It’s OFFICIALLY the WORST TIME EVER To Buy an EV!

It’s OFFICIALLY the WORST TIME EVER To Buy an EV!

The full electrification of the automotive industry is inevitable but it’s obvious that the government is pushing too hard by imposing strict emission standards and insisting on the plan to make 2third of new cars sold all electric by 2032 on the other hand car makers are running out of fresh capital

For future projects and can’t make EVS more affordable while the current Administration doesn’t do enough to make ownership of EVS easier could this be officially the worst time ever to buy an Eevee we found six reasons that say so number six EVS are too expensive new technology in general is expensive but

Gets cheaper over time the only problem with EVS is that they were expected to become affordable by now which obviously didn’t happen they’re still way more expensive than their gas-powered counterparts despite the fact that the cost of batteries which are the most expensive part of electric vehicles went

Down by 80% in the last 10 years the most indicative examples are name plates that are available both in electric and internal combustion variants for example there’s the the Chevy Blazer a midsize two- row Crossover with a starting price of around $35,000 however if you decide on an all

Electric version which was launched a couple of months ago the cheapest Blazer cost nearly $57,000 so even with pretty generous incentives such as a $7,500 federal tax credit EVS don’t seem like an adequate alternative especially not for lower income households the problem is that pretty much all automakers had early adopters in mind

When they were designing their first EV models early adopter come from different social groups but they all have one thing in common they come from wealthy households so initial EVS were designed to be luxurious with exceptional acceleration and overall performance and logically with a hefty price tag on

Average the amount paid for an Eevee was around $53,000 in 2023 that’s 10% higher compared to the average purchase of all cars no matter the powertrain and nearly $122,000 more compared to what was the average price paid for a new gas powerered car number five depreciation

For most of us buying a new car is the second biggest investment in a Lifetime right after a house or apartment purchase logically we want that investment to pay off and that’s where the depreciation rate plays an important role along with reliability running costs and other things the problem with

EVS is that they lose their value way faster than any other car type according to the latest study in numbers electric vehicles lose 50% of their original value on average in just 5 years the infamous leader is the Tesla Model S which depreciated over 5 years 55.5% among depreciation leaders are

Also models like the Chevrolet bolt with 51.1% 5year depreciation and the Nissan Leaf which has lost nearly 51% of its value over the same period the Tesla Model X and model 3 are rounding out the top five list of highest depreciating EVS on the market for comparison an

Average new car loses around 38% of its value over 5 years the average depreciation rate to pickups is around 34% while hybrids lose 37% of their value over 5 years on average for reference the Porsche 911 Porche 718 Cayman Toyota Tacoma Jeep Wrangler and Honda Civic are the top five gasped

Vehicles with the lowest depreciation rate with a former losing just 9.3% of its original value over 5 years number four interest rates and insurance cost the cost of ownership is extremely high with EVS not only is that msrps are much higher but the car loans banks are offering are characterized by very high

Interest rates usually justified by the ongoing inflation the interest rates are currently way over 6% which is a massive jump when compared to just a couple of years ago when the average interest rates were around 4% as a result the investment called the purchase of an EV is much higher than customers were

Hoping for with monthly installments being $277 higher compared to gasped car loans on average another reason why we believe that this is the worst time to buy an EV is the cost of insurance namely the insurance premiums are significantly higher in the case of EVs and can sometimes measure in thousands of dollars

The reasons are various but the biggest one is probably the fact that electric cars are more expensive to repair than their IC counterparts despite having fewer Parts some of the parts like batteries are extremely expensive with replacement costs that sometimes go Way Beyond $10,000 moreover safety Protocols are

Much stricter which only adds up to repair bills finally there aren’t many repair shops with technicians who are trained to fix electric vehicles like in the case of gasped vehicles that also impacts repair cost so such a high insurance cost definitely comes with a good reason number three low reliability

Score and repair costs in theory electric cars should be way more reliable than internal combustion cars simply they feature fewer Parts with the dryrain Department consisting just of the battery and electric motors however despite the fewer number of parts that could break reality says that electric cars are 80% less reliable than gas

Powered cars in other words we still haven’t made it to the point where the new technology is polished enough to work as expected in practice it still needs time and until that happens buying an e just doesn’t make sense reliability issues are numerous but it mostly comes

Down to software pretty much every EV has problems with the battery and charging while Reliance on touch sensitive controls doesn’t help either namely the most common issues are those in terms of the infotainment system while we could also find reports about Drive Assist and Safety Systems not working properly and as we’ve just

Mentioned EVS are characterized by notably higher repair costs compared to gas powered cars even under War you may expect troubles because there aren’t many dealers around with trained professionals who can solve these software issues it’s not a rare case to hear stories from owners about their EVS

Being trapped at dealer shops for weeks because no one knows how to solve the issue that’s exactly what’s happening right now at numerous GM dealers shops because technicians don’t know how to solve numerous software problems that have been reported in new electric cars like the Cadillac lyric and Chevy Blazer

EV with a lad even facing production stop due to numerous complaints and Chevy’s inability to solve these issues number two battery replacement cost anxiety electric cars produce different kinds of anxiety starting from range and recharging worries however there’s one more which refers to the potential battery replacement like any other car

Part batteries have a limited lifespan they usually last between 10 to 15 years and once the capacity goes below 70% of the original it’s time for replacement sometimes it can be covered by warranty but most manufacturers give between 8 and 10 years or 100,000 mil which means

That at some point the owner will have to replace them at his own cost that wouldn’t be a problem if the battery isn’t the most expensive part of the EV the actual cost depends on the battery and the car model and it can go between $4,000 and

$20,000 in any case be prepared to invest thousands of dollars this brings us back to the part of the video when we were talking about the price depreciation this potential repair is probably the key reason why electric cars depreciate at such a high rate the used EV Market almost doesn’t exist

Because there aren’t many people who are ready to buy a 7 or 10-year-old car with such expensive potential repairs number one range and charging anxiety although we’ve seen a significant technological leap over the last decade electric cars still can compete with gas powered vehicles in many aspects one of them is

Autonomy the cause of the biggest anxiety related to electric cars namely although there are a few EVS that are quite impressive in this aspect like the Lucid air or Tesla Model S those are highend luxury cars on the more mainstream spectrum of the EV Market things are notably different as most

Cars can’t make more than 300 M on a single charge that’s way below the average autonomy of a gas powerered or hybrid car but that’s just one side of the problem the other one is recharging namely the charging infrastructure is still not ready for massive electrification in cities you may find

Enough of them the things are way more problematic in rural areas where owners have to plan their recharging sessions carefully also despite the fact that modern electric cars offer quite impressive rates recharging is still way more timec consuming compared to refueling a gas tank e are still far

From being convenient while charging at public stations can sometimes cost as much as gasoline so we could all agree that it’s still too early for an average car driver to step into this kind of transition one of the Alternatives is to charge your EV at home overnight in that

Case you would need to purchase additional equipment which means additional cost but only in the case you live in a house and have a garage which is not the case with millions of Americans thanks for watching and see you next time

It’s OFFICIALLY the WORST TIME EVER To Buy an EV! Electric vehicles may seem like a great idea, but they’re actually a terrible investment right now. In this video, I’ll reveal the shocking truth about why you should avoid buying an EV in 2024. You’ll be amazed by the hidden problems, dangers, and disadvantages of owning an EV car in this year. Don’t make a mistake that could cost you thousands of dollars. why ev sales are slowing down? Watch the video now and discover why you should keep your old-fashioned gas-powered car for now.

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