Electric Vehicles Are Much Cheaper Than You Think They Are?
Electric vehicles end up being less expensive than standard cars when gas, maintenance, and government subsidies are worked into the equation.
This article is more than 2 years old
Electric Vehicles are the new worldwide hot topic, with every prominent automotive manufacturer investing in developing their own range of EVs. While they are definitely the future of the automotive industry, consumers are still hesitant to invest in one.
The general price of electric vehicles is more than gas-powered cars as they are a new technology, but over time, EVs work out the same price or are cheaper due to less maintenance and no fuel costs. So even though it is a higher investment first day, long term, it is better than a gas-powered vehicle.
For consumers, it will take a change in mindset to really take electric vehicles on board. Historically, buying a car includes a downpayment and subsequent monthly payments for a period of time, as well as various maintenance and running costs. Once you decide to sell the vehicle, you will receive a re-sale amount which you can take off your original investment.
If you weigh up the running costs of electric versus gas vehicles, then include their original costs, the electric vehicle is still a lot cheaper than a traditional vehicle over its lifetime. Along with that, for electric vehicles, most governments will subsidize the sale of a new EV for up to $10,000, something that you will not receive with a gas-powered car. Electric vehicles need very little maintenance, unlike the combustion engine of a gas-powered car. The main part of their maintenance is tires which can be more expensive, but since there is no fuel or extra costs, it is a small expense.
Electric vehicles are not without their costs; for the first electric vehicle, you will have the cost of installing a charging point. Also, EVs that spend a lot of time in rural areas or don’t have a home-charging point can become more expensive as they spend a short amount of time at expensive charging points in garages and shops. Insurance prices can vary a lot as the technology is new, and companies are not sure how much money to charge, but this will likely settle over time.
The rising price of electricity is also something working against EVs, as consumers want to reduce daily bills instead of increasing them. A lot of EV owners are now investing in solar panels, which would not only reduce their electricity bills and help the environment but charge their cars.
As electric vehicles become more popular, like with everything, their price will drop so more people can avail of the new technology.
Despite all these reasons, consumers still find it hard to commit to a larger downpayment on an electric car when gas-powered cars need a smaller deposit. It is a massive sociological shift in the world as cars are an integral part of our daily lives. So having a new technology that changes our day-to-day routine will be introduced at a slow pace. Consumers are not silly when it comes to spending their hard-earned money; they just need time to accept a new way of driving.
