The Expert Podcast

The next vehicle you buy could be the last gas-powered vehicle you ever own. On the other hand, it might be the last electric vehicle you ever own. What do we mean by that? As you know, there’s a lot of pressure from government agencies, auto manufacturers, and other entities to push everyone to switch from gasoline to electric vehicles. Whether you agree with that or not, or whether you subscribe to the idea, that’s the big push right now. But the question remains: is it going to stick?

It’s still unclear if the logic or business model of electric vehicles will work. Are there enough chargers? Is there enough capacity? Are there enough people willing to buy them? If the current trajectory continues, in three or four years, there may not be many desirable gasoline vehicles left to buy. Certainly, some gasoline vehicles will still be available, but the good ones might not. Many manufacturers have already announced they are not making new gasoline vehicles or releasing new models. In fact, some dealers are being forced to switch exclusively to electric vehicle sales.

Ford has told its dealers that if they don’t transition to electric vehicle retailing, they risk losing their dealerships. Buick has even offered to buy out dealers unwilling to sell electric vehicles. The push for electrification is so serious that efforts are even underway to create electric airplanes, aiming to eliminate jet fuel and kerosene. If they’re serious about making electric airplanes, they’re undoubtedly committed to electric cars. But will it work? You might buy an electric car in the next few years, only to discover that the infrastructure can’t support it, leading everyone to revert to gasoline. Who knows? If the current trend continues, there may not be gasoline cars to buy by 2028 or 2029.

Many people are eyeing 2030 as the year when states and manufacturers impose bans on gasoline vehicles—2030, 2032, 2035, or whatever date it may be. While it sounds far off, it’s closer than you think. Right now, we’re on the brink of 2023. If we round it off, 2030 is just seven years away. Think back seven years from 2023 to 2016—it doesn’t feel like that long ago. You might still own a car from 2016, or you might have lived in the same house since then. Similarly, 2030 will be here in the blink of an eye.

If gasoline vehicles won’t be widely available or desirable by then, what will you do in three, four, or five years? Whatever gasoline vehicle you own now or buy in the next couple of years might be the last one you ever own. Everything after that might be electric. This shift will require planning. Consider how you travel, commute, and take trips. Your routines might change dramatically. You may not think about it every day, but your fueling habits revolve around quick and easy refueling. You drive, stop for a minute or two, fill up, and continue for hundreds of miles without much planning.

Electric vehicles change that dynamic. Forget the availability of charging stations for a moment—that’s a separate issue. Gas stations are everywhere, and you can find one within minutes in most places. With electric vehicles, you might have to drive an hour or more to find a charging station. While more stations will likely be available in the coming years, they won’t be as common as gas stations. The real issue is the time it takes to recharge. Filling up a gas tank takes minutes, but charging an electric car could take an hour or more. This changes how you plan weekend trips, day trips, or even a simple drive to see the fall leaves or go skiing. Adding two or three hours to charge your car could significantly impact your schedule.

Do you have a plug-in charger in your home? You’ll need a 240-volt circuit, like the ones used for dryers, ranges, or hot water heaters, installed in your garage. It might be a good idea to do that now. Hiring an electrician to set it up might cost $500 to $600 today, but that cost could rise to $1,500 or $2,000 in a few years. Investing in a home charging setup now could save you money later—perhaps even offering a better return than some stock market investments.

So, what do you think? Will this electric vehicle push succeed, or will it backfire, leading us back to gasoline cars? Share your thoughts in the comments below. We’d love to hear your perspective on whether EVs are the future or just a temporary trend.