UBS, a large Swiss bank, estimates that EVs will account for 14% of global car sales by 2025. Compared to the figure of 1%, which was the prediction in 2017, this is a rapid shift upward. The main reason why EVs are gaining increasing popularity is that the technology used in their production is improving quickly and, hence, pushing the prices down.
Batteries and home battery storages are getting more efficient and cheaper literally every day. I.e., the cost per kilowatt-hour for a battery used in a standard EV is $130-$150, whereas only in 2010 it was $1000.
The distance EVs can cover on one charge is also increasing: some EVs can be driven 1000km+ before the battery will require a charge.
All these factors seem to be sufficient for more and more people to consider purchasing an EV instead of a gas-fueled car. This is good news for the environment, too.
Lastly, here’s a thought: self-driven EVs are predicted to make a huge change very soon in the future. Just consider how many people (especially the elderly) will love to relax while their car does all the work.
Types of EVs
Before you rush to buy a new EV, however, make sure to familiarize yourself with the available types. Presently, there are 3 basic types of EVs available on the market:
Battery Electric Vehicles (BEVs)
These are powered solely by an electric battery. They have no gas-engine parts at all and many of them are capable of fast charging and L2 charging.
Hybrid Electric Vehicles (HEVs)
HEVs are low-emission vehicles that use an electric motor to assist gas-powered engines. They use gasoline and cannot be charged with EVgo.
Plug-in Hybrid Electric Vehicles (PHEVs)
PHEVs are powered by a larger battery and an electric motor. PHEVs are, in a sense, the best of both worlds, having both a gas tank and a charging port. They can be charged by using L2 chargers.
That more options are on their way is shown by the fact that several electric pickup cars will be arriving very soon. In fact, deliveries for some of them have already started, notably for Rivian R1T and Hummer EV. With Ford, Chevrolet, and Tesla joining in the bandwagon, there really will be a perfect EV model for everyone.
On top of the costs and positive environmental impact, EVs are certain to bring forth a welcome change in the way you drive and plan your trips, so let’s take a look at some of the most significant ones.
Maintenance Costs Are Low
EVs have only a couple of moving parts, so the maintenance costs are quite low. Apart from tire changes and periodic safety inspections, there are only a few other maintenance expenses.
Compare that to the maintenance costs of a gas-powered car: oil changes, filter changes, an annual or bi-annual service, to name just the most common few.
EVs generally suffer less wear and tear — only the battery needs your attention. With batteries getting ever better and cheaper, this will soon improve as well.
Different EVs have different ranges. A Tesla and a Chevy Bolt have a better range than other EVs, but they still their battery still needs to be charged up for the night.
No Noise, No Smell
EV cars don’t have any engine noises or smells. Driving them grants complete silence, except for the sound of the tires on the road.
Naturally, because they don’t use gas, there are no smells either.
Incentives for Buying EVs
Many countries are making an effort to move to green energy and offering incentives for buying an EV comes as part of the package. In the U.S., there are currently two types of incentives for buying an EV: federal tax credits and state and utility incentives.
Federal Tax Credits
Internal Revenue Code Section 30D (IRC 30D) provides a federal credit for EVs.
For vehicles purchased after December 31, 2009, the credit stands at $2,500 plus, for a vehicle which draws propulsion energy from a battery with at least 5 kWh of capacity, $417, plus an additional $417 for each kWh of battery capacity in excess of 5 kWh. The credit cannot exceed $7,500.
The credit is applicable only to the first 200,000 vehicles a manufacturer sells (calculated on a cumulative basis for overall sales after December 31, 2009). Tesla and General Motors don’t qualify.
Presently, EVs available for tax credits include: AMP EVs, Audi EVs, Bentle’s 2020–21 Bentayga Hybrid, BMW EVs, BYD Motor’ 2012–17 e6 Electric Vehicle, BYD Motors’ 2017–22 Pacifica Plug-in Hybrid, CODA Automotive’s 2010, 2012 CODA Sedan, ELMS’ 2022 ELMS Urban Delivery, Electric Mobile Cars EVs, Ferrari’s 2020–21 SF90 Stradale, Fiat’s 2013–19 500e, Fisker’s 2012 Karma Sedan, Ford EVs, Ford/Azure Dynamics’ 2011–12 Transit Connect EV, Honda EVs, Hyundai EVs, Jaguar EVs, Jeep EVs, Kandi EVs, Karma’s 2018–20 Karma Revero, Kia EVs, Lexus’ 2022 NX Plug-In Hybrid, Lincoln EVs, Lucid EVs, Mazda’s 2022 MX-30, McLaren’s 2022 Artura, Mercedes-Benz EVs, MINI EVs, Mitsubishi EVs, Nissan’s 2011–22 Leaf, Polestar Automotive EVs, Porsche EVs, Rivian EVs, Smart USA EVs, Subaru’s 2019–21 Crosstrek Hybrid, Think’s 2011 Think City EV, Toyota EVs, VIA Motors EVs, Volkswagen EVs, Volvo EVs, Wheego’s 2011 LiFe, Zenith Motors EVs.
To qualify for the credit, the EV must meet the following criteria:
- Must be made by a manufacturer
- Count as a motor vehicle for purposes of Title II of the Clean Air Act
- Must have a GVWR of up to 14,000 lbs
- Must be propelled by an electric motor which draws electricity from a battery which:
- Has a capacity of at least 4 kilowatt hours
- Can be recharged from an external source of electricity
- Must be a new vehicle
- Is acquired for use/lease by the taxpayer, and is not to be re-sold (the credit is available to the original buyer)
- Is used mostly in the U.S.
- Must be placed in service during or after the 2010 calendar year
State and Utility Incentives
Some states offer incentives for EV owners. The states that are part of the National Electric Highway Coalition (NEHC) are among them. NEHC is creating a network of DC Fast charging stations connecting major highway systems from the Atlantic Coast to the Pacific Coast. NEHC utility members provide fast charging deployment plans that enable long-distance EV travel and complement existing corridor DC fast-charging sites.
No matter how you look at it, EVs are the future. With the technology improving and costs going down all the time, it’s only a matter of time when EVs will replace gas-powered vehicles for good. Look for available incentives to get the best of deals, compare models and — enjoy the ride!