It seems we are reaching a tipping point for electric vehicle sales. Early adopters bought more than a quarter of a million EVs in the first quarter of 2023, according to Kelly Blue Book—though exact numbers are difficult to decipher in part due to Tesla’s lack of precise sales figures. EVs have improved so much that they are now practical for the vast majority of US buyers, and thousands of new public charging stations are being added across the US every month. If that makes you wonder if this is the right year for you to buy your first EV, you’re in the right place. Read this list of pros and cons to find out if now is the time for you to make the leap to driving on battery power.
Pro: More Great Choices
There are currently 43 EV models for sale in the US market. The selection is wider than ever and new entrants seem like they’re coming every month. You now have the choice of EV power in a variety of body styles: SUV, sedan, hatchback and pickup truck. Most come from well-known mainstream and luxury brands, with a handful of startup automakers trying to get in on the action.
Pro: Longer Range
Until EV charging stations are as numerous as gas stations, long range concerns will be part of EV ownership. We think that the EPA-rated 200-plus mile range is the bare minimum for US driving conditions, and almost all EVs offer at least that much. Some buyers will want a rating of 300 miles or more, and that’s available in multiple models. Some EVs exceed a rated range of 400 miles per charge. As always, real-world range drops off at higher speeds or in cold weather. Check out our vehicle reviews to see how the many EVs we’ve tested performed on our real-world 75-mph highway fuel economy test.
Pro: Savings Per Mile
The dollar savings accrued from driving on electricity can be substantial. For example, it costs $14 to drive 100 miles in a 25-mpg SUV with gasoline at $3.50 a gallon. At an average US price of $0.165 per kilowatt-hour for home electricity, covering the same 100 miles in an EV that gets 3 mi/kWh (101 MPGe) costs under $5.50. If the owner fully recharges the EV at a public fast charging station at an average of $0.35/kWh, the cost of 100 miles will still be only $11.50.
Pro: Home Charging
Four out of five households with enough income to buy a new vehicle (at an average price of $48,000) have dedicated off-street parking—meaning they are more likely to be able to recharge an EV overnight at home in their garage. A few asterisks apply: For example, fully recharging a large EV pickup truck battery overnight requires a 240-volt Level 2 home charging station, which an electrician has to install. But EV owners quickly became accustomed to plugging in their cars overnight like they plug in their phones—and found they liked it did not visit the gas station.
Pro: Performance Included
If you’re the type of driver who likes to push the right pedal hard, you’ll love driving an EV. Thanks to the nature of electric motors—with plenty of low-rpm torque and instant throttle response—even low-powered electric vehicles come to life. Many mainstream EVs are fast muscle cars, and there are a variety of mega-powered performance EVs that will squeeze you into the back of the seat and blur your vision with their ability to make brutal launches.
Pro: EVs Are Practical
Owning an electric car may seem daunting if you’re content with your current gas-powered vehicle and haven’t investigated the latest EVs. The best way to understand how an EV fits into a driver’s life is to talk to someone who already owns one: a friend, relative, neighbor or colleague. They will almost always say that after a week or two, they stop thinking of it as an electric vehicle and start thinking of it like any other vehicle, albeit a quieter one. Trailer towing remains a disadvantage of EVs because of the huge toll it takes on range but on the other hand, EVs can meet the needs of millions of US drivers and their families.
Pro: Tax Incentives for Leases
Until recently, many EVs were eligible for a federal tax credit of up to $7500. The Inflation Reduction Act passed last August changed the rules. The bill reduces the number of EVs eligible for the tax credit to a handful built in the US equipped with battery minerals from approved countries and cells and battery packs assembled in North America. However, restrictions are not applies to EVs that are leased rather than purchased outright, regardless of where the car or battery is manufactured. This is because the lease is considered a commercial transaction between the dealer and the leasing company. Customers follow the money, and EV leases have soared this year. Be careful, though: dealers don’t have to pass the tax credit on to the lessee, and some don’t. So check the numbers to make sure you’re getting the full value of the credit before you sign the lease agreement.
Con: Reduced Incentives for EV Buyers
As mentioned above, the IRA has put buyers looking to buy an EV in a difficult financial spot, as only a small number of electrics are eligible for federal tax credits if they are purchased. If you’re willing to buy a model that’s still eligible for tax incentives, you’ll be choosing from a smaller set of vehicles. Unfortunately, there’s only one solution that will get you a tax credit on every EV on the market: you have to lease instead of buy.
Con: Short supply
Beginning in 2020, the auto industry saw its supply chain turned upside down by the global COVID-19 pandemic. Some EV models are still in short supply—and dealers often mark them up, just as they do with best-selling gasoline models. It’s not as big of a deal now as it was 18 months ago, but you still can’t necessarily walk into a showroom, choose an EV from a variety of models parked in the back, and expect to pay sticker price or less. Industry analysts suggest it is likely to continue until 2024.
Con: More New Models Coming
One reason to hold off on buying now is that, in the next few years, US buyers will have dozens more EVs to choose from than they do today. Every automaker has revealed plans for a new EV model, so if there isn’t an EV in the type of vehicle you want, wait two or three years and there might be. One example: half a dozen all-new electric three-row family SUVs have been announced for sale by 2025. But then again, there will always be more new EVs on the horizon tempting you to wait a little longer.
Con: Higher Sticker Price
Driving an EV saves you money per mile (see above), but most have higher sticker prices than comparable gasoline vehicles. Analysts expect that EVs will eventually reach price parity with gas cars as electric models are built in higher numbers and competition in the EV space heats up—but that won’t happen.
Con: Charging is Difficult for Some
Home charging, usually done overnight, is the secret sauce for EVs. It’s easy and convenient, and means you don’t have to visit a public charging station when driving locally. But for many Americans who live in multi-unit dwellings, who park on the street or in open lots, home charging isn’t possible. Charging at work is an option for increasing numbers of commuters, as are public charging stations within walking distance of home. But we don’t yet have all the answers to the conundrum of providing charging options for apartment dwellers who want to own an EV.
Contributing editor
John Voelcker edited Green Car Report for nine years, published more than 12,000 articles on hybrids, electric cars, and other low- and zero-emission vehicles and the energy ecosystem around them. He currently covers advanced auto technology and energy policy as a reporter and analyst. His work has appeared in print, online and radio media including Wired, Popular Science, Technology Review, IEEE Spectrum, and NPR’s “All Things Considered.” He splits his time between the Catskill Mountains and New York City and still has hopes of one day becoming an international man of mystery.