Various futurists predict that electric car sales will exceed that of internal combustion cars. It’s coming, but when? China and Norway will go all electric by 2025. Almost 60% of new cars sold in Norway are Electric Vehicles (EVs). Entire countries, including the Netherlands, France, Germany, the UK and India, are seriously considering banning the sale of all internal combustion engines. All Volvo models are either hybrids or powered solely by electric. Volkswagen lied about its diesels being clean and has announced a switch to electric; they are spending $84 BILLION dollars on developing electric cars and batteries.
My wife has driven electric cars for almost 10 years, and I have driven a plug-in hybrid for 3. As the spouse of a pioneer (my wife had one of the first 50 Nissan Leafs in Georgia), you should know that there is much more to think about than fuel savings. Let me share some key points for those exploring the purchase of an EV.
My colleague Peter McKenna, CFP®, MBA and I put together the below list. This list is by no means comprehensive, but just a few things worth thinking about as you begin your research:
EVs are the future but battery costs need to continue to decrease before we see an EV in every garage. Purchasing an EV can be exciting but with it comes many questions and warrants an in-depth conversation and research before taking the leap.
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