Buy an electric vehicle now or wait? Here's how to decide.

[Zorro]

The coronavirus pandemic saw a virtually unprecedented spike in the price of vehicles. As chip shortages hobbled the industry, automakers rationed semiconductors, installing them mainly in their most profitable, and most expensive, models. Millions of affordable vehicles, the ones accessible to most new car buyers, never got built.

That drove up the median price of new vehicles in the United States from around $38,000 before the pandemic to a record $49,000 or so this February, according to Cox Automotive.

With electric vehicles, the pain was even more acute — if you could find one.

In February, the average EV price soared to more than $58,000, according to Kelley Blue Book, roughly the annual income of the median U.S. worker. Dealers have been able to charge well over the sticker price as buyers have lost the ability to negotiate.

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[Redleg]

1. I have little choice in the matter

While I would like to get an EV and could afford a lower to mid level one, I am currently renting an apartment and there are no recharging facilities available.

[MissB]

2. Dh and I pretty much wandered into one in 2021

One random weekend we were working in the yard, chatting and just suddenly decided to go test drive a Volvo EV. They only had one model at the time.

We thought about it over the weekend then called the dealership up and reserved one. We’d missed the initial reservation run on the model, but the color we wanted was inbound in just a couple of weeks of us wanting one.

It was also a spectacular time to sell my used car. I made almost the same amount I’d purchased it for a few years prior, so I had a substantial cash down payment on the EV.

I also bought before they clamped down on the $7500 federal tax credit. Dh and I wouldn’t qualify for it now. We didn’t qualify for the state level refund.

One thing that drove us was the fact that our state is looking at replacing gas taxes for EVs eventually. The legislation that has been proposed includes the words “…any EV purchased after (2025, 2026…)”