Electric vehicle ownership is no longer the niche, climate-saving activity it once was and has entered the mainstream, with many previous skeptics fully jumping on board. Even so, there are plenty of people, both current owners and others, who (rightfully) feel that the situation needs to be explained further.
If you were looking at EV ownership in 2021, the picture would be drastically different, but we’re now here in early 2024, and things are looking less bleak. The market is growing, with new electric models seemingly hitting the streets every day. We’ve covered ten reasons to buy an EV in 2024, which should help you get a feel for how an electric model would fit into your life. Let’s focus on the the reasons to buy an EV in 2024.
Expanding Number Of Choices
There was a time when the market had very few electric options, and the ones that were available weren’t what anyone would call “compelling.” The situation is much better today, with several interesting options from nearly every major automaker. You can find electric vehicles in most segments, too, though minivans and small cars are woefully underrepresented in the United States.
That said, the number of electric models will continue to grow in the coming months as new electric pickup trucks, small crossovers, more SUVs, and other vehicles hit the streets. Prices are still steeper than comparable gas models, but prices are expected to fall in 2024 as more new models hit the market, and automakers look to incentives to drive demand.
Better Range And Faster Charging Times
Range was an early concern for many EV buyers, but the worries have largely subsided as new models offer range estimates rivaling their gas counterparts. Though the longest-range EV is priced way outside most buyers’ price range (Lucid Air), several others deliver acceptable range estimates at a much lower price. Tesla’s Model 3 and Model Y are good examples, and the newest Model Y is eligible for federal tax credits under the new rules. Chevy’s discontinuing the Bolt, but the remaining 2023 models are well worth a look.
Range anxiety might be leaving, but charging times continue to be a hot topic. Some electric models leave the factory with 800-volt architecture and impressive fast charging capabilities, while others can still take almost an hour to recover a meaningful amount of range. Faster charging EVs will become more common in 2024, making it a great year to be in the market.
Many Are Eligible For Federal Tax Credit
The federal government changed its tax credit rules at the beginning of 2024—again—which knocked several vehicles off the eligibility list. Many are expected to recover their spots on the list, including several from GM and some Tesla Model 3 variants. That means up to a $7,500 credit toward the purchase or lease of a new EV and some plug-in hybrids. The new rules limit the sourcing location of battery raw materials and require that EV batteries have a North American final assembly location to qualify. Meeting only one of those criteria halves the credit to $3,750.
No Need To Worry About Gas Prices
Gas prices might not be at the eye-watering levels they were just a year or two ago, but they’re still elevated, rising eight cents in January 2024. At the same time, prices are 29 cents less than they were in 2023, so there’s movement in the right direction.
Electric vehicles are cheaper to charge than gas fill-ups, even when the South’s cheaper gas prices are factored in. The savings aren’t life-changing, amounting to around $1,000 per year, depending on the vehicle, but they’re significant enough to make a difference in many peoples’ budgets. That said, it’s important to note that EVs’ higher purchase price could mean that it takes years to recover the extra expenditures through gas savings.
Less Routine Maintenance
While publications like Consumer Reports have said that EVs are less reliable than gas vehicles, it’s also true that they require less routine maintenance. That means no oil changes, engine air filters, transmission fluids, and other replacements. You may also see fewer brake pads and rotor replacements depending on how you drive, as regenerative braking can slow the vehicle without using traditional brakes.
That said, many find that EVs have faster tire wear due to the increased torque, and if you don’t use regenerative braking, you might need more frequent brake replacements to cope with the added weight.
Prices May Come Down
Electric vehicles remain more expensive than comparable gas models, but that could change in 2024. Many expect automakers to offer discounts and incentives, especially for models not eligible for government tax credits. Other companies could follow the Tesla model, cutting prices until it’s almost impossible to argue with a specific vehicle’s value proposition. If consumer demand remains on its less-than-impressive, though still slightly upward trajectory, we could also start seeing some impressive deals cropping up on popular models, like the Ford F-150 Lightning and others.
More Charging Options Pop Up All the Time
Owning an EV without the ability to charge at home is still a less-than-ideal situation, but public charging options are becoming more widespread and far more reliable than they were just a few years ago. It’s still true that rural areas lack adequate charging options and may not have a location convenient to all residents. On the other side of that coin, people in very densely populated urban areas may have the opposite issue of having what seems like plenty of charging options, but there are so many other EV owners that it’s challenging to find an open charger.
Many automakers are joining Tesla’s North American Charging Standard, with the first compatible models rolling out soon. That will significantly expand the number of public charging options for non-Tesla EV owners, and several companies are working to build thousands of additional chargers by the end of the decade. While it’s impossible to say how the situation will feel in a few years, it’s clear that owning an EV without home charging will become much easier for at least parts of the country.
Lower Carbon Footprint
We’re all so busy talking about range and battery specs that it’s easy to forget the reason we’re supposed to be going electric in the first place: Drastically cut emissions from road cars. Before you get upset, we’re not talking about the emissions generated during production, logistics, and materials sourcing, only the cut in tailpipe emissions. If you’re looking at ways to reduce your carbon footprint, an electric vehicle or plug-in hybrid is a good way to go.
EVs Are Powerful And Quick
Electric vehicles don’t make the noises that we’ve traditionally associated with high-powered vehicles, but they offer a different experience that is often more exhilarating. Unlike gas engines, which need revolutions to generate torque, electric motors generate most of their torque from zero RPM, meaning they feel significantly quicker than comparable internal combustion engines. The same is true when the driver drops the hammer at cruising speeds, as there is no torque converter or other transmission that needs to downshift before delivering the more appropriate gear.
Many electric models also have more than one motor, sometimes three or four, giving them a massive upgrade in power and torque over a similar gas vehicle.
Charging At Home Is Easy—For Some
We’re fully aware that a significant portion of the population can’t charge at home, but at the same time, those who can enjoy a supremely convenient experience. Depending on the home setup, many homeowners can install a charger in a garage or driveway, allowing for an overnight top-up without the hassle of a gas station. This might not apply to people with longer commutes, but home charging capability goes a long way toward making EV ownership a much less stressful situation.
