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It’s smart to consider all aspects of electric vehicle ownership, from the dreadful to the remarkable. When doing your research, there are common themes that quickly become obvious. Everyone knows that EVs are still expensive, and have the benefit of zero tailpipe emissions, but what about the lesser-known pros and cons of EVs? Here’s what they don’t tell you about the electric lifestyle.
5 Pros of Driving an Electric Vehicle
Big Savings on Maintenance
It’s simple: fewer moving parts means fewer things to break. Consumer Reports found that EV drivers fork out only half of what traditional car owners do for repairs and maintenance. Over the vehicle’s lifespan, this equates to a whopping average savings of $4,600 compared to gas-powered counterparts. But be wary of potential battery replacement costs, especially out of warranty.
The region you reside in and your tax status can determine if buying an EV can wipe out your annual income tax. Always research state and federal incentives before committing.
The federal EV tax credit was revised (or rather, completely re-done) in 2022 with the Inflation Reduction Act. Many models that previously qualified no longer do, and some, notably Tesla and GM, gained it back. The US Department of Energy has a vehicle lookup to show you exactly which EVs qualify today. You can access that here.
For some, state EV incentives will greatly reduce the overall cost of an electric car. The easiest way to find state and local incentives is North Carolina State University’sDSIRE resource and database.
Oh, The Solitude
Among the EV pros and cons, this one is severely overlooked! Electric vehicles are a haven of silence. If you transition from your typical Toyota, Honda or Ford to an EV, the stark contrast in noise levels will stun you. Studies have found that electric vehicles are a lot quieter than ICE cars at low speeds, but only slightly quieter at high speeds. Music enthusiasts and podcast fans, you won’t want to go back to gas after listening to your favorite tunes in an EV. Personally, it’s one of the things that makes any charging hassles I’ve ever encountered totally worth it.
Fuel Savings Add Up Quickly
Wave goodbye to the unpredictability of gas prices. Despite increasing electricity rates, charging an EV is still a bargain. For instance, a traditional car driver spending $3.50/gallon and covering 15,000 miles annually at 25 miles/gallon shells out $2,100. On the flip side, an EV driver getting 3.5 miles per kilowatt-hour (the EV version of MPG) and paying $0.15 per kWh would only spend $643 annually. Those who drive a lot will save on fuel sooner.
Also, with solar panels, you could potentially charge your EV for free!
HOV and Toll Lane Royalty
Many regions offer EV drivers unrestricted access to toll and HOV lanes, even if they’re riding solo. Some states also provide toll pass discounts for clean vehicles like EVs. Here are some of the states with HOV lane access for electric cars:
Arizona
California
Florida
Georgia
Hawaii
Maryland
New Jersey
New York
Utah
Check the DSIRE database for local EV incentives near you.
5 Surprising Cons of EVs
Electric vehicles are notoriously expensive, even though the gap between ICE and EV prices is narrowing. Here’s the latest update on EV price trends. With the elephant in the room addressed, let’s talk about some lesser known downsides of driving an electric vehicle. When looking at EV pros and cons, it’s important to look at the entire ownership experience.
Charger Chaos
Non-Tesla chargers are notorious for reliability issues. A study by Cool the Earth, a nonprofit focused on reducing emissions, revealed that 23% of EV charges in the Bay Area of California don’t work. In contrast, Tesla’s Supercharger network had an impressive 98% uptime.
What’s worse is that the rate of successful charging sessions is even lower than reported. EV drivers like myself have experienced chargers malfunctioning after five to ten minutes of charging too many times to count. But as far as the charging company’s data collection goes, those count as ‘successful’ charging sessions. The point is that for non-Tesla drivers, charging stations are hit or miss.
It’s always best to check charging station updates and reviews on PlugShare before arriving.
Winter Ruins Efficiency
The seasons change, and so does your driving range. Cold weather hits EV range pretty hard. From Tesla to Ford and all the rest, temperatures below freezing reduce EV driving range anywhere from 15% to 30%. While it may not be a big deal for some, those who take frequent road trips in the cooler months will surely notice.
More electric models are including heat pumps and battery preconditioning as partial remedies, but it’s not a silver bullet fix.
Tires Get Expensive
Love slamming the pedal when the light turns green? Better start saving up for a tire fund! EVs are much heavier than their ICE counterparts. Add in the instant torque, and you get a recipe for burning through tires. Remember this: it depends on your driving habits. If you don’t drive like a crazy person, drifting around every corner, you can expect your tires to last between 5,000 and 10,000 miles less than you’re used to. My tires on my IONIQ 5 have lasted me 20,000 miles so far, and I admit to a bit of ‘fun driving’ here and there.
These are ‘zero emissions vehicles’ however, so it’s worth noting that burning through tires isn’t good for the environment. Particulate matter from worn tires, no matter the vehicle it comes from, can pollute both air and water.
EVs do not require different tires, but there are options out there that are engineered to maximize efficiency.
EVs & Apartments – A Complicated Relationship
It’s still a sad reality that in most areas, owning an EV and living in an apartment complex is not an easy thing to do. Fortunately this is changing in much of the United States, but apartment EV chargers can’t get here fast enough.
If you live in multi-family housing, simply ask yourself this question before you buy an EV: where will I charge my car at night?
Resale Rollercoaster
The resale value of EVs remains unpredictable. Rapid technological advancements and fluctuating prices by manufacturers can affect resale values drastically. Investing in an EV now might seem wise, but predicting its worth 5 years down the line, considering advancements in technology, remains a gamble.
Are Electric Vehicles Worth It?
For those keen on enjoying massive savings on fuel and maintenance while reducing their carbon footprint, an electric ride is great. But it’s important to remember: EVs aren’t a one-size-fits-all solution. EV pros and cons define the ownership experience, and should be carefully considered. Think about your lifestyle, driving habits, and living situation to decide if making the switch is right for you.
Looking for help with your next vehicle purchase? Our team of Car Coaches is ready to help you save more than you ever thought was possible. Learn more about buying with CarEdge.
In the worst of the pandemic downturn, all but three car brands saw decreases in sales. One of the brands to grow against all odds was Mazda. Why are more drivers choosing Mazda, and will the brand that relies on conquests to grow be able to keep up the pace? How do Mazda deals compare to offers from Honda and others? Let’s take a look at why Mazda’s reliability, pricing and brand reputation are all at the top of the game right now.
Mazda Sales Grow For the Most Part
In 2022, Mazda sold 294,908 vehicles in the US, with the CX-5, CX-30, and CX-9 being the crowd favorites. Despite witnessing an 11% sales drop in 2022, Mazda’s sales trajectory from 2019-2021 was overwhelmingly upward. In contrast, Honda experienced a substantial 33% sales decrease in the same year, while Toyota saw a 9% reduction. The significant sales decline of Japanese automakers, including Honda, is primarily attributed to persistent supply chain issues in the first half of 2022.
Let’s be clear: Mazda is no GM or Ford when it comes to volume. Last year, Mazda had just 2.1% of market share in U.S. light duty vehicle sales. But it’s the growth that counts. Back in 2017, Mazda’s market share was 1.7%. It’s not exactly quick growth, but it’s an upward trend that continues to this day.
Mazda Reliability Is Top-Tier
There’s a lot to love about Mazda’s number one strength: reliability. Mazda has earned a spot in the list of the 10 Most Reliable Brands for over a decade, yet the brand doesn’t have the same household reputation for quality that Toyota and Honda enjoy. We think it’s time to change that, as Mazda has earned a top-tier reputation in today’s auto market.
In the most recent Consumer Reports reliability ranking, Mazda is in 4th place, just above Honda in 5th. The year prior, Mazda was in second place, while Honda was in 5th. In 2020, Mazda shocked the industry when it scored first in reliability, beating even Toyota.
This year, Toyota and BMW (to everyone’s surprise) knocked Mazda down a few spots. Mazda’s overall brand scored 65, while the reliability leader Toyota scored 72 points. Honda scored 62 points. In case you’re wondering, no brand ever scores close to 100, although the ratings are officially on a 100-point scale.
What are the most reliable Mazda models? According to Consumer Report, the most reliable Mazda cars and SUVs are the MX-5 Miata, CX-5, Mazda 3, CX-9 and CX-30. Here’s how they scored.
Mazda Has High Inventory. That’s Great News For Buyers!
Bargain-conscious car buyers should seriously start paying closer attention to local inventory numbers. Mazda currently has 106 days of inventory nationwide, with 84,876 new cars for sale in America. Honda has only 34 days of supply, with 96,517 vehicles for sale. This gives Mazda shoppers a huge advantage when it comes to negotiating prices.
Inventory is one of the primary drivers of new car negotiability. Mazda has over three times the inventory of Honda. Buyers are scrambling for any new Honda that shows up on dealer lots, but Mazda shoppers are greeted with plenty of options to choose from, inherently reducing the stress of car shopping. But does Mazda have any great deals? Let’s find out.
Mazda Deals This Month
This month, Mazda is offering some compelling finance and lease options. In October, Mazda is offering enticing deals on various models. For the 2024 Mazda CX-5 Turbo, 2024 CX-90, and the 2023 MX-5 Miata, customers can take advantage of a low 0.9% APR for 36 months. Most other 2023 Mazda models are available with a 2.9% APR for 36 months, while most 2024 models come with a 3.9% APR for the same period.
Mazda’s lease deals are attractive too. Lease the CX-5 for $379/month for 36 months with just $2,999 due at signing. That’s not a bad deal considering how much drivers love the CX-5. The similar CX-30 lease starts at $301/month for 36 months with $2,999 due.
The all-new CX-90 is a larger Mazda SUV that the automaker has been promoting heavily in recent months. This more luxurious Mazda’s lease offer starts at $474/month for 36 months with $4,999 due. Yes it’s more expensive, but the CX-90 has 25% more cargo area than the CX-5.
All in all, these lease offers are worth considering for budget-minded shoppers who value reliability and modern amenities.
Could Mazda REALLY Be the New Honda?
It is plausible to consider Mazda as the contemporary equivalent of Honda in the current auto market for some consumers. With its impressive reliability, competitive pricing, and growing brand reputation, Mazda is not only drawing attention but is also emerging as a preferred choice for many. Its robust sales, even in challenging times, further underscore its rising popularity and the value it offers to customers in the automotive landscape.
Plus, Mazda actually has plenty of inventory on dealer lots right now. That is a reason to celebrate, because as we like to say: more inventory means more deals.
October is turning into a great month for new car incentives, especially for fans of particular brands. Despite rising interest rates and the chronic affordability crisis, offers of low APRs and affordable leases are here for a limited time. Here’s a look at the best car deals in October.
The Best Auto Loan Rate Offers
Seeking to finance your new vehicle with a low interest rate? Given that the average APR for new car loans is now over 9%, securing a low rate isn’t easy. However, these brands are stepping up to the plate with tantalizing APR offers this October. Be sure to check offers for your ZIP code, as these represent the latest new car incentives on the East Coast.
Nissan Armada, Buick Enclave,Buick Envision, and Toyota bZ4X: These models are available with a 1.9% APR. Those considering Toyota’s first EV, the bZ4X, should be aware that charging is slower than average, especially for the all-wheel drive version. We think the stand-out deals here are from Buick.
2.1% APR Offers: Chevrolet
Chevrolet Trax, Trailblazer, Equinox, Blazer, and Traverse: Secure any of these sought-after Chevy SUVs with an APR as low as 2.1% for well-qualified buyers.
Cadillac is providing up to $1,500 cash incentives on the XT4, XT5, andXT6.
Chevrolet offers no payments for 90 days plus a $750 cash allowance on the Silverado 1500. Dodge is not to be outdone with up to $5,500 cash allowance on the Durango and a $2,000 cash offer on both the Challenger and Charger.
If you’re in the market for a Kia or Hyundai EV, there are great cash offers in the form of lease discounts.
The Best Lease Deals in October
When it comes to new car incentives, more shoppers are considering a lease as MSRPs soar ever higher. These are the best lease deals this month.
Sedans
With the Hyundai Elantra at $219 per month with $3,499 due and the Honda Accord at $299 per month with $3,299 due, sedan lovers have attractive options.
SUVs & Crossovers
The Chevrolet Equinox at $299 per month for 24 months with $2,339 due and the GMC Terrain at $189 per month for 24 months with $4,879 due provide compelling offers for families.
The hot-selling Hyundai Santa Fe is available for $269 per month for 36 months with $3,999 due.
The 2024 Buick Envista is a subcompact SUV with by far the most modern design of any Buick in ages. Lease an Envista for as low as $199/month for 24 months with $3,396 due.
Trucks
For truck fans, the Toyota Tacoma at $364 per month for 36 months with $3,064 due is a strong contender.
Those in need of a larger pickup truck will be fans of the Silverado 1500 Crew Cab LT, which can be leased for just $399/month for 24 months with $5,129 due.
Electric Vehicles
Electric vehicle enthusiasts have the Tesla Model 3 rear-wheel drive at $399 per month for 36 months with $5,594 due as a prime option. Tesla EVs do qualify for the federal tax credit, so purchasing is worth considering too. The Model Y lease for $569 per month for 36 months with $5,804 due is an amazing value, but again, prices have dropped so far that buying is arguably a better option.
Those looking for a non-Tesla are likely considering the award-winning Hyundai IONIQ 5 and its sedan sibling, the IONIQ 6. This month, Hyundai is offering the IONIQ 6 for $349/month for 36 months with $4,999 due. The larger IONIQ 5 can be leased for $399/month for 36 months with $4,999 due at signing. Hyundai says that these terms include a $7,500 discount that is meant to replace the federal EV tax credit.
Disappointed in October? Next Month Will Be Better
As we transition into the year-end season with November and December car sales on the horizon, anticipate a surge in enticing new car incentives from more automakers, introducing not only low APR offers but also compelling lease deals. The end of the year is always the best time to buy, and this year will be no different.
If the vehicle on your wish list didn’t make the cut in this month’s selection of the best deals, don’t fret. Patience, in this scenario, will indeed be a virtue that will be handsomely rewarded.
Help is here. Bring on the savings!
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The National Highway Traffic Safety Administration (NHTSA) has intensified and broadened its inquiry into alleged “catastrophic engine failures” in Ford Broncos. The expanded investigation now encompasses over 700,000 vehicles across the Ford and Lincoln brands.
Initially, in July 2022, the NHTSA began investigating more than 25,000 2021 Broncos fitted with 2.7-liter EcoBoost engines. The probe was initiated in response to three petitions for a defect investigation and 26 complaints pertaining to unexpected losses of power during highway travel without the possibility of restarting.
These power losses were attributed to severe engine failures due to malfunctioning engine valves. Friday’s update from the NHTSA reveals the upgrade of this probe to an engineering analysis. This update followed Ford’s submission of 328 customer complaints, 487 warranty claims, and 809 engine exchanges involving 2021-22 models of Ford Bronco, Edge, Explorer, and F-150, as well as Lincoln Aviator and Nautilus vehicles. The said vehicles were equipped either with 2.7-liter or 3.0-liter EcoBoost engines.
During the investigation, multiple factors were identified that could cause the engine’s intake valves to fracture, leading to catastrophic engine failures and loss of power. Ford acknowledged the issues, stating that vehicles with fractured intake valves typically require complete engine replacements.
Interestingly, Ford disclosed that the defective intake valves, made from a particular alloy named Silochrome Lite, tend to fail early. This alloy can become extremely hard and brittle if overheated during the component’s machining process. In response, Ford implemented a design modification in October 2021, changing the valve material to an alloy less prone to overheating.
According to a document detailing the investigation, the majority of these valve failures have likely already occurred. Nevertheless, the NHTSA has decided to advance the investigation to thoroughly assess the scope and frequency of the allegations. This move also aims to evaluate the efficacy of Ford’s improvements in manufacturing practices related to the defective component.
Upon completing the preliminary evaluation, the NHTSA will either conclude the investigation or proceed to the next phase. If they find a safety-related defect, the agency may issue a recall. Thankfully, no reports of related injuries, accidents, or deaths have been reported.
If a Ford and Lincoln recall is issued, which is increasingly likely, the following 2021-2022 models would be impacted:
Ford Bronco
Ford Explorer
Ford Edge
Ford F-150
Lincoln Aviator
Lincoln Nautilus
Although no official recall has been issued for this specific investigation as of October 2023, Ford leads the auto industry in recalls overall. Check if your vehicle’s VIN number has been recalled for any reason at the NHTSA official recall checker.
Through the ups and downs of the auto market, one thing remains constant and crucial for car buyers to know: the best time to buy is the end of the year. As 2023’s year end car sales and special offers are just around the corner, patience will reward Ford buyers with huge discounts. Here’s a look at why Ford’s end-of-year sales are on track to be big, and which Ford models are set to receive the largest discounts.
Something Has to Give: Ford Sales Slow As Inventory Builds
How could we possibly forecast massive Ford discounts a few months out? It’s as simple as this: Ford has too many new cars sitting on dealership lots, and it’s getting worse. Car dealers can’t let inventory sit for too long due to ‘floorplanning costs’. They finance the lot inventory they hold, and with high interest rates, they’ll eventually be losing money if they hold on to a vehicle for too long.
Ford’s inventory problem is growing worse. Auto industry measures inventory by ‘market day supply’. Market day supply (MDS) in the auto industry represents the number of days it would take to sell current vehicle inventory at the existing sales rate. Let’s take a look at the numbers:
July 4 – 86 days (313,689 cars)
August 15 – 96 days (318,339 cars)
September 29 – 112 days (373,059 cars)
Where is Ford inventory headed from here? The UAW strikes are the wild card, but other than that, there’s not much pointing towards quicker sales and a trend towards normal inventory without the introduction of big sales and special offers.
If you don’t think 112 days worth of unsold inventory is bad, here’s how Ford’s top competition stands today in terms of market day supply of new cars:
Honda – 35
Kia – 38
Toyota – 41
Chevrolet – 66
Hyundai – 68
Volkswagen – 81
Nissan – 84
Jeep – 176
Ram – 279
Yes, Jeep and Ram have far worse oversupply woes today, but that’s no excuse for Ford executives who will soon be deciding how far they’re willing to go with year-end sales in the months ahead.
Next, we’ll look at the five Ford models with the highest negotiability.
Ford’s Most Negotiable Models (Highest Inventory)
When you take a look at the Ford models with the highest inventory, some surprises may be in store:
Market day supply of Ford’s top-selling model, the F-150, sits at 120 days with 101,256 for sale nationwide.
Conversely, the Maverick, Ranger, and Bronco all have current supplies below 60 days. These are the only Ford models that will be difficult to negotiate right now, but even with these, it’s not impossible (especially with the help of a Car Buying Coach).
These are the current deals for these models right now, and why for most of them, patience is key for a better deal.
F-150 Lightning Current Offers
Financing: 2.9% APR for 48 months + $500 cash
3.9% APR for 60 months + $500 cash
1.9% APR for 36 months + $500 cash
Lease offers: Lease a F-150 Lightning XLT for $600/month with $6,251 due.
Why you should wait: It’s worth repeating the wildest statistic in all of this Ford update. There’s a 256-day supply of F-150 Lightnings! It’s near the top of EV inventory among all OEMs, and you think this is as good as Ford incentives will get? Think again. As we approach the end of 2023, Ford is all but guaranteed to introduce greater cash incentives, and maybe even 0.0% or 0.9% APR for the Lightning. With a truck this expensive (the average selling price of the F-150 Lightning is $80,500), APR offers carry more weight.
0% financing is a great deal right now. The average new car APR is north of 7% right now, so anything under 3% is great. But zero percent? Even better. If you can secure this offer with NO dealer markups, we say go for it.
Year-end sales are likely to introduce bigger cash incentives with continued 0% APR financing, at least until Mustang Mach-E inventory drops below 100 days of supply. We’re not sure when that will happen, but one thing’s for sure: we’re a long way from it.
Financing: 2.9% APR for 60 months + $1,000 cash offer. Those purchasing after the end of a Ford lease are eligible for $2,000 in additional ‘renewal cash’. Before 10/2/2023, an extra $1,000 in cash incentive is available, for a grand total of up to $4,000 off.
Leasing: As low as $439/month for 36 months with $4,969 due at signing.
Why you should wait: Ford seriously needs to sell some Explorers. With a 170-day supply and 2024 models arriving soon, even better incentives are just around the corner. Be on the lookout for 0% APR financing for a limited time, likely sometime later this fall.
Why you should wait: There are no active Mustang finance offers as of late September, but that won’t be the case if Mustang inventory remains high come November and December. We recommend waiting until APR offers return to visit the dealership. Alternatively, you can always check your local credit union or community bank for competitive rates.
Just as with the Mustang, better special offers will be available as year-end sales approach. If you’re in the market for an Edge, it will likely be worth the wait if you can hold out until November or December.
With the close of 2023 approaching, prospective Ford buyers have something to look forward to: significant year-end discounts on various models, making the wait worthwhile. Ford’s year-end sales are poised to offer considerable savings, a welcomed relief given the current state of the auto market. This anticipation is not unfounded as there is a growing inventory of new Ford vehicles piling up on dealership lots, signaling inevitable price cuts to clear the backlog.
High interest rates are compelling dealers to quickly turn over their financed inventory to avoid accruing floorplanning costs. As Ford’s market day supply (MDS) – the industry metric for gauging inventory – shows an upward trajectory from 86 days in July to a staggering 112 days in late September, it’s clear that dealerships will soon be compelled to offer enticing discounts.
When compared to the MDS of competitors, Ford’s situation becomes even more apparent. Big discounts are all but guaranteed in the months ahead.
Car Buying Help Has Arrived!
Gone are the days of navigating car buying alone and unprepared. Our team at CarEdge has helped thousands of car buyers negotiate great deals, and we’re excited to help you buy a car that you’re proud of. Learn more about CarEdge Coach, Consults and DIY Data products that give you the knowledge and know-how to negotiate like a pro.
Knowledge is power, and with CarEdge’s insights, you’ll be equipped to seize the best deals as soon as they roll out.
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