Should I Buy an Electric Car in 2020? What Car Buyers Need to Know

August 17, 2020

Should I buy an electric car? If this has been the question on your mind, you’re not alone. After all, as global carmakers continue to electrify their models, there is increasing appeal in this eco-friendly rides.

Yet, how do you know if electric car buying makes sense for your current driving needs? One of the biggest factors to consider upfront is the price. Electric vehicles still tend to cost much more than their standard counterparts.

However, if you’re to invest upwards of $50,000 into a set of wheels, and you love the idea of cutting back on your carbon footprint, an electric car may be right for you.

Keep reading for a breakdown of the practical concerns you should consider when making a decision.

Buying an Electric Car

The allure of electric automobiles continues to grow for consumers. Nevertheless, they represent a significant investment that you’ll want to consider carefully.

Dozens of pure electric vehicles are on the market today. They’re made manufacturers you know well, including:

  • Kia
  • Nissan
  • Mercedes-Benz
  • Mitsubishi
  • Hyundai
  • Renault
  • Tesla

Priced anywhere from $50,000 to $100,000, they come with many new amenities. For starters, they now charge faster than ever at recharging stations. We’re talking a speedy 30 minutes.

Of course, you can still go with the old standby and charge them overnight at home.

Big Changes in Recent Years

These innovations represent a massive change from a decade ago. Back in 2006, electric cars were more plastic than automobile. They were difficult to take seriously and boasted a measly top speed of 29 miles per hour.

With just enough room to accommodate two adults, they felt like expensive golf carts at $18,000 a pop. Fortunately, they’ve come a long way since then.

Today, they’re luxurious, fast, and reliable. They can seat a family comfortably and can go for hundreds of miles without exhaustion. For those who don’t mind shelling out some cash, they represent a fantastic option.

Of course, this leads us back to the price. It’s downright cost-prohibitive for many consumers. And it has left some scratching their heads and wondering when prices will start to come down.

Fortunately, the cost of electric vehicle batteries continues to drop. This has led some industry experts to suggest that electric cars will drop considerably in price in the coming years.

After all, batteries comprised 57 percent of the cost of an electric vehicle’s overall cost in 2015. By 2019, this dropped to 33 percent, and by 2025 Bloomberg NEF predicts it’ll reach an all-time low of 20 percent.

Buy Now or Wait?

The figures above lead to a vital question. Should you invest in an electric car now or should you wait? The answer to this question depends on a variety of factors. These factors include your circumstances.

Do you have the money budgeted for an electric vehicle? If so, do you want to invest in a new one, or would you prefer a used model?

The majority of Americans purchase used cars, but with how rapidly technology continues to change in the alternative energy car industry, buying a model just a few years older could mean a car with much poorer performance.

If you’re stuck between a rock and hard spot when it comes to this decision, keep in mind some cost projections for the next three to five years.

It’s estimated that these cars will range from $40,000 to $50,000, with some falling below the $40,000 mark. That means waiting a few years could yield a must more affordably priced vehicle.

When coupled with the fact that the technology continues to improve by leaps and bounds, you’ve got two compelling reasons to hold off on the purchase of an electric car.

Other Factors to Consider

Of course, gas prices remain relatively high. So, if you don’t opt for an electric car now, be prepared to pay for it via gas until you make the switch. The cost of operating a gas-powered car remains significant.

And with interest rates at a record low, financing a car is more affordable than it has been for quite some time.

When you add to this the fact that electric cars help combat climate change and pollution, you have a handful of decent reasons to consider the investment more thoroughly.

This leads us to the question of other options worth considering. For example, what about splitting the difference with a plug-in hybrid?

The Plug-In Hybrid Option

What are plug-in hybrids? These vehicles function much like regular hybrids. In terms of differences, they have larger batteries and can be charged directly using a wall socket.

They come with the advantages of both conventional hybrids and electric-only vehicles. While buying an electric vehicle is great for a family with more than one car, a hybrid may prove the better option.

After all, you have the flexibility of charging it overnight or going to the gas station. It makes family vacations a cinch, even in areas that lack charging stations.

But it’s important to keep in mind some of the disadvantages of plug-in hybrids, too. For one, they prove very costly to maintain.

Why? Because of the necessity of including two systems, one that’s electric and ont=e that can take gasoline. You’ll also pay a high cost for such a vehicle upfront.

You must also take into account the fact that plug-in hybrids still consume fuel and expand your carbon footprint. So, they partially undermine the eco-friendly outcome that you may be hoping to affect.

Electric Vehicle Pragmatism: Let’s Talk Range

If you’re in the market for an electric car, you likely have questions about the range of these automobiles. Is it enough to make them worthwhile as they’re now configured?

Pure electric vehicle batteries can travel anywhere between 125 and 310 miles. That said, the longer the range, the larger the batteries. and the greater overall expense.

This has led many consumers to have “range anxiety” or the fear of running out of a charge on the road. This is a real concern that will continue to shape the market in the coming years.

What’s more, this anxiety is largely unfounded. Forty miles is more than enough to complete 80 percent of daily driving needs for most car owners. One hundred miles covers about 99 percent of day-to-day commuter needs.

In the context of electric vehicles such as a Tesla, which has a range of 250 miles, range anxiety remains a fascinating side effect of the switch to alternate vehicles. Learn more about another option for long-distance travel needs, car shipping.

Should I Buy an Electric Car?

You’ll have to consider a variety of factors before making a decision about an electric vehicle. If you’re a family with at least one other car, it may represent a smart investment.

After all, most daily activities fall within the battery range of electric cars, and you’ll save plenty of money on gas in the process. You’ll also gain peace of mind knowing you’ve made better decisions for the future of the planet.

At the same time, some consumers remain more interested in plug-in or standard hybrids. While both types of cars come with the convenience of being able to switch over to gas operation, they come with high maintenance costs.

You’ll also pay more upfront for these vehicles. And when it’s all said and one, you’ll also still be contributing to the problem of fuel consumption, carbon emissions, and global warming.

With these factors in mind, it may be best to wait three to five years for new electronic car models to hit the market. After all, as technology continues to improve, expect falling prices and better amenities.

Whether you opt for a pure electric car, a plug-in hybrid, or a standard vehicle, there will be times when you need to transport your car. Whether it’s from one state to another or cross-country. Get a free, no-obligation car shipping quote now.

Making the Best Car Buying Decision

While many individuals assume driving the car themselves is the cheapest option, they fail to account for gas, lodging, food, and other expenses related to a road trip. What’s more, driving comes with increased risks of an accident.

Instead, consider working with a reputable, reliable car hauling company that puts customers first. Nexus Auto Transport has been in the business of hauling cars for years, and we have the experience and drivers to ensure a safe transportation experience.

Interested in learning more about direct express auto transport? Whether you’re dealing with an electronic car or regular vehicle? Keep reading for tips to consider before signing an auto transportation contract.