Electric Cars: Will They Take Over The Market or Is It Just a Passing Phase?

Chances are you know at least one person who has an electric car. You may even have one yourself. The transition from gasoline-powered cars to electric cars has been a gradual process over the years. Not everyone has been enthusiastic about the production of more electric cars and those that are in favor are somewhat disappointed with the high costs of many of them. They want to drive them, but the simple truth is that many are not that affordable for the average person.

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 What’s so great about electric cars? 

First, they’re designed to be easier on the environment. They are a cleaner alternative, needing no fuel and having lower maintenance costs. After all, a battery-powered automobile is much different than a gasoline-powered automobile. You won’t find yourself scheduling oil changes or having to change timing belts or transmissions.

They’re also cheaper in the long-run. Let’s talk cost. The price range of electric cars varies widely, with most people assuming that they are all quite expensive. The reality is that owning an electric car will actually cost you less in the long run in comparison to gasoline-powered cars. For example, if you drive 15,000 miles in a year and your car gets about 25 miles per gallon of gasoline @$3.50 per gallon, your fuel costs are $2,100 per year. If your car was electric, your car would need about 4,300 kWh @ 11 cents per kWh, which would cost about $475 per year. Plus, you’d be saving on maintenance costs as well. Additionally, come tax season you can take up to $7,500 federal tax credit for purchasing an electric car.

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Will electric cars take over the market?

The big question these days is will electric cars become more prevalent over the years? Will they ever take over the car market? EV sales are certainly increasing and there are more charging stations in America. You can now find charging locations in more parking lots and businesses across the nation.

With battery prices falling 35% last year and the nation becoming more and more environmentally conscious, it’s possible that electric vehicles may take over the market in the next 20 years. According to a Bloomberg New Energy Finance (BNEF) analysis, electric vehicles are on a trajectory to become just as affordable as gasoline powered cars within the next six years. It seems as if the 2020s may just be the decade of electric vehicles.  Some project that long-range electric vehicles will cost a bit more than $20,000 by 2040, which is quite affordable when it comes to automobiles.

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What companies are leading the way?

Chevy, Nissan, and Tesla plan on selling their long-range electric vehicles within the next few years beginning around $30,000. This price will get the attention of environmentally- friendly people around the world, not to mention those who simply like to purchase the “next new thing”. Plus, there are billions of dollars being invested in the niche by various carmakers around the world. Within the next three to four years, we’ll be seeing some of these electric cars performing better than gasoline cars, and this will certainly get the attention of car buyers.

Still, short-range electric vehicles are selling. Take the Nissan Leaf for example. This 24 kWh car can zoon 84 miles on a full charge. It’s actually the most sold electric car in the U.S. and the price is reasonable as well. You can pick one up for around $21,500 after federal tax incentives. Still too much for your wallet? Then go with the Chevy Spark EV, which gets 82 miles per full charge and after tax incentives costs around $18,000. Not bad for a new, electric car.

Will electric cars eventually take over the auto market? It may take some time, but it looks as if there is a high chance that they certainly will one day. This is great news for the environment, but not so great news for oil companies. Certainly with the battery prices decreasing as drastically as they are, people will begin to buy more. Since 2010, there has been a 65% drop in average cost per kilowatt hour, and some predict it will continue to drop.

What about you? Are you on board for purchasing an electric car?