Is now truly a good time to buy an EV? Analyst explains

Inflation and high ticket prices for electric vehicles has made it especially daunting for car buyers wishing to go green. Are there any incentives for purchasing an EV right now?

Cox Automotive executive analyst Erin Keating joins Wealth! to give insight into whether or not it's truly a good time to purchase a new EV.

"EVs are actually holding steady even if Tesla (TSLA) is losing some share. We've got some great competitors that have been coming on to the market. Again, this is a powertrain transition, It is a powertrain alternative. People do need to consider what is their comfort level with managing an EV, but we shouldn't be afraid of it," Keating tells Yahoo Finance. "There are great incentives right now on EVs, there are good leasing deals on EVs."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino

Video transcript

In the battle and the age old pronounced, not age old, but at least of the last few years trying to figure out do I go ev or do I do standard combustion engine, the ice vehicles, you know, where are you seeing that net out?

So, I mean, EVs are actually holding a ST study, even if Tesla is losing some share.

We've got some great competitors that have been coming onto the market.

Again, this is a power train transition.

It is a powertrain alternative.

Uh People do need to consider what is their comfort level with managing an EV but we shouldn't be afraid of it.

Um There are great incentives right now on evs.

Uh there are good leasing deals on EV.

So for those that may be wanting to just test the waters but not feel like they're in for ownership for a long period of time, there's some great lease deals out there.

I think it's a matter of comfort and desire, but they're good cars.

It's a, it's a powertrain alternative.

You know, look at both, see what you're thinking, what brand do you like best, what model size gets you back with the look and feel of the vehicle.

But, um, I, I would say people shouldn't be as afraid of evs as far as being some sort of unmanageable spaceship or something.

Um Sure, infrastructure has to catch up.

Sure, charging could be a challenge but with the range that we get on batteries and, and we're not a ton of degradation on batteries when we look at our EV battery health scores through our uh Mannheim auto auction business.

Um, where I'm not afraid I'm optimistic that ES can slowly but surely make their way into a power train of choice for consumers.

I mean, I guess the only one that does look like a spaceship right now is, is really the cyber truck.

And so, I mean, that's almost more of a personal identity thing.

Are you the ID buzz or are you the cyber truck pick?

Pick which kind of human you are?