Is it a good time to buy an electric car?

The price of filling up my tank at the gas station is getting pretty ridiculous, but I’m wondering if it would even be worth it to make the switch to electric. Is now a good time to buy an electric car?

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Answer provided by
Allison Stone
Answered on Jul 11, 2022
Sales of electric cars are soaring across the globe, and automakers and government agencies alike are investing billions to keep up with consumer demand and build out EV infrastructure. While EVs are more plentiful and accessible than ever, individual factors are important when knowing if now is a good time to buy one.
If you’re thinking about buying an electric car, there are a few things you might want to consider:
  • Can you afford the sticker price? While many EVs still qualify for the $7,500 tax credit, they still tend to be about $10,000 more expensive than a comparable gas-powered car.
  • Do you have a dedicated charging space? Having a garage, carport or parking spot where you can conveniently charge your EV will factor into your decision.
  • Does your area have accessible charging stations? While you may do the majority of your charging at home, having access to charging stations in a pinch is great for EV drivers.
  • What are your driving needs? If you’re a city dweller, or just someone who wants to save money on your commute, an EV can be a great option. If you need a car to take long trips in, you may want to wait until national charging station infrastructure is more robust.
  • Are you OK with paying a higher insurance premium? Electric cars tend to cost more to insure.
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