Ever since the spike in oil prices in 2007, major car manufacturers have been slowly offering more electric vehicles (EVs). EVs are already popular in Europe, and their eco-friendly nature is beginning to appeal to more consumers here in the US. So, what does this mean for non-electric cars?
Electric Car Sales May Rise
While EVs are still relatively new to US consumers, more car manufacturers are making the switch to hybrid and electric vehicles. The automotive industry pushed for more electric cars during the 2007 oil spike because of the high price of gas.
According to investment research company Bernstein, oil prices are expected to continue to increase. In 2020, they predict oil could hit $150 a barrel – $3 higher than the price per barrel at the top of the oil market in 2008 and nearly doubling today’s gas prices.
Buying a Used Electric Car
EVs have proven to be a practical alternative to traditional gasoline-fueled vehicles for a growing number of buyers. Their owners don’t have to worry about the cost of gasoline, because EVs are powered by charging a battery. With EVs expected to boom in sales by 2025, it’s no surprise that the cost of gas is a major factor in why consumers are making the switch to electric.
If an EV sounds appealing to you, you may be wondering when you should make the switch from gas to a hybrid or an electric-powered vehicle. Ultimately, it’s up to you and your current financial situation. If you’re ready to make the switch, the good news is that you don’t need to shell out a ton of money to afford an EV – you can save money by purchasing a pre-owned one.
The two most affordable used EVs are the Nissan LEAF and the Ford Focus Electric. While it can take some time getting used to an EV, both these models would make a great first electric vehicle. Keep in mind that fast-charging EVs typically require you to purchase and install a special charging port at your home and, even then, it can take several hours to fully charge one of these vehicles. But, you’ll end up saving that money and more in the long-run due to not needing gasoline.
Should You Buy an EV Now or Wait?
The year 2020 is coming up sooner than we think. With gas prices slowly creeping back up, now may be a great time to switch an EV. EVs aren’t for everyone, so make sure you weigh the pros and cons to determine if one is right for you and your driving lifestyle.
If you’re looking to make the switch to electric, but worry your bad credit is in the way, let Auto Credit Express help. We work with a nationwide network of special finance dealers who have the lenders willing to work with people in challenging credit situations. Get started today, so we can match you with a local dealer. Simply fill out our online auto loan request form to get started.