Electric vehicles (EVs) have become more popular in recent years. While these cars can save you money on gas and may help the environment, they are not perfect.
Not only are electric vehicles more expensive to purchase — which can make it more difficult to get ahead financially — but they also have other potential drawbacks.
Here are some reasons that you might regret buying an EV.
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There is a higher upfront cost for EVs
Over time, an EV might save you money compared to a car with a combustion engine.
For starters, you won’t have to pay for gas. In addition, you might qualify for a federal tax credit that can lower the sticker price and help you keep more money in the bank.
However, there is still a good chance your EV will cost more than a traditional car. Some drivers might regret having paid that higher sticker price.
You might not get a tax credit
The federal government now offers up to $7,500 in tax credits for the purchase of some electric vehicles.
However, not every all-electric or hybrid car qualifies for a tax credit. In fact, fewer than two dozen car models will be eligible in 2024.
In addition, there are income limits that might make you ineligible for credits.
Charging at home can be challenging
Charging an EV at home might not be as easy as you think, especially if you live in certain places like apartments.
Charging can be challenging if you don’t have access to charging stations — or if you live in an apartment building with a limited number of stations. This is especially true if you rely on street parking.
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Infrastructure for charging elsewhere is limited
Many EV owners have range anxiety or the fear that their battery will die before they get to a charging station.
The lack of charging infrastructure in many parts of this country — especially compared to the ubiquity of gas stations — can make even the most committed environmentalist reluctant to buy an EV.
The good news is that more charging stations are coming online each year, so keep an eye on the evolution of charging ports in your area.
Few auto repair technicians are trained to work on EVs
Fixing and maintaining an EV is different from repairing a traditional car. Relatively few car technicians have been trained to work on EVs.
That might mean finding a professional to service your car is more challenging.
It’s tough to get parts
Sourcing parts to fix your EV is not always easy.
Tesla restricts who can source replacement parts. It can also be challenging to find parts for other electric vehicles.
On the other hand, if you own a typical gas-powered sedan, parts are readily available. There is an endless variety of dealer service centers and independent auto repair shops that can do the work.
Weather might affect your driving range
If you live in a colder climate, you might notice your EV’s range decreases during winter months.
Batteries don’t work as well in colder weather. Consumer Reports found that under some conditions, EV range in cold weather can drop by about 25%.
You might regret not waiting
Electric vehicles appear to be the wave of the future. But perhaps that future hasn't arrived just yet.
Over time, EVs should become cheaper and better, and the infrastructure should become more EV-friendly.
However, if you buy an EV today, you might eventually regret that you didn’t wait a little longer when the experience of owning such a vehicle might be cheaper and involve fewer hassles.
Insurance costs are likely to be higher
Electric vehicles often cost more to insure. So, it is important to research estimated car insurance costs for different vehicles you're considering.
One of the best ways to save money on car insurance is to shop around and compare rates. That's true whether buying an EV or a traditional gas-powered vehicle.
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Buying an electric vehicle today might be the right choice for some drivers, but not for everybody.
At least for now, you might find that owning a gas-powered car — or even a hybrid — is the smartest way to save money and eliminate unnecessary hassles from your life.