Now’s the Time to Buy an Electric Car

Now’s the Time to Buy an Electric Car

With potential tariff increases and political uncertainty surrounding the electric vehicle (EV) market, you might think it’s a bad time to buy an EV. But, surprisingly, you’d be wrong. While the future of EV incentives and pricing is uncertain, the present offers several compelling reasons to consider an electric car now.

Political and Economic Landscape

President Donald Trump recently announced a temporary automotive tariff exemption for Canada and Mexico. However, the reprieve is only for a month. The broader context remains: new U.S. tariffs on imports from Canada, China, and Mexico could significantly impact the price of electric vehicles for American buyers. Bloomberg estimates potential price hikes of up to $12,000 for some models. Additionally, the current administration has indicated a desire to roll back vehicle emissions restrictions and eliminate federal funding for charging stations and tax credits for EV buyers.

Three Key Incentives for Buyers

Despite the potential negative developments for the EV market, there are currently three key factors working in favor of buyers:

1. Existing Inventory: The tariffs, while in place, don’t affect the vehicles currently on dealer lots. This means prices haven’t yet increased. While prices will likely climb in the coming months, there’s a window of opportunity to purchase existing inventory at current prices. This includes models like the Ford Mustang Mach-E (assembled in Mexico), Chevrolet Blazer EV, Equinox EV, Cadillac Optiq (also assembled in Mexico), and the Jeep Wagoneer S.

2. Discounts are Abundant: Automakers are offering various price cuts and incentives. These are designed to boost sales and attract buyers before potential policy changes. Polestar, for example, is offering a “conquest bonus” to Tesla owners. Ford has a similar deal for those switching to a Mach-E. Tesla itself is offering free charging to sell its Foundation Series Cybertrucks. Dealers are also lowering prices to move inventory, such as with the Volkswagen ID. Buzz.

3. Improved Infrastructure: U.S. EV infrastructure has improved significantly. Even as charging networks expand, this makes EV ownership easier. In early 2024, several Americans were interviewed after buying electric vehicles. When checked with a year later, most noted improvements in public charging availability. Tesla’s opening of its Supercharger network to other automakers further enhances this advantage.

Conclusion

Between the current inventory, attractive discounts, and improvements in charging infrastructure, now is an opportune moment to invest in the EV market. The current conditions offset the uncertainty surrounding the electric vehicle market, which will likely change in the future. Whether the tariffs stay in place or not, there’s never been a better time to explore the world of electric driving.