Why Now Is the Time To Invest In an Electric Vehicle

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The beginning of the end of the internal combustion engine may be at hand, paving a bright future for electric vehicles (EVs), and making this an excellent time to go electric with your next mode of transportation. While Toyota was the first company to really corner the market on electric vehicles with the Prius, Tesla popularized these cars, making them seem sleek and appealing to a wider variety of people. Several big car companies, such as General Motors, have committed to completely phasing out the combustion engine in favor of electric by 2035, and the Biden administration would like to see electric vehicles be as much as half of all car sales by 2030. Before you bite on a new car, consider 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 worsening. CO2 levels in the atmosphere reached their highest levels in May of 2020, at 417 parts per million, according to NOAA. Investing in an electric vehicle not only has financial benefits to you, but to the environment. “Switching to less polluting and more renewable energy-efficient ways is critical,” said Susan Smith, marketing manager at Velden Engineering. “Furthermore, air pollution and exhaust fumes created by typical automobiles are not just hazardous to Mother Nature; it’s venomous to humans as well. Nothing beats an electric vehicle for saving the environment and our health.”

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Electric Vehicles Can Be Cheaper To Operate

Depending upon where you plug in your EV, operating one is definitely cheaper than an internal combustion engine vehicle. “One of the most significant advantages of electric cars is their low running [costs], which allow buyers to save a considerable amount each year,” said Matas Buzelis, head of communications at carVertical. “In addition, with fuel prices rising, the EV is emerging as a much more cost-effective alternative.”

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You Can Use Solar Power To Charge Them

Getting an electric vehicle can be a great incentive to get solar power for your home, reducing both the cost of your home electricity and the cost to charge your vehicle.

Electric Vehicles Are Cheaper To Maintain

Because electric vehicles do not have internal combustion engines, they “will last longer before needing replacement and will require far less maintenance,” said Gerrid Smith, CEO and founder of Property Tax Loan Pros. “Electric vehicles have no moving parts to maintain, no oil to change, no gaskets to replace, no valves to clean, and no combustion engines. As a result these extra maintenance fees are no longer necessary.”

Where you may end up spending money over the long term is on replacing the batteries that power your vehicle, but they do not degrade quickly, Smith explains. “A standard lithium-ion EV battery is expected to live for 160,934 miles and retain a constant driving range throughout that time,” Smith said.

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You Can Buy a Used EV

Though electric cars may seem new to you, certain models have been around long enough that used options are available now, said Kyle MacDonald, director of operations for Force by Mojio. Though you do lose some of the resale value buying used, you benefit from someone else having bought brand new.

“The future of the fleet is electric,” MacDonald said.

Performance Has Caught Up to Price

While you may never be able to race your electric vehicle like a sports car, according to Alex Killingsworth, a consultant for Superior Honda in New Orleans, the performance of EVs has nearly caught up to their price tag. “Ranges are longer, engines are more powerful, and the technology is quickly improving,” he said. “Routine software updates are also making existing cars more capable, even without performance upgrades.”

Additionally, data suggests that “electric [cars] are beginning to outperform [internal combustion engine] cars in terms of value retention, with some premium models such as Teslas performing exceptionally well,” Buzelis said.

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There Are Incentives for Purchasing

Many states offer financial incentives and tax breaks for switching to an electric vehicle at this time, and these incentives may go away when more companies switch to electric. “It’s no guarantee that these will be available when electric vehicles are being adopted at an even greater scale,” Killingsworth said. “If you know you’re looking to make the swap eventually, now is a great time.”

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You Can Also Invest In an Electric Scooter or Bike

If you only need a vehicle for short distances or a very local commute, you might not even need an entire car. Consider an electric scooter or e-bike. “Electric bikes have been a great way for consumers to try out electric modes of transportation,” said Dr. Terika L. Haynes, CEO and owner of DT Scooters. “Electric transports have been useful to our customers who commute for work or wish to navigate their areas easily while avoiding traffic,” she said.

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Last updated: Oct. 14, 2021

This article originally appeared on GOBankingRates.com: Why Now Is the Time To Invest In an Electric Vehicle

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