The electric vehicle, or “EV”, revolution is here. According to CNBC, in 2021, global automakers are projected to sell more than 3 million electric vehicles for the first time ever, a rise of nearly 40-percent from 2020. Meanwhile, in that same timespan, overall auto sales are down roughly 25-percent compared from pre-pandemic levels. With some auto manufacturers reporting declines in sales of more than 50-percent during the peak of the lockdowns. Even before the unprecedented global pandemic and ensuing economic aftermath. New car sales were already in decline due in part to the emergence of ride-sharing apps like Uber and Lyft. In the last ten years, the amount of EV cars and trucks on the road has jumped from about 17,000 in 2010. To over 7.2 million in 2019, with those numbers expected to skyrocket even higher in the coming years.
In another sign of the changing times, the American electric vehicle manufacturer Tesla is now ranked as the most valuable car company in the world, in terms of overall net worth. The CEO of Volkswagen, currently the largest automaker in the world by volume, Herbert Diess, was quoted as saying, “The era of the classic car maker is over. We need to move faster on electric vehicles or we will follow Nokia’s fate”. Volkswagen aims to produce electric-only automobiles by 2026. With other major automakers like Toyota and GM making similar pledges to take place by the end of the decade. With EVs clearly on the rise, the question is, should I buy an electric vehicle now, or should I wait?
Why Buy an Electric Vehicle Now?
When it comes to cost, the price of EVs have dropped drastically in the past decade due to advancements in battery technology, the most expensive component in any electric vehicle. These breakthroughs in innovation and development have improved battery performance and efficiency, while dramatically reducing their cost. Electric vehicles are now comparable in price to traditional ICE cars and trucks, with costs projected to drop even lower in the coming years.
The main cost-saving of electric vehicle ownership is the fact you do not need to buy gas. According to the International Energy Agency, the average internal combustion engine automobile motorist spends about $1117 dollars a year on gasoline or diesel based fuel, while the average EV owner spends roughly $485 dollars annually on plug-in electricity.
In general, EVs require less maintenance than traditional ICE vehicles because they simply have less moving parts that wear out and need to be replaced. The most expensive component of an EV is its battery. Servicing or replacing one can be very costly. However, most EV automakers offer a battery warranty of 100,000 miles or eight years, the industry standard.
Gone are the days where electric cars are associated as being slow and underpowered; think first generation Toyota Prius. Electric engines have proven to be more efficient than their gas-powered counterparts due to the fact energy in an electric motor passes through a lot less moving parts than a traditional ICE engine, resulting in more efficiency and power. To put it in perspective, Tesla’s top-of-the-line Model S electric 4-door sedan blazes from 0-60 mph in 2.5-seconds. At a cost of $99,000 and can be purchased online today. There were only two other cars to ever record a faster 0-60 time in automobile history, a Porsche and a Ferrari, both of which were supercars that cost millions dollars and were never released to the public.
In the past, electric vehicles were criticized for not having enough range. With the evolution of EV battery technology, this is no longer the case. The average electric vehicle on the market in 2020 boasts a range of 200 miles per charge, while the average gas-powered vehicle gets 300 miles of range per tank of gas. The top EVs on the market have the capability to travel 400 miles on a single charge.
Improved Charging Network
A past knock on EVs was the lack of roadside charging infrastructure. As electric vehicle technology has matured, so has the network of electric charging stations. As of March 2020, the US now has over 79,000 EV charging outlets located at over 25,000 roadside charging stations nationwide. The number of charging stations is forecasted to grow exponentially in the next decade.
The whole idea behind driving an electric car is reduced carbon emissions as well as preserving the environment. EVs are significantly better for the environment than ICE vehicles because they do not release carbon emissions and are a lot more energy efficient than gas-powered cars and trucks.
Why Wait to Buy an Electric Vehicle?
The number one reason to wait to buy an electric vehicle is money. The longer you are able to drive your current automobile the more value you are able to get out of it. The average car on the road is twelve years old, so If your gas-powered car or truck is running fine and maintenance costs are reasonable, than driving it as long as possible is in your best interest financially.
If you find yourself regularly paying for auto repairs and service, you should consult an ASE-certified mechanic to see if your automobile is costing you more in upkeep than it would to buy an electric vehicle. Here at Carolina Auto we have delivered honest, no-nonsense vehicle inspections and assessments to the Winston Salem community for over fifteen years. If you’re looking for a reliable, trustworthy auto repair and service center in North Carolina, than contact us today or stop by for a visit.
With oil prices at historically low levels and with future demand in decline, now may not be the best time to make the switch to electric. The global pandemic and economic downturn have only accelerated the decline in oil cost and future demand.
Not 100% Sustainable
The common misconception is that if you buy an electric vehicle you are not polluting the Earth. It is true that EVs do not emit toxic greenhouse gases that harm the environment and are significantly more energy-efficient. However, when an EV is plug in and charging it is consuming electricity from the grid. Which is power in part, if not exclusively, by the burning of fossil fuels. While EVs produce less pollution while driving, EV engines, on average. Produce 60-percent more carbon emissions than gas-powered engines during the production and manufacturing process. Electric vehicles have more toxic materials and chemicals than ICE cars. Especially as it pertains to the battery.
Cheaper in the Future
In the past decade, the price of EVs has fallen to a fraction of what it once was. In that same timeframe, the performance and capability of electric car and trucks have improved considerably as well. Like any other new innovative technology, it only gets more cost-effective and advance as time goes by.
Gas powered cars are much quicker and easier to refuel. On average, an electric car takes eight hours to charge from a standard home charging unit. The absolute fastest roadside charging station can fully charge an EV in 30-minutes using the highest-speed charging outlet. You must also factor in wait times to access charging outlets. The time required for slower charging ports and the added cost of using roadside charging stations.
The future of transportation is electric. While the auto industry is rapidly switching to electric vehicles, gas-power cars and trucks will still be with us for decades to come. However, just as the world transitioned from using horses as the primary form of transportation. All cars, trucks, buses, planes and trains will eventually be all-electric.