The Electric Vehicle Revolution Is About to Start, So What Do I Need to Know?
Updated: Oct 22, 2022
There is no doubt that electric vehicles are the way of the future. They are not only eco-friendly but also cost-effective. There has never been a better time to make the transition to electric. Electric car drivers are having the last laugh as gas stations across the country run dry. Although electric vehicles are becoming more popular, there are still many unknowns about how they will impact our environment.
The Pledge To “Go Green”
Cars, trucks, and other modes of transportation are major contributors to air pollution in our country. Transportation emissions significantly contribute to ground-level ozone pollution (also known as smog) and particle pollution, both of which are extremely harmful to health and can even be fatal. Cars and trucks also emit carbon dioxide, one of the greenhouse gasses that contribute to climate change. Climate change exacerbates the problem by increasing the formation of ozone pollution and increasing the frequency and intensity of wildfires, both resulting in increased particle pollution. It is a significant step forward for the automotive industry, as an increasing number of countries are transforming their approach to a greener future. Automotive companies and car manufacturers are pouring money into developing a new generation of electric vehicles. Indeed, many automakers have pledged to ‘go green’ by producing all-electric vehicles in the future.
Electric Vehicles Are Cost-effective
When it comes to buying a new car, our budget is the most important factor in determining our options. Whether you are looking for a new or used vehicle or a gas versus electric vehicle, the sale price is usually determined by your location, the car’s brand, and the type of vehicle.
The average cost of an electric vehicle is $55,000, though this figure is skewed due to the recent popularity of high-end electric vehicles such as the Tesla Model S and Model X, and several electric vehicles beat the national average transaction price of gas cars. The Kia Soul, Nissan Leaf, and Chevy Bolt, for example, are all priced under $35,000, which is less than the average gas-powered vehicle’s initial purchase price.
Save On Fuel
One of the main reasons people buy BEVs is because they are sick of fighting the fuel economy battle. You no longer have to be concerned about a car’s L/100 km rating if you switch to battery power. While BEVs have an equivalency rating, they are generally so much better than traditional cars to a point that comparing them is pointless.
Still, it’s worth considering how much you drive your current car and calculating how many kilowatt-hours of energy you’ll use per year driving a BEV.
Spend Less On Maintenance
One of the additional advantages of an electric vehicle is that its maintenance costs are significantly lower. Because the car is powered by electricity, there is no internal combustion, resulting in less corrosion.
An electric vehicle’s engine also has fewer moving parts, such as fan belts and spark plugs, which saves you money on replacement parts and service costs. The average annual savings in maintenance for an electric vehicle owner is around $800.
Federal And State EV Advantages
Electric vehicles have a significant cost advantage due to impressive federal and state EV incentives. So, we strongly advise you to review your state’s electric-car tax credits, as these can significantly reduce the cost of electric vehicles. An electric vehicle is a no-brainer when compared to the initial transaction cost of a gas-powered vehicle, where there are no savings associated with a new purchase.
EV Hidden Costs & Warranties
Cars, whether gas or electric, have hidden costs. While we know that electric cars don’t require much maintenance, there are still a variety of hidden costs associated with them.
Many automakers offer EV battery pack warranties ranging from 8 to 10 years and 100,000 to 150,000 miles, which typically cover the first owner’s average lifetime usage, but if you expect to exceed those limits, you can learn how to extend the life of your electric car battery.
For example, replacing a Nissan LEAF battery (model years 2011 to 2015) can cost $5,499 plus installation. However, most electric vehicles come with outstanding warranties, so if your lithium-ion battery does prove to be defective, the cost of replacement is not borne by the car owner. You can even save money on Tesla batteries by taking advantage of their 8-year battery warranty.
Which Model Is Best For Me?
If you’re looking for a small electric car, start with:
Polestar 2 (2022)
Mini Cooper SE (2022)
For midsize electric cars, you can try:
Hyundai Ioniq 5 (2022)
Ford Mustang Mach-E (2022)
Full-size electric cars:
2022 Porsche Taycan
2022 Audi RS E-Tron GT
Digging an extra-huge electric car? Check out:
GMC Hummer EV (2022)
Need an affordable electric car? Your go-to is:
Hyundai Kona Electric (2022)
Volkswagen ID 4 (2022)
Check out top luxury electric cars:
Mercedes-Benz EQS (2022)
Lucid Air (2022)
Best non-luxury electric SUV or crossover
Ford Mustang Mach-E (2022)
Best luxury electric SUV or crossover
BMW iX (2022)
Top electric pickup truck
Rivian R1T (2022)
If you’re looking for an electric station wagon:
Porsche Taycan GTS Sport Turismo (2022)
And last but not the least, the car for you If money is no object:
Rimac Nevera (2022)
If the electric vehicle fits your driving style and commuting needs, fits your budget, and provides net savings when all incentives, rebates, and fuel and maintenance costs are considered, it’s a good option for you. Even if none of these areas end up benefiting you, having an EV is still a good idea. It simply means that you may need to consider less tangible benefits, such as the environmental impact, to determine whether an electric vehicle is a good fit for you.
Future-proof Yourself By Owning An EV
To combat climate change, the United States is hastening its transition to electric vehicles (EV). The future of the automobile industry “is electric, and there’s no turning back.” It is expected that EV sales in the United States will increase from around 500,000 vehicles in 2021 to more than 4 million by 2030. With rising government support and consumers embracing electric vehicles, the country’s top priority will remain to secure the supply of the materials required for the EV revolution implying that more and more EVs will be seen on our roads as the years will pass.