One of the most essential and costly purchases we can make in our lifetimes is with Real Estate, either a home or apartment. The next major purchase we can make is a car, which we will only need to make about every decade.
If you’re shopping for a new car, there are a few things to know before you leap into the purchasing decision.
Some people like to consider a car an investment, but the idea behind investments is to increase its value, while a typical car loses upwards of 30% of its initial value in the first year. So that’s not a value to consider; instead, it is a necessary cost that you need to build into your personal budget.
An investment should increase in value over time to be considered an investment, not automatically depreciated.
When you shop for your next car, there are two significantly different factors to consider, gas or electric.
It wasn’t too long ago that electric vehicles lacked the pizzaz and function of a traditional gas-powered vehicle. But, despite that, the technology has evolved where electric cars are sexier and more muscular than their predecessors.
The new electric vehicles offer as much horsepower and torque as their gas-powered cousins, but some limitations to electric still exist.
With an electric vehicle (EV), you save money on gas and other traditional maintenance costs, but there are disadvantages, such as a lack of charging stations.
You can find a gas station on almost every corner in America, but EV stations are sometimes spread out far and wide.
But that problem will be changing soon.
While the popularity of electric vehicles is increasing, some logistical issues include recharging stations for long-distance road trips. But that will be changing rapidly with the passage of the Infrastructure Bill that provides for various tax incentives and has money budgeted to increase the number of charging stations throughout the U.S.
Also, the cost for an EV can be prohibitive, especially for someone on a tight budget. However, if you look at it differently, gas-powered cars may be cheaper initially, but you’re spending a lot more on gas over the length of ownership than EV owners pay to charge their vehicles.
It’s not just Toyota and Tesla making electric vehicles; longstanding marque car markers like Ford have recently jumped into the market, making the F-150 electric optional while providing all the power of a traditional gas-powered F-150. Increasing the number and styles of EVs available should impact the overall cost of a new electric vehicle.
While electric has some advantages over gas-powered vehicles, the logistics aren’t equal to the benefits of traditional cars yet. So if you’re still in the market for a car, thinking about a conventional internal combustion vehicle is probably a safe bet for now.
With a gas-powered vehicle, you’re probably paying a little less at the dealership but have higher maintenance costs like refueling. But what you get with a standard car is style and substance, especially as you tweak and upgrade your ride.
With a gas-powered car, you can supe it up, adding fuel efficiency, power, and other design elements that currently EV’s lack. In addition, you can choose to add a spoiler for style and substance, especially if you plan on making your car faster and more muscular by using an STI intercooler.
The flexibility to individualize and stylize your car is one of the more significant benefits of an internal combustion engine (a classic car) over an EV. However, in time, that advantage may change in ways we have yet to imagine.
Until the Infrastructure Bill has its policies enacted and roadways are rebuilt, EV charging stations are more prevalent, and the tax incentives to consumers and manufacturers kick into high gear, a traditional vehicle is a better bet. But the use of the electric car is the most prominent on the road.
If you own a gas-powered car, knowing some of the keys to maintain it for longevity is crucial to the “investment” you’ve made with your purchasing decision.
Aside from buying a home, a car is one of the most significant decisions we can make. Cars provide us with the needed means of transportation between home and work, a personal vehicle, to provide a source of entertainment and relaxation.
Choosing between gas or electric is a personal option for now, but the age of the EV is nearly upon us.