The EV Purchase Conundrum - Buy New, Used or Not at All?

Better Than New

00:00 - OPEN - The EV Purchase Conundrum - Buy New, Used or Not at All?

In this episode, learn more about government mandated EV target dates, the problems that lie ahead for Electric Vehicle adoption in the US and how those problems might affect you. Also, if you’re considering getting an EV sooner than later, I’ll give you some ideas on how to dip your toe into the EV waters, without getting in over your head.

01:15 - INTRO - The Government Push For New EV's

Governments around the world are pushing manufacturers to switch from building mostly gas powered vehicles to producing mostly or only electric powered vehicles as soon as possible.

06:00 - Experts Don't Think The Current EV Target Dates Are Achievable

A recent survey of more than 600 industry experts found that nearly 2/3rds of respondents didn’t believe the government mandated shift to EV production was achievable within the 2035 to 2040 legislated timelines.

07:05 – Reasons Why Industry Experts Believe EV Adoption May Not Happen By The Government Target Dates

ELECTRIC VEHICLES

• Less EVs to choose from (this includes used EVs)
• High EV prices overall (new and used) compared to gas-vehicles
• Incentives help, but they only offset the high price
• Purchase incentives don’t make EVs affordable to the average person.
• Current EV adoption rates are not growing at the rate necessary to meet the target dates

BATTERIES

• Battery range for lower end models is limited
• Shortage of raw materials for battery production
• Difficulty adapting to a new battery supply chain
• High levels of investment by automakers and suppliers
• Retraining the automotive work-force
• Overall cost of labor

INFRASTRUCTURE

• Current lack of charging stations
• Inconsistent charging capability
• Lack of grid capacity

POTENTIAL UNFORESEEN PROBLEMS

• High-priced EVs are not affordable to lower & middle income families
• Where do all the old batteries/battery materials go?
• Who takes old batteries apart and deals with toxic materials?
• Bad actors may damage the power grid

15:05 - Your EV Purchase Options - Buy New, Used or Wait?

BUY A NEW EV

• Buying a new EV is still much more expensive than gas-powered vehicles
• Federal incentives don’t help as much because the criteria for getting the incentives have changed and fewer EVs and buyers qualify
• My recommendation is to wait until EV choices and supply go up and prices moderate

BUY A LATE-MODEL USED EV

• Purchase a late-model used EV (EX: Tesla Model 3) for $30-35K
• Should have sufficient range for longer trips
• Access to the Tesla Supercharger network for fast recharging

BUY AN INTERIM HYBRID VEHICLE

• If you must buy new, I suggest you skip EVs for now and get the new 2023 Toyota Prius
• It's finally attractive, relatively quick and fun to drive and you don't have to sacrifice your dignity to get 50-mpg

BUY AN INEXPENSIVE USED EV+ A GAS-POWERED VEHICLE

• My favorite suggestion is to get 2-vehicles: A cheap used EV for local errands and short commutes, plus a gas-powered vehicle for longer trips and weekend adventures
• For your used EV, I suggest a first-generation Nissan Leaf or the Fiat 500e, which was sold new as a compliance car in California and later in Oregon

STICK WITH GAS FOR NOW AND GET AN E-BIKE FOR LOCAL ERRANDS

• With an E-Bike you can go Electric relatively cheap without paying EV prices
• The caveat? Drivers don't pay attention like they should, so you might be vulnerable riding an electric bicycle on the road

DO NOTHING NOW AND WAIT FOR EV PRICES TO DROP

• If you're not willing to invest in an EV yet, wait.
• Prices will eventually drop and charging access will improve over time

24:50 - CLOSE - Quick Review of EV Purchase Recommendations