Should I wait until 2024 to buy an electric car

Should I buy an electric car in 2024?

EVs are popular, but are they right for you?We go through the choices youll need to make Range, buying used and more all explained

Its no secret that electric cars are properly here and theyre here to stay. They made up nearly a fifth of the new car market in 2023 and so far in 2024, thats continued.

Manufacturers are capitalising on this and offering more and more EVs for sale. The cheapest electric cars are beginning to come close to achieving price parity with petrol or diesel cars; used EVs are also becoming realistic propositions for those in the market with a smaller budget.

At the other end of the scale, more expensive EVs are pushing the envelope in terms of performance the fastest electric cars and the longest range electric cars put out some seriously impressive numbers.

With internal combustion engine (ICE) production set to stop in 2030, almost every brand has an electric-focused strategy, from the likes of Alfa Romeo to Rolls-Royce and everyone in between. But never mind the car industry or the politics that surround combustion cars should you, the consumer, actually buy an EV?

Its a question on many motorists lips as we prepare for 2024. On this page well walk you through everything you need to know when deciding which powertrain is right for you and advise if an electric car is suitable. Well regularly update this page, with new information, advice, and insight when we get it. Keep reading for more.

How popular are electric cars?

Figures from the Societyof Motor Manufacturers and Traders (SMMT) reveal that more than 267,000 battery electric vehicles (BEVs, or full electric cars) were registered in 2023. Thats 40% more than in 2022.

Its the fastest-growing sector of the new car market right now, and for good reason. The technology is slowly maturing and will be suitable for many, but not all, motorists.

Price

Electric cars remain an expensive option on the forecourt, right now, and thats partly down to the materials and construction process they require as well as the huge R&D and investment costs borne by car manufacturers rapidly having to pivot from fossil fuels to battery tech. With that in mind, even the cheapest EVs in the UK are relatively expensive; the Tesla Model 3 costs more than 40,000 which isnt that affordable for many motorists.

Whats more, it appears that the UK is one of the most expensive places to buy an electric car. Research from Confused.com revealed that the UK is the tenth most expensive country to buy a battery electric vehicle. This isnt helped by the removal of the governments Plug In Car Grant meaning there are no longer any incentives to reduce their cost.

Running costs of EVs will typically be cheaper than for a petrol or diesel car, and its worth working out exactly what youll save in the long run before you dismiss buying an electric car. Its not all about the purchase price, so be sure to consider the annual VED road tax bill, the likely fuel savings and especially any benefit-in-kind tax if you will be running your battery vehicle as a company car.

Range

If price is the first barrier of entry to EV ownership, range and the perceived lack of it has to be a close second. Range anxiety is still a factor for many motorists in 2024, though the actual range of most electric cars has moved on considerably in recent years.

Cars such as the Mercedes EQS 450+ can travel a WLTP-rated 453 miles between charges (London to Glasgow with around 40 miles to spare) and even the cheaper EVs like the Hyundai Kona Electric can now squeeze 300 miles out of their integrated batteries. With that in mind, its worth casting your eyes over our longest range EVs guide to get a better idea of what they can do in 2024.

More important, however, is to consider the number of miles youll do per day, per week or even per month. When paired with a home charger or local public power point most EV owners rarely approach the upper limits of their range, or they charge less frequently in public than youd expect.

Our advice? Tot up your most common journeys and your longest and youll see just how feasible having an electric car could be.

Running costs

EVs provide environmental benefits thanks to their lack of tailpipe emissions, but they also provide a substantial saving in running costs, if your energy bills havent jumped too high since the cost-of-living crisis. The gap between electric refuelling costs and fossil fuel bills has narrowed significantly in 2024, so check your domestic charging rate to calculate the likely charge for topping up the battery at home.

While charging costs have risen in recent months, dont forget that servicing and maintenance of electric cars should be more affordable, as they have fewer moving parts and should cost less to service.

Check our EV running costs article above, and youll see just how cheap an electric car can cost to run, especially when compared to its petrol or diesel-engined counterparts. The only catch? As weve already mentioned, EVs cost more to buy in the first place so youll be paying a premium up front.

Charging times

When you do have to top up the battery, youll want to do it as fast as possible. Charging an EV still isnt as quick as refuelling a petrol, diesel or hydrogen car but topping up an electric car is gradually speeding up. For example, according to research byLeasing Options, the quickest charging car is the Fiat 500e, which takes 24 minutes. Of course, thats only 81 miles added in that time, so remember: the bigger the battery, the longer it takes to charge.

For more miles, but longer charging time, the Mini Electric gives you 105 for just 30 minutes of charging.

Small EV charging costs

What type of electric car to buy?

If youre warming to the idea of an electric car, its worth working out what sort of vehicle type youre after. In 2024, EVs come in all the same shapes and sizes as normal cars; from SUVs and small city runarounds to seven-seaters and even sports cars.

If youve a family in tow, wed recommend some of the larger electric SUVs, like the Audi e-Tron and Mercedes EQC, and if youre looking for performance and style something like a Porsche Taycan or Audi e-Tron GT should be at the top of your list. Lastly, if youre after a more all-purpose vehicle, investigate cars such as the Honda e, Kia EV6 or Tesla Model 3.

Once youre decided what sort of EV you want to buy, browse our buying guides based on each car type below:

New or used or lease?

Electric cars are expensive new, and huge savings can be had if you go for a used model. As youd expect, theres a little stigma around electric cars; mainly due to worries over battery lifecycles but weve done the research and found several great picks in the electric secondhand market. You can read our best used EVs guide here.

One thing to bear in mind, though. Such is the pace of development around EVs, that older used cars wont have anything like the headline stats and range figures you see in brand new cars such the Hyundai Ioniq 5.

Leasing represents a third, and increasingly popular, option for prospective EV buyers. According to Leasing.com, demand for EVs rose by 106% last year, outperforming diesels. And BEVs rose by 101% in terms of interest, accounting for 16% of all the companys inquiries.

Verdict: should you buy an electric car in 2024?

Ultimately, only you can decide if its time to buy an electric car as only you know your usage habits and budget.

If an EV is in your price range, and range isnt going to be a problem based on typical journeys, getting an electric car is a great idea. Not only is it cheaper to run, but its also eco-friendly, usually nippy and a way to futureproof your transport solution for years to come.

Things will only get better in our view;EV infrastructureis being improved all the time, so chargers will become an increasingly common sight at Britains service stations and high streets.

However, if the numbers dont add up, or youve still got doubts why not wait for an even moreadvanced electric car in the future or simply pick a hybrid car as a compromise for the time being?

A neat stepping stone between electric and petrol, thebest hybrid carsoffer many of the benefits you get with EVs, but also have the range and ease of use of a traditional ICE engine.

Electric cars are getting better and better, but theres no rush: not everyone can afford to be an early adopter and it might be the right call to wait until the technology improves, prices fall and the charging infrastructure expands.

Should You Buy a Car Now or Wait? The Answer Is Clear.

As we get deeper into 2024, you might be pondering a common question: Should I buy a car now, or should I wait? Luckily, the CarEdge team has created a comprehensive guide to assist you in making the right choice. Whether youre considering a new or used car purchase, various market factors come into play that can sway your decision. In this guide, well provide insights into the best strategies for both scenarios.

New Car Market: Last Years Sales Continue Into 2024

If youre on the fence about buying a new car now or waiting, we have answers for you. Experienced car shoppers know that the best deals of the year often come right at the end. Indeed, Decembers sales were huge, but something remarkable is happening. Year-end sales have largely carried over into 2024. Why? Lets delve into the reasons.

1. The Urgency to Sell: Auto manufacturers and dealerships are motivated to clear out their remaining 2023 inventory. They need to make room for the incoming 2024 models, and every day a 2023 model sits on the lot, it eats into their profits. The longer a car remains unsold, the more it costs in terms of dealership floorplanning expenses.

2. Rising Interest Rates: Rising interest rates make the cost of borrowing money go up. As rates increase, automakers aim to counteract this by offering more attractive financing options to entice buyers. This month, there are low APR offers that making buying a new car much more affordable. If low APR financing is important to you, youll want to see the best offers this month.

3. Slowing Car Sales: We see it every year. Between January 1 and spring car buying season, car sales slow to a trickle. Once Americans begin receiving their tax refunds, car sales receive a much-needed boost. In the meantime, dealers and manufacturers alike are using the tools at their disposal to sell cars.

Used Car Market: Uncertainty Ahead

When it comes to the used car market, the situation is less clear-cut. Used car prices have been on a downward trend. However, what will happen deeper in 2024 is far less certain. Heres what you need to know:

1. Current Trends: Used car price data from Black Book indicates that used car prices have been slowly declining, dropping an average of 2% over the past month. At the wholesale auctions where car dealers buy and sell used inventory, prices have experienced more drastic swings.

But what happens beyond the winter? The Black Book data below shows that for all of the five previous years, used car prices held flat for the first 10 weeks of the year.Beyond that, volatility has obscured any obvious trends in the past 5 years.

2. January and Beyond: Beyond January, predicting used car prices becomes challenging. The used car market is still grappling with the long-lasting effects of pandemic-related car shortages. These impacts are likely to persist for several more years. As we mentioned previously, used car prices have remained steady for the first 10 weeks of each of the past five years. History tells us that prices are likely to level off in January and February. What happens beyond that is anyones guess.

Take Advantage of Deals Today

For new car shoppers, this months sales present an unparalleled opportunity to secure a low interest rate. With numerous incentives, year-end urgency, and the availability of 2023 models, now is a fine time to buy if you are in need of a vehicle soon. Of course, the best decision for you wallet is usually to keep the vehicle you already have, but sometimes thats not an option.

However, the used car market remains more unpredictable. While recent trends suggest falling prices, the full extent of these changes and how long they will last are uncertain. With the unique dynamics at play, waiting is a bit of a gamble.

Used car prices may continue to fall, but a more likely scenario is prices holding steady in early 2024. Waiting too long could result in even higher interest rates, adding insult to injury as rates already average well north of 13% APR.

See our car market predictions for 2024.

Ultimately, the decision to buy a car now or wait should be based on your specific circumstances and priorities. Whether you choose to take advantage of this months deals or navigate the evolving used car market, careful research and timing can lead to a sweet deal on your dream car. Were here to help!

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