The Expert Podcast

Over the last 18 to 24 months, there's been a little bit of a surge in electric vehicles. Many proponents said this is the start of the wave of the future, with everybody converting over to EVs. However, in early 2024, everything changed. From consumers halting their purchase intentions to rental companies like Hertz dumping a lot of their EVs, the momentum shifted. In fact, just this week, they announced they are dumping even more electric vehicles. A significant factor contributing to this shift is repair costs and the lack of consumer demand for rentals.

Is this just a slowdown, a blip, or maybe a minor setback before EVs take hold? Or is this the death knell for the electric vehicle industry? In reality, it's probably a bit of both—a slowdown, but potentially a longer one than expected.

At some point, electric vehicles may dominate the roads, but it won't happen anytime soon—maybe in 10 or 15 years. There's a need for more charging capacity and better vehicle range, which requires technological upgrades. When vehicles have a 500-mile range and charging stations are as common as gas stations, adoption of EVs will be easier.

There's one clear advantage to an electric vehicle: if you have a garage or a place to charge at home, you can skip gas stations altogether. Moreover, if the electrical grid evolves to support widespread vehicle charging, costs could be significantly lower than gasoline. However, we're not there yet. Buying an EV as your primary vehicle now might be challenging—it could be better suited as a second vehicle or a commuter car for local trips.

It's also an opportunity to get into the EV market early, especially with lower prices and longer vehicle lifespans. But you shouldn't buy an EV without considering how it fits into your lifestyle. Using an EV like a traditional vehicle might lead to issues due to current limitations.

Another issue arising now is the impact on those committed to the electric vehicle industry—dealerships, repair shops, and employees in EV plants are feeling the pinch as demand slows. The push for EVs, accelerated by government incentives and mandates, might have moved faster than practical.

Electric vehicles might indeed be the future, but for now, the infrastructure and technology aren't fully ready. Have you experienced owning an electric vehicle? What are the pros and cons based on your experience?