For years, I’ve been immersed in the world of electric vehicles (EVs), test-driving and reviewing countless models. Many assume I would have already made the switch to an EV myself, given my extensive experience and enthusiasm for these innovative machines. However, like many potential buyers, I’ve been hesitant, primarily due to concerns about cost, range anxiety, and the fact that my current car was paid off.
My trusty 2012 Audi, despite being debt-free, is showing its age with 150,000 miles and an increasing need for repairs. My husband’s 2007 Mercedes is in a similar boat, with repair bills escalating. The combined maintenance costs are starting to feel unsustainable, pushing us to seriously consider if now is the right moment to embrace the all-electric future and find the best electric car for our needs.
Why Now Might Be the Perfect Time to Buy an Electric Car
The answer is a resounding yes. Car manufacturers are currently offering compelling incentives to boost sales of their 2024 EV models before the year ends.
Subaru, for example, is offering 0% financing for six years on the 2024 Solterra until December 2nd. Toyota is matching this with a similar financing deal for “up to six years” on their 2024 bZ4X, along with a substantial $2,500 bonus cash rebate.
Hyundai, Kia, Nissan, and other automakers are also rolling out attractive offers. My personal favorite comes from Ford. After spending three weeks with the 2024 Ford Mustang Mach-E GT ($40,000), I was thoroughly impressed.
Ford’s year-end promotions for the 2024 Lightning and Mustang Mach-E models are particularly enticing, featuring 0% financing for 72 months and a $5,000 cash rebate. Adding to the appeal, they are including a Level-2 EV charger and covering the standard installation costs. For someone like me considering home charging, that’s a significant value, easily worth a couple of thousand dollars.
The Real-Life Experience of Switching to an Electric Car
My extended test drive with the Mach-E, coupled with experiencing the convenience of the included 80-amp Ford charger, made me question why I hadn’t switched to electric sooner.
The Mach-E boasts a range of nearly 300 miles on a full charge, accelerates from 0 to 60 mph in approximately three seconds, and operates with remarkable quietness. It’s such a leap forward from my current gasoline vehicle that I could dedicate an entire article simply to praising the driving experience of a modern EV.
However, the most significant benefit, for me, was the elimination of gas station visits. Charging the Mach-E to 100% at home became the norm, a practice shared by most EV owners today. This vehicle, or one like it, is definitely at the top of our list for our next car purchase or lease.
Home Charging: A True Game Changer for EV Owners
For me, convenience is paramount, and reclaiming time in my daily routine is a high priority. Home charging an electric vehicle offers exactly that.
It’s as simple as plugging in your smartphone overnight. By scheduling charging during off-peak hours – when many utility companies offer discounted rates, typically at night – the savings accumulate even faster.
EVs also offer smart charging features, allowing you to program charging schedules based on the cheapest electricity rates, all through a user-friendly touchscreen interface.
Furthermore, the reduced maintenance of EVs, eliminating oil changes and costly engine repairs, provides immediate and long-term cost benefits. In terms of running costs, electric vehicles are clear winners.
Will My Electricity Bill Increase with Home EV Charging?
Yes, charging your EV at home will lead to an increase in your electricity bill.
In my experience, this increase has been in the range of $60-$80 per month. However, this is offset by the significant savings at the gas pump. Previously, I was spending $90 to $100 each time I filled up my gas tank. Over a year, based on my driving habits, this translates to approximately $2,000 in savings by switching to an EV and charging at home.
Leasing vs. Buying an Electric Vehicle: Which is Best?
Currently, lease deals, monthly payment options, and even outright purchase prices for EVs are becoming increasingly competitive.
Just a few years ago, a new EV could cost $10,000 more than a comparable gasoline-powered vehicle. Today, that price difference has shrunk to around $2,800, which is often less than the cost of upgrading to a higher trim level on many car models.
Industry experts predict that the price of new EVs will soon fall below $30,000 – and this is before factoring in federal tax credits and various local incentives that can further reduce the upfront cost.
According to a recent report from J.D. Power, leasing an electric vehicle might be an even more financially sound decision than buying one outright, especially in the rapidly evolving EV market.
For those considering the used car market, the study indicates that nearly 280,000 EV leases in the United States are set to conclude in the next two years. This suggests that waiting until 2026 to purchase a used EV could be advantageous compared to buying a new one now.
However, if you, like me, need a vehicle sooner, purchasing an EV now can still lead to significant savings and benefits.
The Future of EV Incentives Under a New Administration
Reuters has reported that President-elect Donald Trump’s transition team intends to eliminate the $7,500 federal tax credit for electric vehicle purchases. This potential policy change adds urgency to the decision to buy an EV now, while President Biden’s Inflation Reduction Act (IRA) and its federal tax credits are still in effect.
Furthermore, numerous states offer additional incentives, such as rebates and reduced vehicle registration fees, making EV ownership even more appealing and affordable. You can explore electric vehicle rebates by state to see what incentives are available in your area.
These factors collectively point towards the financial advantage of purchasing an electric vehicle sooner rather than later, a viewpoint also shared by automotive journalist Ivan Drury, director of insights at Edmonds.
Experiencing the High-End: Driving a $100,000 EV
My exploration of the EV landscape also included spending three weeks with the premium Rivian R1S dual-performance model, priced around $100,000. If budget were no constraint, this would be my immediate choice. The Rivian R1S felt incredibly intuitive and responsive, almost like an extension of my own senses.
After overnight charging with an 80-amp charger, the R1S consistently delivered an impressive average range of 410 miles. Its acceleration is nothing short of breathtaking.
While all EVs I’ve tested offer impressive power and instant acceleration, the R1S felt like launching into orbit, especially for an SUV and when tackling uphill roads.
I also put the R1S to the test in my everyday, somewhat demanding lifestyle. I transported four 100-pound bales of hay inside and added four bags of grain in the frunk. It handled a steep, muddy dirt road with ease while going to care for horses. The ride was remarkably smooth and quiet, both inside and outside, and the interior space was surprisingly generous.
One of the most unusual aspects was the absence of a traditional ignition. The R1S operates without a key, powering on via a fob-type card or smartphone app pairing. The doors unlock automatically as you approach with either the card or phone in your pocket, and it powers down and locks itself when you walk away. It felt futuristic, and perhaps a little too “fancy” for my usual driving experience.
Overall, the Rivian R1S, like all EVs, has its pros and cons, but the positives far outweigh the minor drawbacks. Driving a vehicle in this price range is, simply put, an exceptional experience.
Are You Ready to Go Electric?
Potential EV buyers, particularly those in rural areas or apartment dwellers without easy access to overnight charging, still have valid concerns.
However, living in a largely rural area myself, I can attest that today’s EVs have advanced significantly compared to their first-generation predecessors. With the convenience of home charging, the dreaded range anxiety is largely a thing of the past.
EV prices are becoming more accessible, the charging infrastructure is continuously improving, and the long-term cost savings are undeniable. Furthermore, with manufacturers offering attractive incentives, such as Ford’s inclusion of a free Level 2 charger, transitioning to an EV is now considerably smoother than ever before.
Still on the fence? I strongly recommend test driving an electric car. The experience alone might be enough to convince you that your next vehicle should indeed be an EV.
Jennifer Jolly is an Emmy Award-winning consumer tech columnist and on-air contributor for “The Today Show.”
