3 Reasons I Won't Buy an Electric Car Any Time Soon

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

KEY POINTS

  • Electric cars have environmental benefits and have become increasingly popular.
  • There are tax credits available that can help defray the cost of purchasing an electric car.
  • I still won't buy one because they don't work for my family and there aren't many good used EVs available.

Electric cars have become more popular in recent years as newer models have hit the market. The federal government is now offering tax credits to buy certain electric vehicles as well, which means the purchase won't do as much damage to your checking account since it's subsidized.

Despite the planet-saving benefits electric vehicles can offer, I will not be buying one anytime soon. And there are three big reasons why that's the case.

1. There are not many good used ones

In my family, we almost always buy used cars for several reasons. We know that a new vehicle loses a lot of value quickly and we don't want to take that financial hit. Used cars also generally have lower costs -- including purchasing costs and auto insurance costs -- compared with brand-new ones. We prefer to spend our money on other stuff rather than vehicles because we aren't really car people.

It also costs a lot more to add options to a brand-new car than to buy a used one that has them already. For instance, rear-seat DVD players may make a used car worth a tiny bit more money (if it even increases the price) but to add that as a feature to a new car usually costs thousands directly from the manufacturer. So, we'd rather get a car with more options for less money.

Our Picks for the Best High-Yield Savings Accounts of 2024

APY
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 19, 2024
Min. to earn
$1
APY
4.50%
Min. to earn
$0.01
APY
5.10%
Min. to earn
$0

Unfortunately, since electric vehicles are newer to the market and people tend to keep them for a while, there are not a lot of used ones available. This makes it harder to find a vehicle that's been pre-owned and raises the price of the existing used ones out there due to low supply and high demand.

Since I can't get a good deal on used electric vehicles and probably won't be able to for a while, I'd rather avoid them entirely.

2. Most electric vehicles are not big enough for my family

We have two kids in car seats, a dog, and a large wagon stroller -- and we often drive grandparents around with us. As a result, we need a very large vehicle. We currently have one of the full-sized SUVs in the extended model because even minivans won't work for us in terms of size (with the car seats and the third-row seats up for the grandparents, we have no place to put the stroller or the dog!)

There are no electric vehicles in the size we need and there aren't really any prospects of such a large electric SUV coming anytime soon.

3. We like to take long road trips often

Finally, the last big issue is that we take very long road trips on a regular basis. We drive between Florida and Pennsylvania a few times a year, and we also go camping all summer to various far-flung destinations. We don't want to have to worry about sitting and waiting for our car to charge, or finding a charger while in the middle of nowhere while we're on the road.

For all of these reasons, electric cars just won't work for our lifestyle -- even though I sometimes wish they would so we could cut our gas costs and get a tax break for our vehicle purchase.

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.

Our Research Expert

Related Articles

View All Articles Learn More Link Arrow