Should I Get an Electric Car in 2024?

If you are thinking about buying a new car in 2024, the question “Should I get an electric car?” is likely on your mind. Electric cars have become more popular and accessible in recent years, thanks to their environmental benefits, cost savings, and enhanced driving experience. However, they also come with some challenges, such as charging infrastructure, higher initial cost, and range anxiety.

Advantages of Electric Vehicles

• Environmental benefits: Electric vehicles emit zero tailpipe pollutants, reducing air and greenhouse gas pollution. They also diminish noise pollution and reliance on fossil fuels, potentially saving up to 6,000 pounds of CO2 annually per car compared to gasoline vehicles, states the U.S. Department of Energy.
• Cost savings: Electric cars offer savings in both operation and maintenance costs. With cheaper electricity compared to gasoline and no need for oil changes, they can save an average of $770 annually in fuel expenses, according to the U.S. Department of Energy. Additionally, owners may qualify for incentives like tax credits, rebates, and access to carpool lanes.
• Enhanced driving experience: Electric vehicles provide instant torque for smoother and quicker acceleration, alongside regenerative braking to recharge the battery. They offer a quieter and more comfortable ride, free from engine vibrations or exhaust fumes.

Drawbacks of Electric Vehicles

• Charging infrastructure concerns: Despite a growing number of public charging stations, accessibility and convenience still lag behind traditional gas stations, potentially causing inconvenience or longer wait times for charging.
• Higher initial cost: Electric cars typically entail higher upfront costs, primarily due to battery expenses. However, advancements in battery technology and economies of scale may narrow this price gap in the future.
• Range anxiety: Concerns about running out of battery power before reaching a destination or charging point persist. Although electric car ranges have improved, they still fall short of gasoline counterparts, with factors like weather, driving habits, and battery age affecting performance.

Timing Considerations for Buying an Electric Car

• Current EV Market Trends: The EV market has grown rapidly in recent years, as more automakers have entered the field and offered more models and features. According to BloombergNEF, global EV sales reached 3 million units in 2020, accounting for 4% of total car sales. This number is expected to rise to 14 million units by 2025, accounting for 16% of total car sales.
• New Model Releases: Every year, new electric car models are launched with improved performance, design, and functionality.
• Emerging EV Technology: The EV technology is constantly evolving and improving, offering more possibilities and benefits for electric car buyers.

Making the Right Purchase Decision

Utilizing EV Incentives

As mentioned earlier, electric car owners may qualify for various incentives that can lower the cost and increase the convenience of owning an electric car. Some of the most common EV incentives include:

• Federal tax credit: A credit of up to $7,500 that can be applied to your income tax liability when you buy a new electric car. However, this credit phases out once an automaker sells 200,000 electric cars in the U.S., so you may want to check the availability and amount of the credit before you buy.
• State and local incentives: Various incentives offered by state and local governments, such as rebates, discounts, exemptions, grants, loans, and access to carpool lanes. The availability and amount of these incentives vary by location, so you may want to check your state and local websites for more information.
• Utility incentives: Various incentives offered by utility companies, such as reduced electricity rates, free or discounted charging equipment, and installation rebates. The availability and amount of these incentives vary by utility provider, so you may want to check your utility website for more information.

Lease vs. Buy

Leasing an electric car may be a better option than buying one for some buyers, especially if you want to avoid the high upfront cost, enjoy the latest models and features, and avoid the hassle of selling or trading in your car. However, leasing an electric car may also have some drawbacks, such as limited mileage allowance, higher insurance rates, and no ownership equity. Therefore, you may want to compare the costs and benefits of leasing vs. buying an electric car before you make your decision.

Buy a Used EV

Buying a used electric car may be a good option for some buyers who want to save money, avoid depreciation, and reduce environmental impact. However, buying a used electric car may also have some risks, such as lower battery capacity, limited warranty coverage, and fewer model choices. Therefore, you may want to do some research and inspection before you buy a used electric car.

Sell Your Used Car To Finance EV Purchase

If you already own a gasoline car that you want to replace with an electric car, you may want to sell your gasoline car to finance your EV purchase. Selling your used car can help you reduce the net cost of buying an electric car, as well as free up some space in your garage or driveway. However, selling your used car may also take some time and effort, such as preparing your car for sale, advertising your car online or offline, negotiating with buyers, and completing the paperwork. Therefore, you may want to plan ahead and use some tools and services that can help you sell your used car faster and easier.

Conclusion

Buying an electric car in 2024 can be a smart and rewarding decision for many people who want to enjoy the environmental benefits, cost savings, and enhanced driving experience of electric vehicles.

However, buying an electric car also involves some challenges, such as charging infrastructure, higher initial cost, and range anxiety. Therefore, you may want to consider the pros and cons of electric cars, the timing considerations for buying one, and how to make the right purchase decision based on your needs and preferences.