The electric vehicle market could see some big changes after the election. President-elect Donald Trump has plans to roll back many of the policies set in place by President Joe Biden, according to USA Today, including the EV mandates and fossil fuel restrictions.
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Here’s what auto expert Chris Pyle from JustAnswer wants you to know before purchasing your electric vehicle.
The Tesla Factor
“Tesla will survive with or without the tax incentive,” Pyle explained. Despite potential policy changes, he noted that Tesla’s established position — and Elon Musk’s relationship with Trump — gives them staying power that other EV makers might not have.
The Risk of New Players
Pyle warned about buying from EV-only startups.
“There are about 10 companies solely making EV vehicles. Their sales may drop which could put them under and maybe out of business.”
That could spell trouble for owners if their manufacturer folds.
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The Safe Bet Strategy
Looking for security? Pyle suggested two approaches:
- Choose Tesla if you want an EV-only manufacturer
- Pick an established brand that makes both gas and electric vehicles
The Established Brand Advantage
“The good part about dual manufacturers, they can handle sales drops on one model,” Pyle pointed out.
Traditional automakers with EV lines have the stability to weather potential market changes.
A Look at Other Top EV Options
Industry reviewers are particularly excited about the Kia EV9, starting at around $55,000. And for those in the market for a great value, there’s always the Hyundai Ioniq 6 (starting at $37,750) that has been universally acclaimed for its efficiency, achieving over 300 miles on a single charge.
Meanwhile, the Ford F-150 Lightning (starting at $57,000) continues to win over traditional truck buyers with its familiar look and impressive performance.
Of course, Pyle’s warning about manufacturer stability becomes particularly relevant here: “[It] would [be bad] for the buyer if they just purchased a car from a company that folds.” That’s why he emphasized sticking with established brands or Tesla, which “will survive with and without the tax incentive.”
Timing Your Purchase
Interestingly, Pyle doesn’t see urgency in the timing. The key is choosing the right manufacturer rather than rushing to beat policy changes.
“Buying a car now or buying one later, buying a 2024 or 2025 year model also should not result in much difference.”
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This article originally appeared on GOBankingRates.com: 4 Electric Vehicles To Consider Buying Before Trump Takes Office
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