With the modern world’s focus on sustainability and energy consumption, many consumers are investing in electric vehicles (EVs). But are electric cars worth it? Like gas-powered cars, EVs have a variety of benefits as well as some drawbacks, such as initial costs.
In this article, we’ll explore some of electric vehicles’ pros and cons as well as some tips on making the decision to purchase one.
Benefits of Electric Cars
Let’s start by taking a look at some of the reasons you may want to invest in an electric vehicle.
Tax Credits and Incentives
The United States government is committed to reducing greenhouse gas emissions, and one way it aims to achieve its goal is by offering electric vehicle tax credits. If you purchase an EV between the years 2023 and 2032, you may be eligible for up to $7,500 in tax credit for that year. There are some additional requirements, however, such as:
- Your vehicle purchase is for you as an individual or for your business.
- Your adjusted gross income does not exceed $150,000.
- You use your electric vehicle primarily in the United States.
- The purchase of your EV is for your own use rather than resale.
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Lower Fuel Costs
In comparison with gas-powered cars, electric vehicles require far less in the way of fuel costs. EV users can save anywhere from hundreds to thousands of dollars each year on gas.
Electric vehicle charging station accessibility is becoming more common, with many businesses, such as grocery stores, malls, and big box stores installing them. Even if charging stations are relatively sparse in your area, the typical home installation costs between $1,200 and $2,500. You’ll likely end up saving much more than that on fuel costs over the life of your vehicle.
Maintenance Issues
Combustible fuel engines are far more complex than those used by electric vehicles, with more components that can be difficult to maintain or replace after a breakdown. In contrast, maintenance costs of electric cars can be significantly lower given the same conditions.
Environmental Benefits
Eco-conscious drivers are starting to choose electric cars primarily for their benefits to the overall health of our world. The U.S. Department of Energy lists lower emissions as a significant reason to invest in hybrids and EVs.
General Handling Benefits
There are also some perks to driving an electric vehicle that aren’t related to savings, energy efficiency, or helping the environment. For starters, they are much quieter than their gas-powered counterparts while still offering significant horsepower. They tend to accelerate faster than gas-powered vehicles as well, and they usually have a lower center of gravity. This makes EVs less likely to roll in an accident.
Potential Downsides to Electric Cars
There are some drawbacks to consider when it comes to purchasing an electric vehicle, however. Let’s start by doing an electric vehicle cost analysis.
Initial Costs of EVs and Hybrids
Currently, electric cars can cost quite a bit more than the average gas-powered alternative. This is because the demand of EVs currently exceeds the supply. The U.S. Department of Energy predicts that the purchase price of electric cars will eventually equalize with that gas-powered vehicles as more companies invest in this technology, driving up supply.
Battery Power
An additional hurdle for EV owners is the fact that electric cars are more dependent on batteries. EV battery life depends on the level of charger to which the car is connected. There are three main types of chargers:
- Level One: A standard 120-volt outlet that typically provides up to 5 miles of range per charging hour.
- Level Two: The most common among at-home and public charging stations, this level of charge provides up to 20 miles of range per charging hour and uses a 208- or 240-volt outlet.
- Level Three: Also known as “DC chargers,” these are not available for at-home installation and can provide up to 80 miles of range per 20 minutes of charging.
Modern electric vehicles usually have a range of up to 200 miles before the battery runs out. While this is a shorter range than gas-powered cars and may necessitate careful planning of a traveling route to ensure charging stations are present when needed, ranges are likely to increase as more companies invest in EV production.
Battery replacement costs should not be a significant factor in evaluating whether electric cars are worth it. The Alternative Fuels Data Center estimates that EV batteries should last up to 15 years in moderate climates, and over a decade in extreme climates.
Issues with Auto Insurance
EV owners tend to pay more in initial costs for their cars. They also tend to have higher insurance policies. This is due to a number of factors, including the higher initial price and the fact that fewer shops and mechanics are trained for EV repairs. Though repairs may be less frequent than those for gas-powered cars, they can be more expensive due to the need for additional expertise.
Preparing for an Electric Future
If you can handle the initial costs and higher insurance rates, electric vehicles have many more pros than they do cons. Even the most skeptical critic of EVs, though, must also bow to inevitability. According to Worldometers, current rates of consumption indicate that the world will run out of usable oil in roughly 47 years. The move to electric vehicles is thus an inevitability and purchasing one now can save you significant money in the long run.
This highlights the importance of building a long-term solution via a culture of renewable energy. To back the coming world of electric vehicles, we should also invest in electricity production that won’t run out, such as solar and wind power, hydroelectricity, oceanic thermal energy, and other renewable natural resources.
Electric Vehicles May Be Worth it if You’re Ready
The benefits of electric vehicles far outweigh their costs and potential downsides, provided you are ready and able to withstand a higher initial financial investment. You will save money in the long term, contribute to a more sustainable energy consumption model, and aid in reducing our national emissions. EV owners are also poised to benefit as the world transitions from fossil fuels to renewable resources.
If you are ready to invest in electric vehicles or have already purchased yours, check out Gexa Energy’s EV solutions.
