The Benefits, Drawbacks of Buying an EV Now

If you’re on the verge of purchasing an electric vehicle (EV), you may be debating whether to purchase a new car right away or wait. It makes sense that one would be hesitant, because you may be concerned about a number of things, including the weakening economy, skyrocketing rates of interest, new and ambiguous legislation regarding EV tax incentives, and the expensive cost of cars in general.

Let’s look at some of the benefits and drawbacks of purchasing an electric car right away versus waiting a bit longer.

Benefits

Rates of interest: Any significant decrease in interest rates won’t likely happen until much later in the year. Perhaps they will rise in the meanwhile. The interest rates available today are possibly the lowest that will be available until later in 2024.

Recommended retail costs: EV costs are probably as low as they will go in the near future, especially if you are looking to purchase a Tesla. The company slashed their prices recently. In terms of price, this may be the best moment to take action if you have your mind set on an electric vehicle.

Enhanced tax subsidy: For the majority of individuals, waiting until the new tax credit legislation took effect was the best time to buy an electric car. Fortunately, the year 2023 brings with it the wonderful news that new regulations once more make additional electric vehicle models eligible.

Unstable economy: Since the economy is so uncertain, no one can predict how it will perform over the next two years. However, there is a significant chance that the economy will get worse before it gets better, so now may be the right time to get your EV.

Drawbacks

Time: If you are considering buying a new car, whether electric or any other type, it is not the ideal moment to purchase now. Prices and loan rates are all at record highs, and wait times are also lengthy. You might benefit from waiting a while if you do not require a new vehicle immediately.

Availability and selection: Right now, the variety of available EV models is still limited, but 2023 and beyond could see more models produced by a variety of car makers, including Jeep, Nissan and Subaru, among others. If you can’t get what you’re looking for right away, there is a good chance that you will have more options to choose from in the next year or two.

Comparing tax credits and rebates: You may wish to hold off for a year even though the new rules eliminated the sales cap, making many electric vehicles that fall within the new pricing ranges eligible for not more than a $7,500 tax credit. You can claim the $7,500 tax credit beginning Jan. 1, 2024.

Many manufacturers such as QuantumScape Corp. (NYSE: QS) are working to stake a claim in the fast-evolving EV industry. This ultimately works in the favor of motorists because they will have more options, and price wars will keep EVs competitively priced.

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