How do you feel about the rate of change in the industry, where a fantastic cutting edge vehicle one year can seem outdated a year or two later?
Note: it’s not just the higher upfront cost for an EV, but for some of us it means trading in a perfectly functional car with no payments for a seven year loan commitment or indefinite lease commitment
My strategy has always been to buy new but keep until maintenance exceeds the cost of replacing. Not only is that a better way to get value from a depreciating asset, but even with a loan, I have no payments for most of the life of the car. It also lessens the impact of buying and selling hassles. I haven’t regretted that strategy until now
Addressing your second point first, my note about costs was more focused on the costs for someone who is already planning to purchase a new car. If you’re financially not in the new car market at this time, 100% understood - if it ain’t broke… The used EV market is starting to grow, if you need to replace your car but don’t want to go new, but it’s got some challenges.
The rate of change in the industry is impressive and I can see how it can be considered a negative, but I don’t personally view it that way.
First, basically everything about the driving experience (in my opinion) is better in an EV, so if you’re already looking at a new car, you may as well dive into the EV space. Choosing an ICE car just because you think there’ll be a better EV in the future just doesn’t make sense, especially if it saves you from driving an ICE car for another decade.
Second, I don’t see the changes in the EV market happening at a rate that would negatively impact my experience. E.g., if everyone goes NACS, there’s still infrastructure in my area for CCS to keep me going indefinitely. Additionally, 99% of my charging happens at home - literally not figuratively.
If in the highly unlikely event the NACS apocalypse happens and I can’t find any non-NACS chargers, then worst case on the 2-4 days a year where I choose to road trip outside of my 150-mi can-round-trip-on-a-single-charge radius, I can just rent a car. If you have a 2 car family, you could even hedge your bets and get one of each charger.
Finally, in terms of timing the market, we’re in the flip phone to iPhone transition phase of the auto market, there’s always a new iPhone on the horizon, with a faster processor and better camera, you just have to decide when you want to transition.
The Toyota battery tech sounds awesome, but I’d be surprised if they can roll it out in an affordable and meaningful way in <5 years. They’ll probably get an overpriced car with 600 miles range out for $100k in a few years as proof of concept, but it’ll be a while before an average car buyer can see a benefit. I wouldn’t hold my breath if that’s the only thing preventing you from buying now
My older teen is just starting college so the counterpoint is that the next six years will likely be a worse time for me to buy, until they’re both through. I spent a lot of time considering whether my car will be good for that or I should buy now. I let my dog decide 😉and she wants to keep
How do you feel about the rate of change in the industry, where a fantastic cutting edge vehicle one year can seem outdated a year or two later?
Note: it’s not just the higher upfront cost for an EV, but for some of us it means trading in a perfectly functional car with no payments for a seven year loan commitment or indefinite lease commitment
My strategy has always been to buy new but keep until maintenance exceeds the cost of replacing. Not only is that a better way to get value from a depreciating asset, but even with a loan, I have no payments for most of the life of the car. It also lessens the impact of buying and selling hassles. I haven’t regretted that strategy until now
Addressing your second point first, my note about costs was more focused on the costs for someone who is already planning to purchase a new car. If you’re financially not in the new car market at this time, 100% understood - if it ain’t broke… The used EV market is starting to grow, if you need to replace your car but don’t want to go new, but it’s got some challenges.
The rate of change in the industry is impressive and I can see how it can be considered a negative, but I don’t personally view it that way.
First, basically everything about the driving experience (in my opinion) is better in an EV, so if you’re already looking at a new car, you may as well dive into the EV space. Choosing an ICE car just because you think there’ll be a better EV in the future just doesn’t make sense, especially if it saves you from driving an ICE car for another decade.
Second, I don’t see the changes in the EV market happening at a rate that would negatively impact my experience. E.g., if everyone goes NACS, there’s still infrastructure in my area for CCS to keep me going indefinitely. Additionally, 99% of my charging happens at home - literally not figuratively.
If in the highly unlikely event the NACS apocalypse happens and I can’t find any non-NACS chargers, then worst case on the 2-4 days a year where I choose to road trip outside of my 150-mi can-round-trip-on-a-single-charge radius, I can just rent a car. If you have a 2 car family, you could even hedge your bets and get one of each charger.
Finally, in terms of timing the market, we’re in the flip phone to iPhone transition phase of the auto market, there’s always a new iPhone on the horizon, with a faster processor and better camera, you just have to decide when you want to transition.
The Toyota battery tech sounds awesome, but I’d be surprised if they can roll it out in an affordable and meaningful way in <5 years. They’ll probably get an overpriced car with 600 miles range out for $100k in a few years as proof of concept, but it’ll be a while before an average car buyer can see a benefit. I wouldn’t hold my breath if that’s the only thing preventing you from buying now
Thanks, but I’m mainly not in the market yet.
My older teen is just starting college so the counterpoint is that the next six years will likely be a worse time for me to buy, until they’re both through. I spent a lot of time considering whether my car will be good for that or I should buy now. I let my dog decide 😉and she wants to keep
Totally understood! Everyone’s finances are different. Plus what dog says goes, so you’re stuck with that car forever.