Emerging EV Landscape: Why Opting for Anything Other Than a Tesla Doesn't Add Up?

• Financial

The electrification of automobiles is considered the future of transport. Yet, as car companies begin to adopt Tesla's charging technology, experts are suggesting that potential EV buyers may want to pump the brakes, especially if they're considering a model other than Tesla's.

Indeed, they're proposing a holding pattern of at least two years before making a purchase. "The risk at any point in time when you buy into a technology that evolves: Your technology feels out of date at best and obsolete at worst," warns Karl Brauer, executive analyst at iSeeCars.com.

Brauer highlights the fact that nearly all EV owners, except those driving a Tesla, will have to "futz around with adapters for the rest of their ownership or somehow try to pay to have a new plug system put on their car."

Charging: Just One Piece of a Larger Puzzle

Though the move to Tesla's charging system does represent a significant change, it's merely one facet of the larger, evolving landscape of EV technology.

As advancements continue to be made, from improved ranges and faster charging times to breakthroughs in battery tech and cost reductions, it might be prudent for buyers to bide their time. The alternative is to consider purchasing a Tesla if they believe the company's technology is more future-proof.

"The charging connector is going to be a significant issue and may delay some buyers from purchasing a new EV," says Loren McDonald, CEO of market analysis firm EVAdoption. "However, I think most buyers understand that there are six to ten other hardware and software advancements that will make that EV better.

When you add it all up, that might be a more compelling reason to hold off rather than just the NACS versus CCS connector."

Leasing: A Temporary Solution?

McDonald expects the technological turbulence will result in a near-term uptick in EV leasing as consumers seek to navigate the choppy seas of rapidly evolving tech.

"The more we see these pricing fluctuations and hardware issues, a lot of people are going to realize that leasing might be the better way to go," McDonald posits. He likens it to having "the new iPhone on wheels every three years," alleviating the worry about owning a technologically obsolete car.

"There's this noise unlike we've ever seen before of all these future models that are going to be better, faster, cheaper, and offer more range. I think that's the real issue," McDonald concludes.