As the deadline for a significant government tax credit approaches, potential electric vehicle (EV) buyers face a critical decision.

The $7,500 federal tax credit for new electric vehicles ends at midnight.

This expiration raises the question: will the long-term savings justify the initial investment in an EV?

WINK News reporter Sommer Senne explored this topic with local experts to gain insight into the future of EV ownership.

Electric vehicles are more expensive to own compared to gas-powered cars, according to a study by AAA.

This is due to the rising cost of electricity compared to gas.

As gas prices have decreased slightly, electricity costs have increased.

Those increased electricity costs, combined with higher ownership costs and the expiring tax credit, make EVs a pricier option.

Amir Neto, director of the Regional Economic Research Institute at Florida Gulf Coast University, said, "As we look around on the malls, on the parking lots, we see that infrastructure being created. However, with the incentives that are going to end on Oct. 1, we do see that potentially disincentive on purchasing new cars."

Neto also said it is too soon to determine how the expiration of the federal tax credit will impact EV sales.

"The incentives for new EVs were going to be pulled back nationally. We're seeing that July, August and September being the best months ever for those dealers. To what extent that's going to continue? It's a good question," said Neto.

The tax credit is valued at up to $7,500 for a new EV or up to $4,000 for a used EV.

Michael Spinazze, executive manager and part owner of Nissan of Fort Myers, shared his perspective on the EV market in Southwest Florida.

"Electric vehicles are hit and miss in this area. Different areas in the country, depending what the government's doing to subsidize it or what type of rebates they have in that particular part of the country, is when you really see the vehicles either move or go cold," said Spinazze.

He continued, "I think the consumer confidence in EVs is not 100% there. Maybe it will come in the future."

Charging an electric vehicle can affect your electric bill, depending on usage and provider.

Florida Power and Light offers a plan to power EVs at home starting at $31 a month, charging during off-peak hours.

However, LCEC does not offer specific discounts for EV owners.

Mike Naegele, fixed operations director at Honda of Fort Myers, also weighed in on the trend towards electric vehicles. 

While he's seen people trading in for electric vehicles, he's seen more people sticking with gas-powered cars due to the current cost of gas. 

"If somebody goes from a larger car to a smaller car, then you've got gas savings there. Then the price of gas itself, and everybody's been to the pump, it's come down a little. Now, maybe it didn't come down a lot, but as it comes down a little, it's still going to help," said Naegele.

He added, "Prices in the car business are not really going down, but they're not really going up, so I think we've seen pretty stagnant pricing for cars."

Regardless of whether you choose a gas or electric vehicle, Nissan of Fort Myers emphasized considering all associated costs, such as insurance and repairs, and creating a budget before purchasing.

Honda of Fort Myers suggested building a relationship with a trustworthy dealership and salesperson before purchasing a car.

The dealership also stressed the importance of creating a budget and following through with those budgeted numbers.