5 Points To Remember Before Buying An Electric Car In 2024
20-Year Pro Trader Reveals His “MoneyLine”
Ditch your indicators and use the “MoneyLine.” A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here’s how he does it.
While it might still be early days, with electric cars making up just a small slice of the U.S. vehicle market, their popularity is charging up fast, led by favorites like the Tesla Model Y. With more and more models rolling out and a growing number of used electric cars hitting the lots, 2024 might just be the perfect year to switch gears and go electric. But remember, buying a battery-powered ride isn’t quite the same as picking out a traditional gas guzzler.
Before you speed off to make that big purchase, here are five key things to think about.
1. Check the Electric Car’s Range
Make sure the car’s range meets your daily driving needs. Electric cars vary widely in how far they can go on a single charge— anywhere from 100 to over 500 miles. Remember, the estimated range can dip significantly in cold or hot weather. So, it’s smart to choose a car with a range a bit beyond what you think you’ll need, just to be safe.
2. Look at Prices and Incentives
Costs can range from $30,000 to well over $100,000, depending on the model. Dive into the research — check out sites like Kelley Blue Book or NADAGuides.com to compare prices. Don’t forget to factor in any tax credits or rebates, like the $7,500 federal tax rebate available for new EVs, which can make a big difference in affordability.
3. Find the Right Fit
Don’t just go for any electric car. Choose one that suits your everyday life. Think about size — will it be comfortable for you and your passengers? Consider the ease of getting in and out, the legroom, and how well it will accommodate your car seats if you have kids. Check the cargo space to ensure it fits your shopping habits and storage needs.
4. Test Drive for a Unique Driving Experience
Electric cars offer a different driving feel, with instant power delivery and quiet operation. They usually have one-speed transmissions and use regenerative braking, which can feel unfamiliar. Take a test drive to make sure you enjoy the ride and can handle the car’s unique features, like the ‘one pedal’ driving option some models offer.
5. Plan Your Charging Strategy
While you might get by with a standard outlet for overnight charging, installing a 240-volt charger at home will speed up the process. Understand your local public charging options too — especially fast-charging stations, which can be crucial for longer trips. Check if your utility offers off-peak discounts, which can save on home charging costs.
20-Year Pro Trader Reveals His “MoneyLine”
Ditch your indicators and use the “MoneyLine.” A simple line tells you when to buy and sell without the guesswork. It’s a line on a chart that’s helped Nic Chahine win 83% of his options buys. Here’s how he does it.
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