Are Electric Cars Worth Buying?

The market and interest for electric cars are rapidly growing as automakers continue to add to their electric vehicle (EV) model lineups.

Electric vehicles are environmentally friendly, making them popular throughout various demographics.

And as fuel prices continue to rise, efforts are underway to boost the number of available EVs and price them reasonably for the average consumer.

January through October 2022, over 600,000 new battery-electric cars were registered in the US alone, up 60% from 2021.

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BloombergNEF projects annual worldwide sales to hit 21 million by 2025. Tesla currently maintains its position as the world's top manufacturer of electric vehicles; however, many companies from the US, Canada, Germany, China, and Israel are producing new electric vehicles as well.

How Much Does an Electric Vehicle Cost?

Due to their higher performance, electric cars are generally more expensive than fuel-powered cars. Numerous EV brands are available, but pricing varies by manufacturer, functionality, and vehicle performance.

According to Kelley Blue Book, the average price of an EV is approximately $66,000. However, manufacturers are developing a variety of models to meet rising demand and make EVs more accessible and affordable.

Among available models, prices range from $27,400 to $100,000, including the Hyundai Ioniq 5, Kia EV6, Skoda Enyaq, Fiat 500, Genesis GV60, Ford Mustang Mach-E, and many others.

With a price tag of $27,400, the Nissan Leaf is the most economical EV in the US market, according to U.S. News & World Report. Its reasonable price includes remarkable standard features such as an easy-to-use 8-inch touch screen, Apple CarPlay, and Android Auto.

The Tesla Model 3, whose average price is $46,990, comes equipped with a Wi-Fi hotspot, a built-in dashcam, wireless device charging, synthetic leather upholstery, and heated seats and steering wheel, placing it in the range of relatively affordable cars.

Automotive technology has simplified how automobiles are driven and repaired. Advanced connectivity tools integrated into vehicles assure high productivity. Consumers will continue to seek such convenience as the trend for electric cars continues to rise. Also, consumers can opt for hybrid cars if EVs are not within their budget.

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5 Pros to EVs

1. Lower Fuel Costs

Fuel is more expensive than the electricity needed to charge an electric vehicle. By choosing an EV, you’ll save more dollars as fuel prices continue to rise across the globe.

According to the National Renewable Energy Laboratory, owning an electric car can potentially help you save over $1000 per year.

2. Eco-Friendly

Transport & Environment (T&E) studies show that EVs release fewer air pollutants and greenhouse gases than standard gas- or diesel-powered vehicles.

Because of this, many public leaders continue to advocate for the use of electric cars on public roads.

As nations continue to work toward improving the world’s climate situation, driving an EV shows your support for a better environment.

3. Fewer Repairs, Lower Cost Maintenance

Owning an electric vehicle spares you from regular oil changes. These cars don't require oil, so they’re simpler to monitor and maintain than fuel-powered cars.

Because EVs have fewer moving parts than cars powered by internal combustion engines, EV fuel, and maintenance costs are likely to be lower, according to Green Cars.

4. Long-Term Cost Savings

Along with the already mentioned fuel and maintenance cost savings, on August 16, 2022, President Biden signed the Inflation Reduction Act into law to give incentives and lower energy costs for families and small businesses.

Within the aforementioned bill, the New Clean Vehicle tax credits will qualify EV drivers for up to $7,500 in credits to be claimed on their tax returns.

In addition, many manufacturers are building a range of models based on consumer income levels, making EVs more accessible to all.

Consumer Reports notes that automakers like Nissan, Hyundai, and Chevrolet have lowered the cost of their basic models.

5. High Performance

EVs’ quiet motors minimize noise pollution. And because they’re lighter in weight than conventional gas-powered vehicles, they accelerate more quickly.

Electric Driver notes that electric vehicles have instantaneous torque, which means the engine directly powers the wheels, meaning acceleration from 0-to-60 mph is faster than with fuel-powered vehicles.

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3 Cons of EVs

1. Shorter Range of Travel

Functionally, EVs travel a shorter distance than cars powered by fuel. Ranging from 150-300 miles between charges, many electric vehicles are better suited for city travel and short trips than long-distance travel.

According to research, many drivers hesitate to purchase electric cars due to range anxiety — this is despite the fact that most people, on average, may not typically require 300+ miles of range.

2. Limited Charging Stations

A current concern by owners of electric cars is the relatively conservative growth in the number of available charging stations. However, states like California and Texas are making provisions to make EV charging stations more accessible.

Also, depending on battery size and charging port speed, it may take anywhere from 30 minutes to 12 hours to fully charge an electric vehicle.

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3. Higher Upfront Cost

Starting costs of EVs remain slightly high, even though several strategies are being used to make them more affordable for the average consumer. But one of the factors that contribute to their high expenses is the battery pack.

However, experts forecast that EV battery prices will decrease as well, making them more accessible to more people, given the sharp decline in battery prices over the years.

In addition, there are other expenses that may include maintenance, electricity expenses, and installing a charger at home.

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EV Progress in the US

Demand for EV cars continues, and automakers worldwide are investing significantly in EV production, with the aim of lowering greenhouse gas emissions while electrifying transportation for all.

In California, the Zero Emission Vehicles (ZEV) mandate encourages and directs the progress of automakers to create EVs, hybrid EVs, and battery EVs; 17 other states are currently advocating to do the same.

California and Washington recently announced a restriction on selling new fuel cars by 2035. Some states promote EV usage by offering financial incentives, such as tax credits, refunds, and decreased registration fees.

EV sales are on the increase in Europe, China, and Africa, where strong competitive options are emerging. Keep an eye on global advances in EV production, which could significantly impact ongoing improvements, price reductions, and the further entry of new producers.

Bottom Line

So, are EVs worth buying?

Buying electric cars is entirely a personal preference and choice.

However, based on the facts, we can conclude that, yes, buying an electric car is worthwhile given the many benefits.

Driving EVs can help contribute to environmental and sustainability efforts to reduce excessive fuel use and expenses- which can be one of the main drivers of climate change, global warming, and inflation respectively.

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