JULY 23 — Ever since the recent spike in fuel prices, few topics have generated as much conversation among Malaysian motorists as electric vehicles (EVs). Our automotive landscape is shifting visibly.

Driven by economic uncertainty and volatile oil prices, EVs have moved from novelty to a genuine option for a growing number of buyers.  

Yet one question deserves closer scrutiny: are these decisions truly rational, or are they being shaped by FOMO, the fear of missing out and its more anxious cousin, POMO, the panic of missing out?

The numbers are striking. As reported in Berita Harian on 22 January 2026, RHB Investment Bank analyst Iftaar Hakim Rusli noted that, based on Malaysian Automotive Association (MAA) data, EV sales surged 109 per cent year-on-year to 30,800 units, making up 3.8 per cent of total industry volume.

Much of this enthusiasm is concentrated among urban consumers and young professionals, the classic early adopters, constantly exposed to sustainability campaigns, global trends and social-media influencers who market a modern, eco-conscious lifestyle.  

Government incentives such as tax exemptions and purchase rebates make EVs even more attractive, while lower running costs on energy and maintenance strengthen the case for ownership. But not every purchase rest on careful analysis.  

Social perception plays a part too. An EV can signal status, modernity and environmental awareness, so it is unsurprising that some buyers commit without fully weighing the total cost of ownership or whether the vehicle truly suits their lifestyle.

More worrying is the rise of POMO. Where FOMO is about keeping up with a trend, POMO is driven by fear of future loss.

Amid uncertainty over fuel prices and the gradual rationalisation of petrol subsidies, many consumers expect pump prices to climb before long, given the heavy monthly subsidy burden the government carries.  

Some are now rushing to buy an EV as a pre-emptive shield against an anticipated jump in fuel costs.

The reality, however, is less straightforward. While EVs offer lower operating costs, their upfront price remains higher than conventional cars.

Charging infrastructure is still developing and far from comprehensive, particularly in rural areas, posing a practical challenge for those without access to charging at home or work.

EV penetration here remains low compared with developed nations, a sign that the market is still at an early stage. Petrol keeps its lead thanks to convenience, an extensive station network and still-subsidised prices.

Buying an EV without careful planning can become a financial burden, especially once hidden costs such as higher insurance premiums or eventual battery replacement are factored in.

The long-term savings are real, but they accrue only to owners whose usage fits:

consistent daily commutes and easy access to charging. For rural drivers or those who frequently travel long distances, the advantage may be marginal.

It is therefore essential to distinguish rational adoption from emotionally driven purchases. A rational buyer weighs long-term cost, mobility needs and infrastructure readiness.

One swept up by FOMO or POMO decides on perception, social pressure or fear of an uncertain future.

The government has a role here too.

Beyond incentives, expanding the charging network and communicating clearly and transparently on fuel-subsidy policy would help consumers make informed choices rather than panic-driven ones.

In the end, every buyer should ask a simple question: is an EV a wise investment, or merely a reaction to social pressure and economic uncertainty? In a world that grows more dynamic and uncertain by the day, big financial decisions should not be driven by emotion, but by careful, thorough and realistic judgement.

Before switching to an EV, it is worth asking ourselves, is this about need, a genuine

* Juan Rizal Sa’ari is a senior lecturer at UiTM Melaka division. He can be reached at juanrizal@uitm.edu.my.

** This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.