Driven by current events, gas prices are hitting record highs as global supply chains struggle to keep up with demand. While not invulnerable, the price of electricity is less susceptible to the kinds of fluctuations we currently see affecting gas prices. This relative security, coupled with rapid advances in infrastructure and surrounding technology mean that electric vehicles are becoming an increasingly attractive option for millions of drivers.
Pros and cons of EVs
The United States is on the verge of an electric vehicle revolution, demonstrated by the doubling of EV sales in 2021 compared to the previous year. This is because the benefits of electric cars extend well beyond their environmentally friendly nature. With fewer moving parts, EVs are proving to be considerably more reliable than their combustion counterparts. The result is significantly reduced maintenance costs. Coupled with better fuel efficiency and unique technologies like regenerative braking, EVs are quickly becoming not just eco-friendly but wallet-friendly too. Improvements to battery technology have meant that the range of an EV is no longer a concern for daily commutes or even some long distance travel.
By virtue of their high-tech nature, EVs often come packed with the latest safety technologies such as collision warnings and adaptive cruise control. Unfortunately these benefits bring additional costs and while the price of EVs have greatly reduced over the years, they remain significantly more expensive on average than traditional cars. Unfortunately the higher upfront cost of EVs extends beyond the dealership. A number of additional decisions have to be made when purchasing an EV such as the cost of installing a charging station.
One of the main concerns drivers have with EVs is the lack of supporting infrastructure. In rural areas where long distance travel is a daily necessity, the scarcity of charging stations makes EVs an impractical choice for millions. However, the coming years are looking bright as billions of dollars have been pledged towards revamping existing infrastructure and installing thousands of EV charging stations across the country. Assistance is available to individual drivers mainly in the form of tax credits and many manufacturers are still eligible for the $7500 tax credits on their electric cars. While there are plans to expand the EV charging network in the long term, existing infrastructure is inadequate in many places making home charging stations a prohibitively expensive necessity for millions who might otherwise make the switch. Fortunately many states now offer tax credits and rebates on the purchase and installation of EV chargers, alleviating some of the cost.
The next few years will bring an unprecedented surge of funding to EV infrastructure and support country-wide. At a time when gas prices are soaring to record highs, EVs have never been such an attractive option. The often-cited concerns of resale values and charging station scarcity are quickly becoming a thing of the past as the market continues to develop alongside the technology. Indeed, now is the perfect time to make the switch.