Jonesing for an EV? Here's Why You May Want to Rethink That

Image source: Getty Images

I have not one, not two, but three friends who purchased new vehicles within the past four weeks. And all three of them opted for an electric vehicle (EV).

Now I won't say I'm totally surprised. One friend has been talking about getting an EV for many years. Another is the type to hop on the latest trend. And the third, frankly, is a bit of a show-off, so I'm not shocked that they not only purchased an EV, but a rather expensive one at that.

I, on the other hand, refuse to buy an EV. When our 17-year-old hybrid was on its last legs last year and we needed to get a replacement vehicle, I compromised with my husband and landed on a plug-in hybrid. But I downright refuse to own a car without a gas engine at this point.

And it may surprise you to hear that 46% of EV owners in the U.S. are very likely to switch back to a gas-powered vehicle the next time they need a new car, according to McKinsey & Company's most recent Mobility Consumer Pulse. What this tells me is that embracing the EV trend is a move that might backfire on you. Here are a couple of reasons why.

The infrastructure isn't there yet

The last time I took a fairly long road trip, which was just a few weeks ago, I had to drive almost 80 miles at one point to find gas. Did I see an EV charging station anywhere in the vicinity? Nope. And as such, I'm sure glad I wasn't reliant on one.

A lot of major cities have EV charging stations available -- and a good number of them at that. But once you leave those metropolitan areas, you risk landing in a bit of an EV dead zone. This can make traveling a distance a challenge, since a full charge will only take you so far from home.

In time, as EVs grow more popular, the infrastructure will likely improve. But until that happens, driving an EV could mean having to stay close to home, or having to stress about finding a place to stop and recharge en route to a far-off destination.

Let's also remember that even with my giant minivan tank, it takes under 10 minutes to fill up my car with gas. When you're on a 10-hour road trip, do you really want to get stuck sitting somewhere for 30 to 60 minutes to recharge your car? I sure wouldn't.

The cost of owning an EV can be high

You stand to save money on gas when you purchase an EV. That's pretty obvious. But all told, the cost of ownership can be worlds higher.

For one thing, there's your purchase price. Edmunds reports that there was a 42% gap in the average price of an EV vs. a gas-powered car in the first quarter of 2024. And the more expensive a given vehicle is, the more it might cost to insure and maintain.

Plus, EV owners typically do the bulk of their charging at home. Don't think that won't add to your electric bill.

Charging an EV might cost the typical U.S. driver $58 per month, according to Kelley Blue Book. That may be cheaper than a month's worth of gas, but all told, an EV can be a far more expensive prospect.

Think through your decision carefully

It's easy to see why the idea of an EV might appeal to you. Not having to fill up on gas could be a huge time-saver. And let's be real -- the technology behind some of the EVs out there is pretty cool.

But before you rush into an EV purchase, consider the drawbacks involved. You may want to hold off until charging stations become more widely available, or until the cost of an EV comes down enough to make it more comparable to a gas-powered car.

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy .