times vary considerably from one manufacturer to another. Some Tesla models take as long as two years to procure.

Audi and Volkswagen models average around 12+ months.

Kia and Hyundai have somewhat shorter wait times to buy one. Some models can be in your driveway in as little as three months.

To get a ford and some other domestic models, you could be waiting as long as 18+ months. According to one car dealer we spoke with, “it’s unlikely you will get to own a Ford F-150 lightning anytime during the Biden administration.”

WHICH EV’S ARE PEOPLE LOOKING FOR?

The electric vehicle market has grown masively over the past couple of years. As fuel costs rise, there has been a massive rise in people buying EV models. Demand has increased almost 400% in the last year alone. The most common google searches for EVs are the Hyundai Ioniq, Kia EV6, and the Mustang Mach-E: voted by Consumer Reports as the best new electric vehicle when it first came out. And let’s not forget the somewhat pricey Tesla model 3. Tesla dominated the EV market for years but failed to meet the demand for a genuinely affordable EV in the $20k to $30k range. This is why companies like Kia and Hyundai have rushed to fill in that market demand with some fairly compelling offers.

Kia and Hyundai’s EVs have a lot to offer in terms of price, range, and charging speed. The Ioniq comes in at a very accessible $30k price point and provides an estimated range of 200 miles on a single charge. The Kia EV also comes with an impressive charging speed of up to 80% in just under an hour.

Conclusion

So, is now a good time to buy an electric vehicle? The answer is, it depends. EVs are great for the environment and can be affordable if you factor in all of the costs associated with owning one. But, not everyone has the same driving needs or access to charging infrastructure. So, if you’re considering buying an EV, do your research first and find the right one for you. We hope this article has helped guide you on what to consider when making your decision. Let us know in the comments below what factors influenced your choice and whether you agree with our assessment!