When is the Right Time to Buy an EV?

Electric vehicles (EVs) have made headlines for years, but many people still hesitate to switch from traditional gasoline vehicles. One common question is whether 2023 is the right time to buy an EV or if it’s better to wait. So, we’ll explore the current state of the EV market and help you make an informed decision. 

The State of the EV Market in 2023 

First, let’s look at the EV market’s current state. According to a recent report from the International Energy Agency (IEA), the global stock of electric passenger cars reached 10 million in 2020. That’s a 43% increase from the previous year, which is expected to continue. The report also found that EV sales in 2020 were largely unaffected by the COVID-19 pandemic, with sales increasing by 41% compared to 2019.  

In terms of technology, EVs are advancing rapidly. Battery technology is improving, with longer ranges and faster charging times becoming more common. There are also more EV models on the market, ranging from a few more affordable options like the Nissan Leaf and Chevy Bolt to the luxury models like the Tesla Model S and Audi e-tron—where the majority of EVs are. 

Government incentives and regulations are also playing a role in the growth of the EV market. The US has set targets for electric vehicle adoption and offers buyers financial incentives. For example, there is a federal tax credit of up to $7,500 for EV buyers, and some states offer additional incentives. And new federal regulations work at incentivizing the production of more EVs. 

Should You Buy an EV in 2023? 

So, is 2023 the right time to buy an EV, or should you wait? The answer largely depends on your circumstances. If you’re in the market for a new car and are considering an EV, there are several factors to consider.  

First, think about your driving habits. An EV could be a great choice if you have a short commute and access to charging at home or work. However, if you frequently take long road trips or live in an area without easy access to charging, a gasoline or hybrid option may be a better option. 

Second, consider the cost of an EV. While the price of electric cars is coming down, they are still generally more expensive than gasoline cars. However, when you factor in the cost savings from not having to buy gasoline and lower maintenance costs, an EV can be a cost-effective choice in the long run. 

Third, think about the current state of the EV market. EV technology is advancing rapidly. There are more models to choose from than ever, and new battery technology allows more miles between charging. However, some buyers may prefer to wait for even more advanced technology or a more comprehensive selection of models. In addition, prices will likely decrease with Tesla adjusting their popular models’ purchase prices. 

Finally, consider federal and local government incentives and regulations. Buying sooner rather than later may make sense if you live in a state that offers significant financial incentives for EV buyers. On the other hand, if you anticipate even more EV advances in the future, it may be worth waiting. 

Get the Latest Technology  

If you decide to wait on an EV purchase but still want to have the latest technology when buying a used or new vehicle, consider asking your dealer to install Elo GPS with CarRx. You’ll have a smarter connected car with real-time location, car health scans, and industry-leading theft protection and recovery.