Should I Invest In An Electric Vehicle?

electric car driving down a road

About Electric Cars

There are many socially conscious people that believe we are all going to be driving an electric vehicle within the next 20 years. Then there are others that believe that is not going to happen, mainly because not “everyone” can go buy a new vehicle, electric or otherwise. And a handful of us is still waiting for flying cars. 

But electric vehicles are here and aren’t going to disappear, so let’s address some common concerns and questions about this future way of life. Maybe we’ll find out it won’t be as bad as old-school car guys fear.

Do electric cars cost more?

As of May 2022, yes, an electric vehicle cost around $10,000 more than a gas-powered vehicle. Like anything new though, the more that are sold, the price will begin to drop. In the meantime, if you’re really wanting to go all-electric, there are tax incentives up to $7,500 that can ease the sticker price pain. You need to do some research on which electric vehicle will get you the most tax incentive.

Are electric cars worth the investment?

The electric vehicle market was cornered by Toyota first with the Prius, but then Tesla gave electric vehicles an appealing, sleek appearance that made them the popular “I gotta have one!” vehicles. Today, General Motors and other big car manufacturers have their own electric vehicles on the market. 

If the current administration has their way, over half of us will own and drive one by 2030. So, yes, there are some benefits to owning an electric vehicle, but do these benefits make it worth the investment? Maybe for some, but not everyone. Of course, as it has been said, you can’t please everyone. 

What are the benefits of an electric vehicle?

There are several benefits to owning an electric vehicle, with the most obvious one being, no more gas pump visits, if you get an all-electric version. With the price of gas today, this benefit may be pulling more buyers in than ever before. But there are other benefits to examine: 

  • Convenience: No worry about leaving early in the morning to get gas. Simply plug your electric vehicle in when you get home and you’ll be powered up and ready in the morning! 
  • Savings: Not only will not be paying that high cost at the pump, but the government will give you some money back for going green with an electric vehicle. 
  • No Emissions: With an all-electric vehicle, no fossil fuel is emitting toxic fumes into the environment. Even if you go with a hybrid (combustion and electric powered), you’ll still be emitting less of those toxic fumes. 
  • Popular: Back in the late 1970s, the popular kids drove a 442 by Oldsmobile. Today, the electric vehicle is taking that position in the school parking lot. Everyone will want to be ‘that cool dude’ sooner or later.
  • Safety: Vehicle manufacturers put their electric vehicles through the same rigorous testing that they do their fuel-powered vehicles. A key difference in safety is the low center of gravity of electric vehicles gives them more stability if they are involved in a wreck, i.e., less likely to roll over. And if the airbags are deployed, the electric power is automatically shut off from the battery, reducing the possibility of an explosion. 
  • Cost-Effective: So, do electric cars cost more? Yes, but because they are becoming more commonplace and the technology of manufacturing electric vehicles has improved, the cost is coming down. The batteries that were once a hindrance to purchasing these cars are mass-produced now, and the government is offering tax incentives when you purchase an electric vehicle. 
  • Minimal Maintenance: Electric vehicles do not need the same amount of maintenance as gas-powered cars because the engine doesn’t rely on being lubricated. 
  • Noise Pollution Reduced: The noise pollution of electric vehicles is almost 100% nil and void. They offer a smooth drive and higher acceleration. 
  • The Battery: Yes, the battery for an electric vehicle has been the ‘sore spot’ to keep these cars from being more popular, but they are integral for an electric vehicle. A good lithium-ion battery can last for 10 years, and with the improvements in technology every year, the cost of those will be coming down more.
charging an electric car

How do electric vehicles work?

Electric vehicles are plugged into a charge point and use electricity from the power grid. The electricity pulled from the grid is stored in a rechargeable battery that powers an electric motor that makes the wheels turn. An electric vehicle will accelerate faster than a traditional fuel engine, making them feel lighter while driving. Electric vehicles can be charged at home or at a public charging station. 

How long does an electric car have to charge?

It depends on the battery size and the charging point speed, but it can range between 30 minutes and 12 hours or longer. A typical 60kWh battery can charge in under 8 hours from a 7kW charging point when the battery is completely empty. Like adding gas when your car is at ¼ tank, most electric vehicle owners will charge up the battery before it is completely empty. For many electric vehicles, a rapid charger of 50kW can add approximately 100 miles of range in just over half an hour. The bigger the battery, the longer it takes to charge up from empty. 

What are the different types of electric vehicles?

There are three primary types of electric vehicles. They are classified by the level of electricity used for their energy source.  Those three types are: 

  • Electric (BEV)

A Battery Electric Vehicle (BEV) is an all-electric vehicle, with electricity being its only power using a rechargeable battery.  

  • Plug-In Hybrid

A Plug-In Hybrid (PHEV) electric vehicle has a medium-sized electric battery that powers the engine, and it has a diesel or petrol engine as well, allowing the driver to switch between power sources based on needs.  

  • Hybrid 

A Hybrid Electric Vehicle (HEV) has an electric battery where the power is selected by the engine and doesn’t have to be recharged with an external power supply station.  

Are there any cons to owning an electric vehicle?

Yes, there are cons to the electric vehicle that you should consider before making this investment, some of which are: 

1. Recharging points are few and far between, so if you live or traveling through a rural area, electric vehicles may not be right for you at this time. 

2. The Initial cost of purchasing an electric vehicle is high, even with the tax incentive, the upfront cost is an issue for most. 

3. Recharging isn’t free, meaning it will hit your electric bill. 

4. The driving range and speed of an electric vehicle can hinder your driving style. You’ll go maybe 100 miles before you need to recharge. 

5. Recharge time take longer than filling up the tank with gas. Instead of less than 10 minutes, you’re looking up to 6 hours. 

6. The silence can be a disadvantage because nobody can hear you coming, and this has led to many accidents.

7. Two-seater only for electric vehicles, so may not be the vehicle you need for a family.

8. Replacing the battery is needed every three to ten years for all-electric vehicles. 

How long will a electric car last?

Car manufacturers claim electric vehicles can last 8 years or longer, up to 100,000 miles. Since cell phones don’t last that long for most of us, it’s kind of hard to imagine this still, but time will tell! 

In Closing – You Have To Wonder

With all this hype and push for going with all-electric vehicles, just how much money can an electric vehicle save you on gas? Because the price of gas fluctuates daily, especially right now, it is hard to quote dollars to answer this question. 
In March, in the state of California, electric vehicle owners could save up to $1200 by not needing fuel, but in other states, electric vehicles saved car owners just under $1,000. Again, these aren’t numbers to take to the bank! Again, only time will tell you what you could save.

European Plus provides assistance with an electric vehicle in Hopewell and Pennington, NJ. Call 609-737-7226 for more information.