In 2021, 490,000 electric vehicles were sold in America. Last year (2022), that number rose to 807,000, comprising 5.8% of all new vehicles sold in the United States.
In this article, we examine auto inventories, interest rates, charging options, and the general market to help you decide if this is the right year to buy an electric vehicle.
AUTO MARKET UPDATE
While America’s EV growth is impressive, global sales of EVs rose to 7.8 million globally, with most sales in Europe and China. Year over year, the growth of electric vehicle sales was 68% more than in 2021.
While Teslas made up 65% of sales in 2022, Ford beat out GM to clinch the number two spot in U.S. EV sales. The Ford Mustang Mach-E and F-150 Lightning have been very successful, while GM slipped due to the removal of the Bolt EV from the market.
VW, Hyundai, and Kia have all increased their market share with new models. According to the Wall Street Journal (1/7/23), there are 53 EV models for sale or soon to be in 2023 in U.S. markets.
AUTO INTEREST RATES
The recent upward movement in interest rates has resulted in a slowdown in both auto and home loan applications. Good deals still exist and higher rates have created an environment where auto consumers can once again negotiate for better prices and trade-in allowances. The days of M.S.R.P. or greater due to supply issues is likely gone.
EV CHARGING OPTIONS
There are several options for charging an electric vehicle (EV). The most common method is to charge at home using a Level 1 or Level 2 charging station.
A Level 1 charging station uses a standard 120-volt household outlet to charge the vehicle. This is the slowest type of charging, and it can take up to 12 hours or more to fully charge a vehicle. However, Level 1 charging is often sufficient for many EV owners who only need to drive a short distance each day and can charge their vehicle overnight.
A Level 2 charging station uses a 240-volt outlet, similar to the type used for a clothes dryer or oven, and can charge a vehicle much faster than a Level 1 station. Level 2 charging can typically fully charge a vehicle in 4-8 hours, depending on the vehicle’s battery capacity and the charging station’s output. Many EV owners install a Level 2 charging station in their home garages for convenience and faster charging times.
Another charging option is public charging stations, which can be found in various locations such as parking garages, shopping centers, and highway rest areas. Some public charging stations are free to use, while others require a fee or a membership to use. Public charging stations are generally Level 2 charging stations, and they can be found using a variety of apps or online resources.
Fast charging stations, also known as Level 3 or DC fast charging stations, can charge a vehicle to 80% or more in under an hour. However, These types of charging stations are less common than Level 2 stations and can only be found in specific locations, charging network providers like Tesla, Electrify America, and Blink.
Lastly, some EV owners with solar panels on their homes might be able to charge their vehicles using solar power. This is typically done using a device called an EV charger/inverter, which converts the direct current (DC) power generated by solar panels into the alternating current (AC) power needed to charge the vehicle.
In summary, you have many options for charging an electric vehicle, including home charging with a Level 1 or Level 2 station, public charging stations, and fast charging stations. The most convenient option for you will depend on your driving habits and the resources available to you.
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