The start of the end of the internal combustion engine may be just around the corner, ushering in a bright future for electric vehicles (EVs) and making it a great time to go electric with your next mode of transportation. While Toyota was the first company to truly capture the electric vehicle market with the Prius, Tesla popularized these cars, making them look stylish and attractive to more people. Several major automakers, such as General Motors, have pledged to phase out the combustion engine altogether in favor of electrics by 2035, and the Biden administration would like electric vehicles to account for up to half of all car sales by 2030. Before you bite into a new car, ask yourself why it should be an electric vehicle.
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Electric vehicles support the environment
The effects of fossil fuels on the climate are only getting worse. CO2 levels in the atmosphere peaked in May 2020, at 417 parts per million, according to NOAA. Investing in an electric vehicle not only has financial benefits for you, but also for the environment. âIt is essential to switch to less polluting and more renewable energy efficient methods,â said Susan Smith, Marketing Manager at Velden Engineering. âIn addition, the air pollution and exhaust fumes created by typical automobiles are not only dangerous for Mother Nature; it is also poisonous for humans. Nothing beats an electric vehicle to preserve the environment and our health.
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Electric vehicles can be cheaper to operate
Depending on where you plug in your electric vehicle, using one is definitely cheaper than a vehicle with an internal combustion engine. âOne of the most important advantages of electric cars is their low [costs], which save buyers a considerable amount of money each year, âsaid Matas Buzelis, communications manager at carVertical. âIn addition, with the rise in fuel prices, the electric vehicle appears to be a much more profitable alternative. “
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You can use solar energy to recharge them
Buying an electric vehicle can be a great incentive to get solar power for your home, reducing both the cost of powering your home and the cost of recharging your vehicle.
Electric vehicles are cheaper to maintain
Since electric vehicles do not have an internal combustion engine, they will “last longer before needing to be replaced and require much less maintenance,” said Gerrid Smith, CEO and Founder of Property Tax Loan Pros. âElectric vehicles have no moving parts to maintain, no oil to change, no seals to replace, no valves to clean and no combustion engine. Therefore, these additional maintenance costs are no longer necessary.
Where you can end up spending money in the long run is to replace the batteries that power your vehicle, but they don’t degrade quickly, Smith explains. âA standard lithium-ion EV battery should live up to 160,934 miles and maintain consistent range throughout that time,â Smith said.
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You can buy a used EV
While electric cars may seem new to you, some models have been around long enough that used options are available now, said Kyle MacDonald, Force by Mojio director of operations. Although you lose some of the used purchase resale value, you benefit from the fact that someone else bought a new product.
âThe future of the fleet is electric,â said MacDonald.
Performance has caught up with the price
While you can never drive your electric vehicle like a sports car, according to Alex Killingsworth, a consultant for Superior Honda in New Orleans, the performance of electric vehicles has almost caught up with its price. âRuntimes are longer, motors are more powerful and technology is improving rapidly,â he said. âRoutine software updates also make existing cars perform better, even without performance improvements. “
In addition, the data suggests that ” [cars] start to outperform [internal combustion engine] cars in terms of value retention, with some high-end models such as Teslas performing exceptionally well, âsaid Buzelis.
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There are purchasing incentives
Many states are offering financial incentives and tax breaks for switching to an electric vehicle right now, and those incentives may disappear as more businesses switch to electric. “There is no guarantee that these will be available when electric vehicles are adopted on an even larger scale,” Killingsworth said. “If you know you are looking to make the trade afterwards, now is the perfect time.”
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You can also invest in a scooter or an electric bike
If you only need a vehicle for short distances or for a very local commute, you may not even need an entire car. Consider an electric scooter or an electric bicycle. âElectric bikes have been a great way for consumers to try out electric modes of transportation,â said Dr Terika L. Haynes, CEO and owner of DT Scooters. âElectric transportation has been helpful to our customers who commute to work or want to get around their areas easily while avoiding traffic,â she said.
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Last updated: October 14, 2021
This article originally appeared on GOBankingRates.com: Why Now is the Time to Invest in an Electric Vehicle?