Why Now Could Be A Good Time To Buy An Electric Car

Many of us like the idea of owning an electric vehicle, but have been putting off buying one due to concerns of cost and impracticality. It’s true that 10 years ago, electric vehicles were too expensive and impractical for most people. But what about now? Is now a good time to finally convert to electric vehicles? This post lists a few reasons why now could be the time to finally make the switch. 

Petrol and diesel cars are slowly being phased out

All around the world, laws are coming into place to restrict the production of non-electric vehicles in order to tackle climate change. This year, Biden set the goal of making 50% of new cars in the US electric by 2030. The EU has meanwhile planned to ban the sale of all petrol and diesel cars by 2035, while the UK plans to ban the sale of all new petrol and diesel cars by as early as 2030.

Of course, you will still be able to buy used petrol and diesel cars, however it is likely that soon after 2030 we will see a massive reduction in the amount of petrol and diesel pumps at gas stations in favour of more electric charging stations. Electric cars will dominate in the future – this is inevitable. It could make sense to prepare now for the shift, rather than being forced to switch at a later date.

Many states and cities are still offering perks to electric vehicle drivers

All around the US, various states and cities have been trying to encourage more drivers to adopt EVs by putting in place perks that non-electric drivers are not entitled to. Perks include tax credits, free parking for EVs, cheap/free charging stations and exemption from emissions zones charges. 

Salt Lake City in Utah has been named the best city in the US to own an electric vehicle – a recent study found that the city had 98 charging stations and 22 incentives in place. Other cities like Sacramento, Austin and Atlanta also scored well. If you’re a resident in one of these cities, it could be worth considering adopting an electric vehicle.

Once EVs have been widely adopted in 10 or 20 years time, such perks may no longer be available. It makes sense to take advantage of them now and save money while you can.

There are now so many models to choose from

It used to be a case that EV models were limited to only a handful of manufacturers like Tesla and Mitsubishi. However, in recent years, almost every car manufacturer has been racing to create its own EV or hybrid model. This has resulted in a much greater selection for buyers.

Companies like Ford have been particularly prolific in their production of new EVs – they’ve even brought out an all-electric Ford Mustang, which you can check out if you click here. Hyundai and Kia have meanwhile been dominating the Asian market with models like the Ioniq 5 and EV6, while Fiat and Skoda have been spearheading the shift towards EVs in Europe. 

With so much selection, buyers can have more choice when it comes to the style and size of their vehicle. Meanwhile, the choice of new petrol and diesel models is likely to shrink in the future. 

The used EV market is growing

Not everyone can afford to buy a new car. Fortunately, EVs have been around long enough now that there is a fast-growing used market. Some of these EVs are a quarter of the price of newer models. Some countries such as France and Germany have been urging individuals to buy used electric cars by handing out grants. Certain cities in the US have also been putting in place incentives.

For those that like the idea of going electric, but can’t afford a new car, a used car could be the solution. You can search for used electric cars online – there are some dealerships that even started specializing in used electric vehicles. Privately sold EVs are less common, but are still worth looking out for. 

Modern electric cars have a much longer range

A big factor that has been putting off buyers is the limited range of EVs. For those that regularly drive long distances, petrol and diesel cars still seem more practical – some modern petrol cars are now capable of driving over 1000 miles on a full tank. However, EVs are getting better and could one say catch up – the original Tesla Roadster had a recorded range of 231 miles in 2008, however its latest version will allegedly be capable of 405 miles on a single charge. 

Those regularly travelling long distances may not want to go fully-electric straight away. However, drivers who spend most of their time travelling locally could definitely benefit from going electric – you’re unlikely to notice the limited range if you rarely travel over 300 miles in a single journey. 

The cost of home charging points is going down

Another barrier has been the cost of installing electric charging points. Fast-charging stations (which can charge a car in 30 minutes) can cost as much as $100,000 to install, while standard level-2 charging points typically cost between $2000 and $4000. Installing these stations everywhere is currently too costly a project for local councils, however the solution could be to urge more homeowners to install home charging points. On average, installing an EV station at home costs between $465 and $1126, which is much cheaper. 

These home charging stations are much slower – you’ll likely have to keep your car plugged in overnight. However, you’ll still be able to keep your car regularly charged. It could be a lot cheaper and a lot more convenient in the long run than constantly travelling to gas stations to fill up. A number of states and cities have incentives in place such as grants that could help to reduce the cost of installing a home charging point further – take your time to look out for such incentives.