Is Now the Time to Buy an Electric Car?

Record-high gas prices have more people shopping for all-electric vehicles.

Texas is the third-largest market for electric car registrations. And with gas prices painfully high and the federal government investing billions in charging stations, more people are enthusiastically taking a second look at electric vehicles.

“All the manufacturers have EVs scheduled to come to market, and consumers are going to have more and more choices,” said Mike Darrow, CEO of TrueCar.

WHICH ELECTRIC VEHICLES ARE PEOPLE LOOKING FOR?

Darrow says the most popular EV searches on his site are the Kia EV6, the Hyundai Ioniq and the Mustang Mach-E.

“Because of gas prices, we've seen a huge jump in the number of people who are shopping for electric vehicles,” Darrow said. “It was up 380% versus the prior year.”

That Mach-E was Consumer Reports' top electric vehicle pick for the year.

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“An electric SUV like the mustang Mach-E will save consumers around $2,000 a year with gas prices at $4 a gallon, said Chris Harto of Consumer Reports.

But orders are closed for the 2022 Mustang Mach-E. Ford has already sold out all it can build, although it’s possible a local dealer could have one or two.

And Ford says its newly released electric pickup, the F-150 Lightning, has already sold out its first year of production in the U.S., too.

CARS SELLING OUT AND HOW TO GET AHEAD

Many of the most popular EVs are selling out as soon as they hit the market. So, buying one requires patience and planning. Here are some ideas to help your search.

First: research incentives.

“Many, many EVs have very high incentives available, both from the federal government and sometimes from your local utility or even your state,” Harto said.  

The federal government still offers buyers of new electric cars a tax credit of up to $7,500. It varies by manufacturer. For example, tax credits are no longer available for Teslas or GM electric vehicles and could end soon for Toyotas, unless new legislation extends the credits.

There are additional incentives for EVs and charging equipment specific to Texas -- check the Texas Commission on Environmental Quality website or a website like chargepoint.com.

Then, test drive as many vehicles as you can.  

“I would say, go online, find the vehicles you want to test drive and go drive one,” said Darrow. “Because once you've driven it, then you have a better sense of does it meet your needs? Is it what you expected it to be? And then you can make a decision."

And remember, you'll probably have to wait. So, time delivery carefully if you plan to sell your current vehicle or return a lease.

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