All those EV shortcomings are being addressed. Prices for EVs dropped by 13 percent between 2023 and 2024. New models regularly get 300 miles on a charge. And automakers are now universally adopting the Tesla charging standard, so any EV can plug into that company’s very reliable Supercharger network. The number of fast chargers grew by over 30 percent from April 2023 to April 2024. Charging times are way down too, to 30 minutes or less.
Pre-Owned EVs Are a Steal
Used EVs from 2010 to 2015 have low ranges—often less than 150 miles—but are inexpensive options if you have a short commute or don’t travel much. Relatively recent Nissan Leafs are selling for around $13,000. The Chevy Bolt will return next year and is expected to be an affordable option—some used models currently sell for much less than $20,000 after rebate.
Catching Up With Gas Stations
According to the DOE’s Alternative Fuels Data Center, there were more than 68,000 public charging stations across the US last spring, with more than 190,000 individual ports. The federal Joint Office of Energy and Transportation says an additional 900 chargers are opening every week . Tesla operates over 2,000 Supercharger sites across the country, with more than 25,000 ports. EV advocates’ goal is to catch up to the nearly 145,000 retail gasoline outlets and to attain similar geographic ubiquity.
$7,500
That’s the federal tax credit (maximum) you may be eligible for when buying a qualifying EV. Credit can be transferred to the dealer, instantly lowering the vehicle’s cost. New this year: a credit up to $4,000 for a qualifying used EV.
Eat My Electrons
People don’t usually think of EVs as performance champs, but even entry-level EVs accelerate quicker than their gas-powered counterparts. Seven of the world’s 25 fastest cars off the line have battery power trains—and two are hundreds of thousands of dollars cheaper than traditional super-cars. The 1,020-horsepower Tesla Model S Plaid can reach 60 miles per hour in 1.99 seconds, which the company says is “the quickest acceleration of any vehicle in production.” The Plaid starts at $88,000, compared with $433,750 for the somewhat less versatile Ferrari 812GTS, which takes 2.7 seconds to reach 60.