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Why Should I Get an Electric Car

Why Should I Get an Electric Car

In recent years, we've witnessed a significant transformation in the world of electric vehicles (EVs), particularly in terms of their pricing. The EV market has seen fluctuations, and it raises the question of whether it's still a practical choice to invest in an EV.

According to reports from Kelly Blue Book, the median EV price was $53,469 in July 2023, a whopping $15,316 difference from its price at the beginning of the year. While EV prices are on a downward trend, the median price is still equivalent to what an average American worker makes in a whole year.

This recent fluctuation can be attributed to Tesla's decision to cut its US prices between 2% and 6%, prompting other carmakers to follow suit. And with new models launching one after the other, we can expect pricing to be more competitive in the next few years.

The question remains: Should you get an electric car? Is it a worthy investment?

Here are some of the reasons why you should make the switch:

They are better for the environment

One of the most significant advantages of electric cars is their positive impact on the environment. These vehicles produce zero tailpipe emissions, making them a much greener choice than traditional gas-powered cars. By opting for an electric car, you contribute to reducing air pollution and decreasing the greenhouse gas emissions responsible for climate change. This eco-friendly feature aligns with the growing global awareness of the need for sustainable living and transportation.

They’re just as safe—if not safer

Safety is a paramount concern for any vehicle owner, and electric cars are designed with this in mind. In fact, electric cars are often considered just as safe, if not safer, than traditional vehicles. This safety is attributed to their unique design features, including a low center of gravity due to heavy battery placement. This design enhances stability and reduces the risk of rollovers, ensuring a safer driving experience. Additionally, some electric cars, most prominently Tesla models, come equipped with advanced safety features such as collision avoidance systems, adaptive cruise control, and automatic emergency braking, enhancing overall safety.

Electric Vehicles are cheaper and easier to maintain

Owning a battery electric vehicle can be more affordable in the long run compared to internal combustion engine (ICE) vehicles. The key reason behind this cost-effectiveness lies in the simplicity of electric car components. Electric cars have fewer moving parts in their powertrains, which means fewer opportunities for mechanical failures and lower maintenance costs. Additionally, you can bid farewell to the routine oil changes required by conventional vehicles, not only saving money but also contributing to a reduction in environmental waste associated with oil disposal. Furthermore, electric cars often feature regenerative braking systems, extending the lifespan of brake pads and resulting in less frequent brake replacements. 

Better fuel economy

One of the most immediate and noticeable benefits of owning an electric car is the elimination of fuel costs. These vehicles are powered by electric motors, which are generally cheaper to run than gasoline engines on a per-mile basis. As a result, you save money every time you charge your electric car, especially when charging at home using a standard electrical outlet or a dedicated charging station. The convenience of not needing to visit a gas station anymore is an added perk, making your daily life a little easier. 

To make the most of your electric vehicle and its cost-saving advantages, it's essential to understand and follow best practices for EV charging. These practices can help you optimize your charging routines, extend your vehicle's lifespan, and maximize your savings.

You can receive rebates and tax credits

Many governments and utility companies offer incentives to encourage the adoption of battery electric vehicles. These incentives can significantly reduce the upfront cost of purchasing an electric vehicle. For example, in the United States, there are federal tax credits available for buyers of qualified all-electric and hybrid electric vehicles, ranging from $2,500-$7,500 depending on battery capacity. Additionally, many states offer incentives such as rebates, tax credits, or exemptions from vehicle registration fees for electric car owners. Some utility companies even provide discounts on electricity rates for electric vehicle charging during off-peak hours.

The total cost of ownership is lower than gas-powered cars

While the upfront cost of an electric car may be higher than that of a comparable gas-powered vehicle, the total cost of ownership over the vehicle's lifetime is often lower. This cost advantage is primarily due to lower operating and maintenance expenses. Electric cars are inherently more energy-efficient than ICE vehicles, converting a higher percentage of the energy from the grid into actual movement. This efficiency results in lower energy costs, especially when compared to the ongoing expenses of owning a gas-powered car. Electric cars also have fewer moving parts and experience less wear and tear on critical components, leading to longer lifespans and fewer maintenance needs. These factors, coupled with potential incentives and a potential higher resale value for certain electric car models, contribute to a lower overall cost of ownership.

Understanding and managing electric car maintenance cost is a key component of maximizing the cost savings associated with electric vehicles.

More EV charging stations are popping up across the country, making it increasingly convenient to charge your electric car. This growing charging infrastructure addresses one of the common concerns among potential EV buyers, as more charging points mean less worry about running out of battery power during your daily commute or road trips. Additionally, EV adapters have practically opened up different charging networks to most electric cars, allowing J1772 EVs to use the Tesla network and vice versa.

More EV options are becoming available

The electric vehicle market is expanding rapidly, with more EV options becoming available to consumers. Automakers are introducing a diverse range of electric models, from compact cars to SUVs and even electric trucks. This variety allows you to choose an electric vehicle that best fits your lifestyle, whether you're looking for a compact city commuter or a spacious family car.

If you're curious about the most popular choices in the electric vehicle market, you might be interested in exploring the best-selling electric car options available. These models have garnered significant attention and sales, reflecting their popularity among consumers.

Factors contributing to a growing EV market

Increased consumer demand

Consumer interest in EVs has been on the rise for several years, driven by factors such as environmental concerns, government incentives, and advancements in technology.

According to reports by Virta, global EV sales experienced a 43% growth compared to 2019, and the market share of electric cars reached 4.6% in 2020. EV sales doubled the following year, totaling 6.75 million units. To put this into perspective, the number of EVs sold in a single week in 2021 exceeded the total EV sales for the entire year of 2012.

Electric vehicle sales surpassed the 10 million mark in 2022 - an impressive 14% of all new car sales. This increase in market share, up from 9% in 2021 and less than 5% in 2020, shows the growing consumer demand for electric vehicles. By the end of 2022, more than 26 million electric cars plied the roads around the world - a 60% increase from the previous year.

Advancements in battery technology

The continuous progress in battery technology is pivotal in shaping the EV landscape. Ongoing research and development efforts have resulted in significant improvements in various aspects of battery performance, making EVs more practical and attractive to consumers.

These improvements include higher energy density, allowing batteries to store more energy in the same space, resulting in longer EV driving ranges and reducing concerns about running out of power. Faster charging technology has made recharging EVs more convenient, with networks like Tesla's Supercharger enabling quick pit stops. Batteries have also become more durable, lasting longer and reducing the need for costly replacements. Lower battery production costs have made EVs more affordable, narrowing the price gap with traditional cars.

Charging infrastructure expansion

The expansion of charging infrastructure, including both public charging stations and home charging solutions, has played a vital role in making EV ownership more convenient and practical. This growth has alleviated range anxiety, boosting consumer confidence in EVs. Public charging stations are now widely available, offering various charging speeds, while home charging solutions simplify the daily charging routine. The convenience and accessibility of charging infrastructure, including its expansion into rural areas, have made EVs a viable choice for a broader range of consumers, contributing to the transition toward cleaner transportation.

Government incentives and regulations

With governments pushing for the full adoption of electric vehicles within this decade, prospective buyers are enticed by financial incentives like tax credits and rebates, reduced registration fees, and access to carpool lanes. Stricter emissions regulations encourage automakers to produce more EVs and low-emission vehicles. Zero-emission vehicle (ZEV) mandates set targets for automakers to sell a certain percentage of zero-emission and pure-electric vehicles. Additionally, government support includes research funding and integrating EVs into public fleets.

What you should consider before buying an electric vehicle

Electric vehicles offer a range of benefits, but there are also important considerations to keep in mind when deciding whether an EV is the right choice for you. Here are some factors to consider:

  1. Limited range:

    • While EV ranges have improved, they may still be limited compared to gasoline vehicles. Long trips may require planning for charging stops.

  2. Charging infrastructure:

    • Availability and accessibility of charging stations may vary by location. Research the charging infrastructure in your area.

  3. Charging time:

    • Charging an EV can take longer than refueling a traditional vehicle, especially with standard home EV chargers. Fast-charging stations are available but may not be as common.

  4. Battery degradation:

    • Over time, EV batteries may degrade, affecting driving range. Battery replacement costs should be considered.

  5. Resale value:

    • The resale value of EVs can be influenced by rapidly advancing battery technology and market demand. Choosing an electric vehicle can result in substantial long-term savings, both in terms of fuel and maintenance costs. Electric cars would save huge amounts over time.

  6. Maintenance knowledge:

    • EVs require different maintenance knowledge and skills compared to gasoline cars. Ensure you have access to qualified service providers.

FAQs

  • What are the advantages of electric cars?

    Electric cars offer several benefits, including zero emissions, lower operating costs due to cheaper electricity, instant torque for quick acceleration, quieter operation, and access to government incentives like tax credits and rebates.

  • Is it convenient to have an electric car?

    Electric cars can be convenient, especially if you have access to home charging. Since they rely on electric power, they require less maintenance compared to traditional vehicles, and charging can be done overnight. However, the convenience of charging infrastructure may vary by location.

  • Are electric cars the future?

    Electric cars are widely considered the future of transportation. They are a key solution to reducing emissions and combatting climate change. Automakers are investing heavily in EV development, and governments are implementing policies to promote their adoption.

  • Should I buy a used EV?

    Buying a used EV can be a cost-effective choice. However, consider factors like electric motor and battery health, charging infrastructure, and the availability of incentives. Research the specific model and its history to make an informed decision.

    Make the most out of your electric car with Lectron's lineup of EV charging solutions. From J1772 and Tesla chargers to adapters and must-have accessories, Lectron's got you!

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