Is Now A Good Time to Buy an EV?

So, you’re thinking about jumping into an electric vehicle (EV). So are millions of other people in America, but there are just so many questions, not the least of which is “is now a good time to buy an EV?”

The answer is (you guessed it) it depends. While there are many factors to considser, there is one in particular that relates to timing, which we’ll consider in this post.

Love it or hate it

The reasons for and against EV adoption are many and varied. EV lovers revel in the technology and extol reducing carbon footprints. Haters gripe about range anxiety and lack of infrastructure. Both sides have their points, and neither are totally right or wrong.

Love it or hate it, there is one universal point to recognize. The U.S. government continues pushing for increased EV adoption and is putting its money where its mouth is.

It’s common knowledge that EV manufacturers, like Tesla, have taken advantage of government subsidies for many years, but it’s not just companies that are being subsidized.

Consumers may also be able to take advantage of tax credits for buying clean energy vehicles. For example, as of 2023 the Federal Clean Vehicle Tax Credit provides up to $7,500 towards the purchase eligible EVs and plug-in hybrids (subject to eligibility).

Carrot or the stick

Love it or hate it, the government’s writing is on the wall. If Uncle Sam has anything to do with it (and he does) we will all be driving around in EVs sooner or later. States like California already plan to ban the sale of new gasoline fueled cars by 2035.

The question is, will you take the carrot or the stick? For now, the government is still encouraging with tax incentive carrots, but in time it will instead carry mandate sticks to punish those that don’t comply.

From that perspective, now may be the right time to make the jump. Of course, it’s all subject to personal needs and circumstances. In some cases, it just doesn’t make sense, like rural or remote locations with scarce charging.

But for those living in metro areas with good charging infrastructure and limited range anxiety, it can make a lot of sense. Especially those who need to replace a vehicle and are on the fence about going EV, why not take the carrot?

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HWL