3. Enhanced Power and Performance
EVs have proven their value as commuter workhorses, offering lower fuel and maintenance costs. But the current generation offers upgrades in performance, too.
“The new cars are fun to drive,” said Morgan. “They’re super zippy. Look at the Ford Mach-E: That’s a classic American muscle car for the 21st century. It’s the most exciting time in the automotive industry in 100 years or so.”
The Mach-E jumps to full speed in under six seconds; GMC’s Hummer EV packs the equivalent of 1,000 horsepower. The larger vehicles can carry weight, too. The Rivian 1T will tow up to 11,000 pounds; the Ford F-150 Lightning claims to haul up to 10,000 pounds.
Flooring the pedal or attaching that fifth-wheel trailer will diminish your range, so keep that in mind, but the same is true with a gas-fueled vehicle.
4. A Robust Used Market
With modern, mass-market EVs available for more than a decade, used inventory is more plentiful and affordable than ever before. According to a 2023 study by iSeeCars, prices for used EVs fell nearly 30 percent between June 2022 and June 2023.
The primary concern for most buyers centers on battery life—how much capacity remains and what it will cost to replace. Federal regulations now require automakers to offer an eight-year/100,000-mile warranty on EV traction batteries. Some offer 10-year/150,000-mile or even lifetime warranties. Read the small print to find out what is covered by the warranty and whether it’s transferable to a new owner. You might find a used EV is less risky than you think, especially if it qualifies for a federal clean vehicle tax credit of up to $4,000.