Should You Buy an Electric Car Now, or Should You Wait?


Electric cars were once rare sights, only owned by the super-wealthy and those in the tech industry. Today, however, electric cars are all over the roads. With so many popular mainstream car companies releasing their own electric vehicle lines, these eco-friendly options are more accessible now than they have ever been. If you have yet to buy your first electric car, you may be wondering if you should hop on the trend or wait.      

You should wait to buy an electric car if you want to get the best value for your money. While current electric vehicles on the market are cutting-edge by today’s standards, the technology is continuously advancing. Electric cars in the future will likely be all-around better and more affordable.

Before you buy an electric car, you want to be sure that the car you buy has all the features you want, from safety to battery life to smart capabilities. To that same point, you want to realistically be able to afford an electric car. In the near future, all of these things will be more plausible. Read on to find out why you should wait to buy an electric car, or if you already have one, why you should wait before you buy your next upgrade.

Why You Should Wait to Buy an Electric Vehicle

There is no denying that electric vehicles have come a long way. While the concept of electric vehicles is new in the grand scheme of vehicles as a whole, electric cars have actually been around for a few decades now. It may seem like the perfect time to purchase yours since the kinks have probably all been worked out by now.

However, that is not the case. There are still plenty of kinks and issues that plague the electric vehicle industry and its consumers. Some of these include:

  • Consumer range anxiety and scarcity of charging stations
  • Unreliability and scarcity of qualified mechanics
  • Lack of unique options for choosy consumers

Still, electric vehicles are finally getting the credit they deserve as the energy-saving, environmentally-friendly vehicles that they are. There is nothing wrong with ditching your traditional, gas-guzzling, vehicle now, and opting for electric. But, if you want the greatest value, it is best to wait.

EV Specifications Will Get Better

As of right now, Tesla is the number one electric vehicle manufacturer in terms of popularity and name recognition. Tesla got into the electric vehicle game early and the company has not stopped innovating since. Tesla CEO Elon Musk plans for the company to roll out the first fully autonomous vehicle in the near future, though, there is no way of knowing if this will be coming out any time soon.

It is fair to say that, given more time, Tesla and all of its competitors will continue innovating to produce state-of-the-art electric vehicles with technology that far exceeds current consumer expectations. Performance advancements you can expect will include battery power and range, acceleration, horsepower, driver-assistance features, and more.

The Future Will Have More EV Options

Currently, the options you have as a consumer searching for a gas-powered vehicle are seemingly endless. You can have any type of vehicle you want, provided you have the funds to pay for it. However, the current electric vehicle market is still stunted as far as options go.

The electric vehicle market has gone beyond sedans, however. You can get an electric car in any of the different forms:

  • Sedan
  • Hatchback
  • Truck
  • SUV

Still, there are not many options within these categories for those searching for unique cars to drive that are not powered by gasoline. It bothers some people when their brand new car looks just like 10 other cars in their town.

The future of electric vehicles will see all new models released. Vehicle manufacturers will come out with electric versions of familiar, loved vehicles, as well as brand-new models that consumers have not seen before. Shopping for a new electric vehicle will be more exciting once more options are available.

EV Charging Stations Will Be More Accessible

There is a severe lack of charging stations in the US currently. While large metropolitan areas have plenty, rural areas have very few. It is unlikely that you would run into many electric vehicle charging stations if you were to take a long road trip across less populated towns and cities. While the use of electric vehicles is growing rapidly, it has not yet grown enough to warrant large-scale charging networks in all areas.

This lack of charging availability leaves many electric vehicle drivers or potential electric vehicle purchasers with the sense that their car could run out of battery power and die at any moment, stranding them helplessly on the side of the road. This fear is known as range anxiety, and it is a real problem that many in the electric car industry are working to combat.

There are times when driving a gasoline-powered car that you might run into gas-station woes, but these moments are few and far between. With the current state of electric vehicle charging stations, though, you would be far more likely to run into a bind while on a long drive. More charging stations are popping up all the time, but it will be a while before there are enough to compete with the ease and convenience of gas stations.

Charging Stations Are Not Always Reliable

Current charging stations are not always 100 percent guaranteed to work, either. You might be on a desperate hunt for a charging station, only to finally find one that is out of order. Or, if it is the only charging station for hundreds of miles, it could be completely backed up with customers charging their vehicles.

You also have to take into account how long it will take to charge your electric vehicle at a charging station. While some fast chargers can give you enough juice to get going in a matter of 30 minutes or less, others might need to plug in for up to five hours. These are the kinds of chargers you will likely find at a hotel parking lot, so you better plan to spend the night.

These kinds of problems are one cause of range anxiety. Realistically, electric vehicles are designed to get a certain range on a full charge. There would be no electric vehicles on the road if they were just dying and stranding drivers on the sides of roads all the time. The point is that there will be far more access to charging stations in the future, and buying an electric car, later on, will prove much more convenient in this regard.

EVs Will Be More Affordable

On average, the current prices of electric cars are higher than those of gas-powered cars. This is a major factor that prevents a lot of people from making the switch from gas to electric immediately. However, as the world has seen with any new innovation, more competition and market saturation lead to lower prices and more affordability.

In the years to come, the prices of electric cars should drop dramatically, making them more accessible for people who are used to paying gas-powered vehicle prices for their new cars.

As mentioned earlier in this article, Tesla is a giant in the electric vehicle world. There was a point when Tesla was the name of electric cars. However, there are all kinds of electric car manufacturers competing with Tesla now. All of this competition will ensure the prices continue to decrease over time while products get better. Even mainstream manufacturers in the gas-powered car world have begun releasing electric vehicles:

  • Ford F-150 Lightning
  • Porsche Taycan
  • Chevrolet Bolt
  • Nissan Leaf
  • Hyundai Ioniq

These are just a handful of the electric models sweeping across automakers’ lots. Despite hesitancy over the past decade, these automakers are realizing that electric vehicles are the way of the future and, in order to remain relevant in the decades to come, they have to offer consumers a wide range of these environmentally-friendly options.

The thing to remember right now is that 2021 is considered just the beginning of the electric car boom. So, the future holds even more options and better deals.

When these manufacturers continue making these cars in greater numbers and at more affordable prices, they will be more accessible to the average consumer. The more models there are to choose from, the more likely you will be able to get a vehicle that suits your individual needs. You are more likely to find your perfect electric car if you wait.

Be Wary of Marketing

Car fanatics and those who are environmentally conscious see electric cars as the future. They are not wrong. Still, it is important to remember that car companies are trying to sell you a product. They have large marketing teams who know exactly how to exploit the fact that consumers want to be a part of the next big thing.

Many consumers feel a push to purchase one of these electric vehicles now. In fact, manufacturers are offering low-interest rates and persuasive incentives to get these cars off the lot fast.

One disadvantage electric vehicles have is that they depreciate more quickly than gas-powered cars do. It is prudent to be patient and resist heavy-handed marketing tactics as prices decrease in the future.

EV Incentives Might Pick Back Up

Along with outright affordability comes the incentives consumers are offered when they purchase electric cars. There is a push to get more electric vehicles on the road and gas-powered cars off the road to lessen the amount of pollution and greenhouse gases wreaking havoc on the earth’s climate. To encourage people to make the switch from gas to electric, consumers have been receiving tax incentives to help with costs.

A tax credit of up to about $7,500 has been the customary incentive in recent years for customers who purchase eligible electric vehicles. However, this federal tax credit was set to run out in the near future as electric vehicle sales increased. Luckily, folks in Washington are working to pass a new bill that will not only extend the federal tax credit for electric vehicle purchases but increase the incentive’s dollar amount.

  • If passed, the “Clean Energy for America” bill will increase the $7,500 tax incentive to as much as $12,500 for electric vehicles that are built in the US.
  • This credit will only be available to electric vehicles with a price of $80,000 or below.
  • This credit will only qualify for car manufacturers until they sell 200,000 units, so Tesla and GM no longer qualify for this new potential tax credit, or for the current $7,500 tax credit that is already in place.

Regardless of the Clean Energy for America bill and its potential, there are sure to be more incentives for electric vehicle purchasers in coming years due. Washington is seeing a large push towards clean energy and a reenergized fervor to fight climate change. Consumers are likely to be rewarded when purchasing electric vehicles that align with these goals, so there is no harm in waiting to buy.

EVs Will Be More Reliable

Electric cars are not new, but their rise to the mainstream is recent. Since this is the case, you can consider many of them in their beta stage of development, meaning that they are not yet perfected. Car manufactures are still ironing the kinks with their products.

With more time to work on their cars, automakers should handle the appropriate bug fixes, recalls, and issues that arise while their electric car models are still fairly new and being driven by fewer people.

This is not to say that the problems with electric cars are because they are electric. Tesla, for instance, has faced a great deal of criticism for several of its products over the years. Not all of the various Tesla models’ issues stem from the fact that they are fully electric vehicles. The issues are simply reflective of the recentness of the cars as a whole.

Tesla’s Numerous Vehicle Issues

Tesla’s name gets thrown around so much during electric vehicle conversations because it is a giant in the industry. With all that name recognition comes more sales and more production. Being so well known as an electric vehicle maker, Tesla has seen its fair share of rocky rollouts. Some of these include:

  • Safety issues: Tesla’s Autopilot has come under scrutiny after several fatal crashes have occurred while the feature was in use. Additionally, battery fires, sudden acceleration, and other inconsistencies have been reported.
  • Poor quality control: Tesla has been accused of releasing vehicles for purchase that are unreliable and of shoddy quality. Certain parts have been missing from “completed” vehicles.
  • Inadequate customer service: Customers who have purchased Teslas have struggled to get in contact with customer service to get their car serviced when an issue arises with their vehicle.

The company works continuously to fix these issues, but it is fair to say that Tesla might have grown too comfortable with their huge piece of the electric vehicle pie at one time. By waiting until more competitors have had time to come out with their own electric vehicles and complete adequate quality control, you can feel more secure in your electric vehicle purchase.

There Will Be More EV Mechanics

Currently, there are few mechanics equipped to work on electric vehicles. Before electric vehicles came on the scene, all mechanics were trained to work on gasoline-powered vehicles. However, electric vehicles have an entirely different infrastructure under the hood. If your electric vehicle malfunctions, it might be difficult to find someone with the expertise to fix it until more people are taught.

A mechanic who is used to working with engines, carburetors, alternators, and oil, might not be comfortable working on a car that works solely on a battery, motor, controller, and converters. You must also keep in mind that some electric vehicle manufacturers like Tesla require that you take your car to a certified Tesla service center, otherwise you will void your warranty. If you live far from one of those, you are out of luck.

It is true that electric vehicles need far less maintenance than vehicles with internal combustion engines. This is because there are so few moving parts in an electric vehicle than there are in a conventional gas-powered vehicle. However, that does not mean that your electric vehicle will never need service. When it does, you want to be sure you can find someone reliable, experienced, and close by.

Conclusion

While electric vehicles get more and more accessible every day, it is a good idea to wait before you purchase your own. There are more things coming down the pipe in the near future, from battery technology and range to lower vehicle costs. As a consumer, it is best to make large purchases when they are most likely to work for you.

Keep in mind, though, that no electric vehicle purchase is a bad idea. Every purchase that takes a gas-powered car off the road can help the environment and work to reverse some of the damage done. Whether you are wanting to buy right now or waiting patiently to buy later, the market has something available for you.

Recent Posts