Buy an electric vehicle now or wait? Here’s how to decide.

[RV_]

Excerpt:

"The coronavirus pandemic saw a virtually unprecedented spike in the price of vehicles. As chip shortages hobbled the industry, automakers rationed semiconductors, installing them mainly in their most profitable, and most expensive, models. Millions of affordable vehicles, the ones accessible to most new car buyers, never got built.

That drove up the median price of new vehicles in the United States from around $38,000 before the pandemic to a record $49,000 or so this February, according to Cox Automotive.

With electric vehicles, the pain was even more acute — if you could find one.

 

Carol McConkey works on a Chevy Bolt EUV on the battery install line at Orion Assembly in Lake Orion, Mich., in 2021. (Nic Antaya for The Washington Post)

In February, the average EV price soared to more than $58,000, according to Kelley Blue Book, roughly the annual income of the median U.S. worker. Dealers have been able to charge well over the sticker price as buyers have lost the ability to negotiate.

“If someone hasn’t been in the market, they’ll be really shocked by how much a vehicle costs,” says Mark Wakefield, an automotive specialist at the global consulting firm AlixPartners.

The limited supply of EVs is colliding with unexpected demand. Despite inventories at a fraction of their pre-pandemic levels, EV sales are outperforming even the more optimistic projections of a few years ago. In January 2022, EVs represented just 4.3 percent of new sales. This January, the share was more than 7 percent.

“EVs are still hot enough they’re essentially sold out for the rest of the year,” says Ivan Drury, who analyzes the automotive market for Edmunds.

But even with vehicle prices near record highs, better deals may soon be at hand. Tesla is slashing prices, prompting the rest of the EV industry to follow suit. New federal tax subsidies are coming online, though which vehicles qualify is a moving target. And automakers are releasing a fleet of new all-electric models over the coming months.

What’s a prospective EV buyer to do: Buy now or wait?

There’s no right answer, but the decision boils down to a few other questions: How much can you spend? What type of vehicle do you need? Do you (or your EV) qualify for federal incentives? Would you buy used or lease?

(Note: The below topics are answered in the original article linked below)

Here are the key questions for an EV shopper.

Are EV prices coming back down?

Should I wait for the new models?

Is revolutionary EV technology on the way?

How do I take advantage of all the EV incentives?

To help you out, I’ve added a decision tree below, produced by Energy Innovation, to tell if you and your vehicle qualify for federal incentives.Do you qualify for the full federal incentive of $7,500? (Energy Innovation)

Should I lease an EV?

Should I buy a used EV?

Source:

https://www.washingtonpost.com/climate-environment/2023/04/11/electric-vehicle-buying-guide/?utm_campaign=wp_news_alert_revere_trending_now&utm_medium=email&utm_source=alert&location=alert

I just hope one comes out, any brand, not just Tesla, that has perfected full self driving so I can then just use it as my own paid for taxi without the driver or fees. ROI unimportant as it would allow me to drive it until I could not drive anymore and then just go out and tell it where I want to go. As long as I could walk or

Edited April 15, 2023 by RV_

[rynosback]

I think these 3 questions are silly.

 

1. Are EV prices coming back down?

They are coming down because Tesla is trying to squeeze other EV makers  to go bankrupt. They have a pricing advantage and they are leveraging just that. It will be interesting to see what Tesla reports this week. I would bet their profit will be way down. 

2. Should I wait for the new models?

There are always going to be new models. If you keep waiting for them, you will never buy a car. 

3. Is revolutionary EV technology on the way?

technology is always advancing. Companies are spending 100s of millions into R&D. As having the best and most advanced tech over your competitors will translate into more sales. 

[GlennWest]

With only 3 single charging stations in Huntsville TX it would not be wise to buy one.

[Kirk W]

And there are very few, if any apartment complexes that have a charging station and most don't even have electricity available where the cars are parked. My current VW sedan got 42.6 mpg on a recent round trip from Mesquite to Galveston, TX and the distance was about 300 miles each way and we stopped for lunch each way and at a rest area also each way. I spent about 10 minutes refueling part way home. 

Edited April 19, 2023 by Kirk W
added VW

[GlennWest]

Yes my Smartcar averages 37 mpg.Two of the 3 in our town is at college

[RV_]

22 hours ago, GlennWest said:

With only 3 single charging stations in Huntsville TX it would not be wise to buy one.

Glenn, I can understand why many folks think there are fewer charging stations than they realize.

However, "There are 33 Charging Stations in Huntsville."

Here is the link with a map: https://www.plugshare.com/directory/us/texas/huntsville

Here's a cost comparison for two years.

Driving and EV gives us the best of performance cheaper by far than buying gas at the volatile prices it has had since  I haven't driven much this past month due to ingrown toenail removal on both big toes with a month long recovery. The Tesla App has a section where I can set the maximum charge to prolong battery life and I have mine set for 85% and I charge at 20% which is about twice a month. It also shows my charge stats and cost based on our price locally per kWh. Here is a pic of my screen today showing my charge stats and cost:

I post news about the biggest Paradigm shift we have seen in our history. For the longest time only Tesla was building EVs introducing the first one, the Roadster, in 2008 for sale. They began building in their factories ~ 2012 in Fremont CA.

We are way past the tipping point and the comments of EVs will never happen here in 2003 have been OBE.

I cannot use a compact car because of spinal issues so the Bolt is out as is are many sedans.

Folks used to say EVs were too expensive but now realize that the average cost of a new car today is $50k and EVs for folk without subcompact size issues range from the Bolt @ ~ $35 k to the Model 3 and Y at $35k- $52k.

The new top tier Lucid cars boast a 500 mile range and compete with the Tesla Plaid. Except they are almost twice the price.

I am definitely not trying to get anyone to buy an EV of any brand but in a financial and investment major shift in a giant portion of the economy that affects the oil industry, and the vehicle industry.

Europe is way ahead of the US except for Tesla. But from what I am seeing they may be selling more per capita but the US is fast catching up.

I have posted about Ford and battery tech and developments too.

The most recent development are two Travel trailers that pull some to all of their own weight to make my being able to pull one with my EV doable! Now we have one the LS1 from some of the EV teams of different brands doing it and Thor with a prototype self-propelled Airstream.

I love where tech is taking us.

 

 

 

[Kirk W]

37 minutes ago, RV_ said:

However, "There are 33 Charging Stations in Huntsville."

Huntsville is a city in and the county seat of Walker County, Texas. The population was 45,941 as of the 2020 census.

[GlennWest]

I did Google them. Only 3.  You likely got Huntsville ALABAMA 

. 

[RV_]

Don't open the link guys. 🖖😉 It's in the post you just answered above but I'll post it again. Alabama moved West of Louisiana? Alabama grew!

https://www.plugshare.com/directory/us/texas/huntsville

Oops forgot the link!

 

 

Edited April 21, 2023 by RV_

[GlennWest]

I location Walmart, car parking center and colleges. Yours showed more than my goggle search showed. Still though not really but one place since I not going to school and don't use parking centers. Just not enough to own an ev

[RV_]

Glenn,

The article was for folks who are considering owning one, not folks who are not. I will be posting the only seven EVs that will qualify for the full $7500 tax credit. and then only middle class folks who made less than $150k. 

We are shopping for a plug in hybrid but they are higher priced at $57k for the new Toyota PHEV than a new Tesla. Tesla just dropped the price again yesterday 19 April 2023 to $49,999.99 for the Model Y Tesla long range, two motor, AWD full BEV so we may just get another Tesla new. And that is the new version with their GigaPress die cast single piece construction of the body and chassis. So it us now $2k cheaper than my 2020 model Y cost. But now I get the $7500 tax credit I did not get before. Going there this weekend to see their trade in offer.

They can deliver within a month as of last week, and the new Model Y also gets the full $7500 tax credit if the buyers make less than $150k a year.

I really wanted to try the PHEV. As little as we drive retired, a 35 mile range on the PHEV battery means it will be an EV for 80-90% of her use. We are getting the white interior this time.

 

 

[Payroll Person]

Lfp batts are a game changer. Charge full with no extra degradation of consequence. Bought a m3 tax credit vehicle. Total net after credits is about 33k.

While CA has issues, having a household member on SSI gets a great utility discount. A new rate system coming about 2025 will lower it another 10% or more. Candidly, it makes Solar a money loser as our rate is so cheap, so we are still not going Solar. Likely the goal of the utilities… 

Have not bought gas in two months. For around town, our pattern is free energy as our city has several free chargers we can use. When we do charge at home, effectively we are paying .25 a “gallon”.

.will keep our tj wrangler for fun and flat tow, but will likely let our trailhawk GC (just before pandemic price increase bargain buy) go. We can get just about what we paid for it in 2020.  I am happy I did not get a maverick. I can see getting a car hauler rather than teaching spouse to shift a manual (tj) as long trips, I like her to be able to drive as a backup. Plus she could bring more stuff!

Edited April 21, 2023 by Payroll Person

[GlennWest]

7 hours ago, RV_ said:

Glenn,

The article was for folks who are considering owning one, not folks who are not. I will be posting the only seven EVs that will qualify for the full $7500 tax credit. and then only middle class folks who made less than $150k. 

We are shopping for a plug in hybrid but they are higher priced at $57k for the new Toyota PHEV than a new Tesla. Tesla just dropped the price again yesterday 19 April 2023 to $49,999.99 for the Model Y Tesla long range, two motor, AWD full BEV so we may just get another Tesla new. And that is the new version with their GigaPress die cast single piece construction of the body and chassis. So it us now $2k cheaper than my 2020 model Y cost. But now I get the $7500 tax credit I did not get before. Going there this weekend to see their trade in offer.

They can deliver within a month as of last week, and the new Model Y also gets the full $7500 tax credit if the buyers make less than $150k a year.

I really wanted to try the PHEV. As little as we drive retired, a 35 mile range on the PHEV battery means it will be an EV for 80-90% of her use. We are getting the white interior this time.

 

 

Think I will stick with what I have. Little Smart cheap to operate. Live long enough may have to get another car and maybe convient charging places by then. Will see. I am not against them. Do believe a hybird a better car just now. 

[Kirk W]

35 minutes ago, GlennWest said:

Think I will stick with what I have. Little Smart cheap to operate.

Me too. We just got 42.6 mpg on a trip from Mesquite to Galveston and back with no stops to recharge/refuel on the way down and one half way back. We drove about 450 miles before buying another 10 gallons. It the entire trip I didn't see any charging stations at places that we stopped. There may have been some in truck stops that we drove past. 

Edited April 21, 2023 by Kirk W

[Chalkie]

7 hours ago, Payroll Person said:

Have not bought gas in two months. For around town, our pattern is free energy as our city has several free chargers we can use. When we do charge at home, effectively we are paying .25 a “gallon”.

TANSTAAFL - Someone, and in the case you describe the local tax payers, is paying for the electricity. You can call it free all want but it isn't.

[Second Chance]

I'm with Glenn and Kirk. As full-timers, it would not be convenient/possible for us to charge an EV at campsites or on travel days. Our CR-V (quite a bit more room than a Smart) is averaging 32 MPG conbination town/highway. It's also a great car for road trips (like Aberdeen to Cincinnati next week) without the rig. It'll take as long to use the restroom as it will to refuel the car...

Rob

[Payroll Person]

2 hours ago, Chalkie said:

TANSTAAFL - Someone, and in the case you describe the local tax payers, is paying for the electricity. You can call it free all want but it isn't.

The infrastructure at the spot I use was paid for by a private entity for a different (for profit) purpose in the past. The ongoing cost is paid by the downtown merchant to encourage even more tourism. Their cost for the power is ~.60 an hour or less for time used.

we live in a high tourist area where local government is funded by 50% or more by tourist activity. So the tourists are paying for the free power ability. We are about to get our third supercharger in our city to feed the tourists and also the locals who don’t want/need to or can’t charge at home.

I don’t count on the free power or go out of my way to use it, since home charging is so cheap.

being in CA, our rates are not cheap. I can get free downtown. .04 kWh at the bus transfer station, and supercharger is currently .42 kWh.  Supercharging is about the same per mile as gas compared to a ln average gas vehicle. For home, my rate is currently .17 kwh off peak and is projected to be .13 in a couple of years because of a different rate structure.

for me, the big saving was getting the ev time of use rate. Off peak is about 40% of our former single rate. We time shifted heating our pool and spa, try to do laundry off peak, time the ac to pre cool off peak, and only charge ev off peak. We cut our bill by 200 a month with only moderate effort. With another 200+ monthly fuel savings, it is a no brainer for us. We were looking at a leaf but the range was questionable for us. Once Tesla became eligible for the state and fed rebates/credits again, we got one the next day.

It won’t work for all as many/most do not have the ability to be flexible, use as much power as we do, etc.

for our mh, we got a shorter class c a few years ago as it fits us fine. And I can maintain it unless I need a lift. It is on an e450 so we can tow just about anything we want, including a car hauler. We have about 4000 ccc and 7500 usable tow capacity stock.

Edited April 21, 2023 by Payroll Person

[Payroll Person]

1 hour ago, Second Chance said:

I'm with Glenn and Kirk. As full-timers, it would not be convenient/possible for us to charge an EV at campsites or on travel days. Our CR-V (quite a bit more room than a Smart) is averaging 32 MPG conbination town/highway. It's also a great car for road trips (like Aberdeen to Cincinnati next week) without the rig. It'll take as long to use the restroom as it will to refuel the car...

Rob

Charge on non travel day can be an issue. Rv parks will (just as with getting full 50a capability) glacial speed support ev. Some do already, even if it is just offering passing charging during the day. With an enlightened host, you can often charge at your site or another site, by timing for lighter load or setting charging amps to a modest level. With modest usable ev range, likely a very low charge amps will keep you going. See the many reports of people who car camp with a Tesla. Charging on a travel day would be no different than normal driving an ev, other than likely having to unload the ev to reach a fast charger.

whatever one thinks about EM, Tesla rules charging with the many locations and speed of the super chargers.

it is interesting, the crossover of battery with ev and rv. LFP in the model 3 is directed to be full charged as needed, and actually, at least once a week. Same tech used for many rvs where the rv era are so worried about storage charge. I have had lfp in our rv for about a year. Constantly charged as our life boat. Only slight degradation noticed.

Edited April 21, 2023 by Payroll Person

[RV_]

21 hours ago, Payroll Person said:

Bought a m3 tax credit vehicle. Total net after credits is about 33k.

Candidly, it makes Solar a money loser as our rate is so cheap, so we are still not going Solar. Likely the goal of the utilities…  Plus she could bring more stuff!

Payroll, you got a good deal! I am close to buying the tax credit Mod Y AWD two motor, long range now $49.9k. Same here on trading our Forester, we can get/trade almost what we paid for our Forester new dealers want to buy trade it for $20k. $49.9 - 7500= 42,499.99 - $20k=22,499.99 - $2500 Colorado incentive tax credit - $19,999.99. Might pull the trigger next week.

12 hours ago, Payroll Person said:

I don’t count on the free power or go out of my way to use it, since home charging is so cheap.

It won’t work for all as many/most do not have the ability to be flexible, use as much power as we do, etc.

I won't go to free chargers either because power is cheap here too for home charging. We put in a 50 amp outlet, 30 miles range per hour charging. There were no rebates for installing them then but now there are so we will add another outlet for hers.

12 hours ago, Payroll Person said:

Whatever one thinks about EM, Tesla rules charging with the many locations and speed of the super chargers.

They are talking opening the Superchargers up to other brands too.

As well there is a push on for a standardized charging plug so all can use any charger system, like computers and phones.

I've had my 2020 Y since 2020. I test drove one and waited until the next weekend to sign and they raised the price from $49.9k to 52! If I get this one it evens out.

Enjoy your 3. I love my Y! Nice to meet you.

 

Edited April 22, 2023 by RV_