Electric vehicles 2022, or “EVs”, are beginning to become a common sight on the roads of the nation. They’re great for the environment. But will an EV really save money as costs increase?
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Do Some Research Before Buying
EVs have been used for a long time. But Tesla is the one who made them available to the public thanks to improvements in battery technology. Now, every major car company makes its own electric vehicle. So you have a lot of options, and each one has pros and cons.
So, a little bit of research is needed. Expert review sites like Edmunds can help you figure out which EV is best for you based on how far it will go, how much it will cost to run, and how long the battery lasts.
Contemplate Increased Energy Costs
One of the best things about electric cars is that they are much cheaper to run than gas cars because the battery just needs to be charged. In comparison, you could save about 70% of the cost. But everyone knows that the price of electricity is going through the roof.
And yesterday, Jeremy Hunt stated that the government’s plans to keep a price cap will end in April 2023. So it’s possible that the cost of running an EV will increase significantly to what it is right now.
Will an EV Really Save Money?
With the price of everything going up, it will cost more to buy an electric vehicle. Along with the rising cost of electricity, they will also cost more to run. But depending on where you live, there are some other benefits as well.
In the UK, for example, you don’t have to pay for parking (which is great when exploring the country) or road tax with an EV, which can save you hundreds of pounds per year. Even if prices go up, an EV will almost always be cheaper than a standard car.
In my country, Japan, Electric vehicles have gone popular. According to this article, Japanese consumer electricity rates are quite high compared with most of the US, but pretty well in line with rates found in the European Union.
The Upfront Cost and Maintenance
Having an electric car has a lot of advantages. But some of the main downsides are a higher initial cost and higher costs for maintenance. Which is something that many manufacturers don’t tell you.
EV prices are higher because manufacturers have to use different ways to make them, like making changes to plants.
Also, EVs need mechanics who are trained in new technologies. This means that garages have to pay their workers more, which gets passed on to you.
Future-Proofing Your Lifestyle
EVs were once thought to be the way of the future. But even though they are firmly in the present, the future is definitely going to be electric. Like other governments, the UK government wants to stop selling traditional cars by 2030.
After that, only electric cars will be sold. Also, about 10% of cars around the world are electric, but experts think that number will rise to 80% by 2050. You can join the EV revolution now and do your part to help climate change.
Sharing is Caring
What do you think of Electric vehicles? Would you purchase one?
You might be asking the question, “Will an EV Really Save Money?”. The short answer is yes, it will. Even with increased prices, the other benefits of EVs offer much cheaper running costs.
Thank you for sharing these insights! I agree with you that the maintenance costs today are a bit higher but the benefits, especially in terms of its effect on our environment, are worth the price to pay.
Great trips, we definitely need to make research before buying anything. I will keep these tips in mind for when I want a new car.
That’s amazing! This is one of the most interesting topic! Thank you for sharing this information with me.
We have plug-in hybrids, and we love them. I think we really need to start being more eco-friendly because the damage to the environment has become so bad.
I am a bit concerned about EV. Imagine getting into a car accident or something, does it have the same effect as an average car, or is it less or worse? Although it is excellent for the environment and more accessible to recharge as I already have a spot recharge spot in my city in Scotland.
Wow, by 2030?! I had no idea. I like the direction we’re headed and we definitely need to be thinking of this going into the new few years. Great post!
I think it also depends on the brand you are buying the EV from, I’ve seen & read some horror stories about how much it cost for repairs or even a new battery on a tesla. The price they paid (they had a copy of the invoice included) was more than I bought my car for & have paid in repairs since I purchased it.
We’re definitely interested in an electric vehicle. We haven’t done it yet, because there’s just so much to know. This was a big help!
I think that eventually EVs will be about the same as gas vehicles. In the meantime, I’m in the market just because it’s better for the environment.
This is an eye-opening article. We have been considering purchasing a EV – I will send this over to my husband as I am sure neither of us have thought through your information. Thanks!