Is Now the Perfect Time To Buy an Electric Vehicle? Here’s What You Need To Know
Written by
Sean Bryant
Edited by
Rebekah Evans
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You’ve probably noticed more electric vehicles (EVs) on the road lately. You might have even thought about buying one yourself. But with prices fluctuating, federal incentives expiring soon and new models launching frequently, it’s hard to know if now is a good time to buy.
Buy now and you might miss out on better technology or lower prices in the future. Wait and you could miss out on the current rebates and incentives. It’s a bit like trying to time the stock market. Keep reading as we look into whether now is a good time to buy an electric vehicle or if it makes more sense to wait.
Also here are EV expenses you may not be aware of.
EV Adoption and Trends
EVs are quickly growing in numbers on the road. According to Rho Motion, approximately 9.1 million electric cars were sold worldwide in the first half of 2025. This is a 28% increase over the first half of 2024. Why is this trend happening? Part of it is because more manufacturers are releasing new electric models, which gives buyers more options to choose from.
Additionally, charging stations are being installed in more convenient locations. Larger cities have them at grocery stores, shopping malls and even in parking lots across town. They can even be found at larger office buildings. However, even though the number of charging stations is increasing, things aren’t ideal for everyone. Small towns have fewer options, making it crucial that owners can charge at home.
One of the biggest issues that’s kept people from purchasing an electric vehicle in the past has been battery technology. But even that’s improving. New electric models can go further without needing a charge. This makes them good for not only city driving, but also people looking to travel out of town.
Reasons To Buy Now
If you’ve been considering an electric car, there are a few reasons why you might want to buy now rather than waiting.
- Incentives and rebates: Depending on where you live, your state may have rebates available for electric vehicles. Plus, federal rebates currently offer $7,500 when you purchase a new electric vehicle or $4,000 when you buy used. However, because of the Big Beautiful Bill, these federal rebates will expire on Sept. 30, 2025.
- Lower Costs to Run: With the average price of gas being over $3.00 per gallon (per AAA), it’s cheaper for most people to run an electric car as long as you have the ability to charge at home.
- Technology Has Improved: Range has always been one of the key reasons why people haven’t made the change from gas to electric. However, new technology has increased the range electric cars can make it without needing a charge.
“Now is a good time to buy an EV,” said Brian Moody, executive editor for Kelley Blue Book (KBB). “There’s a greater choice than ever before. There are various discounts and rebates available, some are regional, some are national. Also, the popularity of some EV models is declining so a little research by the shopper could end up getting them an exceptional deal.”
Reasons To Wait
While there are many reasons why people might want to buy an electric vehicle now, some people might find it better to wait.
- Technology continues to improve: Even though technology has improved, delaying your purchase might lead to further improvements. The driving range could improve even more and charging could become faster, all of which drivers desire most.
- Drop in prices: As more car manufacturers continue to release electric models, prices could fall even further.
- Home charging not available: One of the biggest reasons why a potential buyer might want to wait is that they don’t have access to home charging. This can significantly increase the costs of ownership.
“Without charging at home, you don’t get the full benefit of the EV,” said Joseph Nagle, head of corporate strategy at Pando Electric. “Not only are you paying far higher prices for electricity at a public charger, but it’s significantly more convenient and enjoyable to simply come home, plug in and go about your life.”
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