If you’re in the market for a vehicle — specifically, an EV — there’s both good and bad news. The good news is that a new EV tax credit makes it possible to see your next tax filing include $7,500 off a brand-new EV or $4,000 for a used EV. That credit can even be used to lower the price of the car. The bad news is EVs are still incredibly expensive for the average car buyer.
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“Considering the purchase of an EV now can be particularly advantageous because of the financial incentives like tax credits and rebates offered in many regions, which significantly reduce the initial purchase price,” Joe Giranda, the director of sales and marketing at CFR Classic, said. “As EV technology evolves, the costs associated with batteries and production are expected to increase due to the growing demand for raw materials like lithium and cobalt, which are essential components of EV batteries. This could lead to higher prices in the coming years.”
All this means that while the prices of EVs might still be high, now might actually be the best time to purchase one since they could go up considerably in cost over the next few years.
Here are seven electric cars to buy before they’re more expensive:
7. Tesla Model 3
The Tesla Model 3 offers an impressive blend of innovation, performance, and sustainability, in Giranda’s professional opinion. “Known for its sleek design and advanced autopilot features, this model provides a range of up to 358 miles on a single charge (depending on the variant),” Giranda said, adding that “Tesla’s expansive Supercharger network also ensures convenience for long-distance travel.”
“The Tesla Model 3 has undergone a sleek new look, offering a quieter cabin and an impressive 341 miles of estimated driving range,” said Joyce Gutierrez, an automotive expert for 4WheelOnline.
Explore More: 7 EVs and Hybrid Cars That No Longer Qualify for a Tax Credit in 2024
Popping the hood of the Model 3, Guiterrez highlights how the EV “delivers exceptional efficiency, achieving an EPA rating of 113 MPGe for the Long Range version and 138 MPGe for the Performance variant. This impressive energy efficiency is complemented by Tesla’s advanced Autopilot semi-autonomous driving system, providing a safer and more convenient driving experience.”
“The Model 3’s interior is noted for its minimalistic approach, featuring a large central touchscreen that controls most of the car’s functions, enhancing the driving experience with cutting-edge technology,” Giranda said.
6. Porsche Taycan
Carl Rodrigeuz, the founder and owner of NX Auto Transport, called the Porsche Taycan “a high-performance electric vehicle that offers sports car-like handling and acceleration.”
“While it may be priced higher than some other EVs, the Taycan’s build quality, driving dynamics, and brand cachet make it a compelling choice for enthusiasts,” Rodriguez noted.
“Buying a Taycan now could be a smart move as Porsche continues to expand its electric vehicle lineup and production capacity, which could lead to price increases in the future,” Rodriguez said.
5. Chevrolet Bolt EV
The Chevrolet Bolt EV stands out as an affordable option in the electric vehicle market without compromising on quality, according to Giranda.
“It offers an EPA-estimated range of 259 miles on a full charge, which is excellent for daily commuting and moderate long-distance trips,” Giranda said. “The Bolt EV is compact yet surprisingly spacious inside, making it a practical choice for city dwellers or small families.”
4. Rivian R1T
“The Rivian R1T is an all-electric pickup truck that offers impressive off-road capabilities and a rugged design,” Rodriguez said. “Rivian’s 1T is made for those who love adventure, as well as sustainability, so it should have sticker and curb appeal “to outdoor enthusiasts and environmentally-conscious consumers alike.”
“Buying an R1T now could offer a unique opportunity to be an early adopter of electric pickup truck technology before prices potentially rise as the market for electric trucks grows,” Rodriguez said.
3. Ford Mustang Mach-E
For those who desire the style and performance traditionally associated with the Mustang but with a modern twist, Giranda recommends the Ford Mustang Mach-E” as “an intriguing option.”
“This all-electric SUV combines the muscle car aesthetic with the efficiency of an electric powertrain,” Giranda said. “The Mach-E offers various configurations that can provide a range of up to 305 miles on a single charge. It also features Ford’s latest in-car technology and infotainment systems, including hands-free driving capabilities.”
2. Lucid Air
“The Lucid Air is a luxury electric sedan that offers exceptional range, performance, and comfort,” described Rodriguez, who honed in on the car’s focus on luxury and innovation.
For Rodriguez, the Lucid Air “competes with high-end luxury sedans while offering the benefits of electric propulsion.”
“Buying a Lucid Air now could provide early access to cutting-edge electric vehicle technology and luxury features before prices increase as the brand gains more recognition in the market,” Rodriguez said.
1. Nissan Leaf
The Nissan LEAF is a 100% electric vehicle pioneering the EV market, offering a sports utility vehicle powered by an electric drivetrain unlike anything the road has previously seen.
“Drivers can choose between two available battery options – a 40 kWh battery that provides an EPA-estimated range of 149 miles or a more powerful 62 kWh battery that extends the range to 212 miles per charge,” Gutierrez said. “The LEAF has zero tailpipe emissions and is an environmentally friendly option for commuting and road trips. It can be recharged at home using a standard 240V outlet or on-the-go with the available 480-V public DC quick charging capability that can provide up to 80% charge in 45 minutes.”
“Drivers may also be eligible for a potential federal income tax credit of up to $3,750 for purchasing a new Nissan LEAF, making it an even more compelling zero-emission option,” Guiterrez said, which is good news for anyone worried about what the upfront cost of driving the Leaf off the lot might come out to.
“Electric vehicles (EVs) are becoming more popular and mainstream each year,” Gutierrez summarized, stating that “…as demand continues to rise, prices on many EV models are expected to increase in the near future. If you’re in the market for an electric car, now may be the time to act before costs go up.”
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This article originally appeared on GOBankingRates.com: 7 Electric Cars to Buy Right Now Before They Become More Expensive
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