The Expert Podcast

• Overview:
  For nearly two years, we've been discussing whether now is the right time to buy an electric vehicle (EV). While experts predict a future where internal combustion engines are phased out by 2035-2040, there are still significant hurdles with EVs today. Let's break down the reasons why you might want to hold off on buying an EV in 2023.
• Key Points:
  • The EV Market Today:
    • Experts agree that most automakers will stop making gasoline vehicles in the next decade, with all cars eventually transitioning to electric.
    • However, the current EV market is still not fully ready for prime time. There are issues with range, charging, and battery technology that aren't quite perfected yet.
    • If you’re considering an EV as a secondary vehicle or to try out the electric lifestyle, it might make sense, but not yet for a primary vehicle.
  • Cost Considerations:
    • Upfront Cost:
      Electric vehicles are still more expensive upfront compared to gasoline cars, even with the new rebates. This price difference could take you 5-6 years of savings on electricity to make up.
    • Charging Costs vs Gasoline:
      Charging an EV can be comparable to gasoline in cost, but the purchase price is still a major factor.
    • Price Parity:
      While the gap between EVs and gas cars is narrowing, EVs are still 5-10 thousand dollars more at the time of purchase.
      • For instance, saving $1,000 a year on charging costs would take about 7 years to break even with that extra upfront cost.
  • What’s Coming for EVs:
    • Charging Infrastructure:
      As more fast chargers become available at retail locations, restaurants, and gas stations, charging an EV will become less of a hassle. However, not all areas have good charging infrastructure yet, especially outside of cities.
    • Home Charging:
      It’s a good idea to install an EV charger in your garage if you're planning to stay in your home for a few years, as installation costs are currently subsidized.
      • DIY installation tips: You can save money by doing most of the work yourself (like running wires and placing the plug) and hiring an electrician only for the final connections.
  • The Future of EVs:
    • While it’s clear that EVs will dominate the market in the next decade, it might be better to wait a few more years for a better model, especially if you still rely on a gas vehicle.
    • Consider having a gas car as a backup and think about purchasing an EV as a secondary or backup vehicle in a few years.
• Conclusion:
  The shift to electric vehicles is inevitable, but it’s not quite time to fully transition just yet. Consider waiting a few years for better models and infrastructure while planning for the future by installing a charging station at home.