So you want in on the game, and as an environmentalist, would love to contribute back to nature. One of the best ways to give back yet acquire transportability advantages is via electric vehicles. However, the big daunting question so far with these revolutionary innovations remains to be regarding their costs. Well, isn’t that a head-scratcher?
To be fair, the good Silicon Valley life might not come to many on a budget, which poses the most significant obstruction for the electric vehicle industry. So, how to make electric cars more affordable? Keep reading, and you just might find the answers.
In the upcoming sections, we elaborate on multiple factors contributing to these models’ making, pricing, and selling. So if you’re a car fanatic who would love to consume mindfully, keep skimming!
How to Make EVs More Affordable
Some of the most significant contributors to electric vehicles’ purchase price is utilizing cost-effective batteries. However, even with that distinction, manufacturers try to be mindful of not hampering the EV’s effectiveness. Another way to cut prices significantly is via government enabled price caps. But, there’s more to the story, and to know how to make electric cars more affordable, read on!
Are Electric Vehicles Affordable?
Truth be told, EV prices are all about EV batteries. With advancing technology and an increase in EV manufacturing, it’s evident that EV battery costs will eventually decline, bringing a steady fall in the overall electric motors and EV expense.
By 2025, EVs could be less than or equal to gas-powered cars, excluding other subsidies and incentives. Moreover, many countries have already begun banning gas-powered cars and plan on taking action from 2025 effectively.
Thus, in response to such drastic measures, major car manufacturers have started designing, producing, and launching EVs. With such growing demands and supply, the economies of scale will soon reach greater heights. Therefore, the shares and prices are bound to go down in the competitive market.
Additionally, electricity and charging outlets are comparatively much cheaper at gas stations around the globe, with an average of half the costs spent on gasoline. But that’s not all. According to many forecasts, electricity prices will also go down and have a stable cost shortly and become cheaper than existing fuel prices.
To add to these advantages, there are a few more that can effectively drop EV prices.
- EVs require lower maintenance as the electric motors and infrastructure have lower moving parts and don’t demand frequent oil, filter or other replacements and changes.
- EV batteries may be expensive now, but they come with up to eight years of guarantee and are built to last a long time. To paint a clearer picture, it’s said that they can run around 500,000 miles, with Tesla announcing that they’ve incorporated a 1-million-mile battery range.
- In some states, low to mid ranged incoming families can acquire leasing and other purchasing discounts on EVs.
EVs Are Still Better! What Is the Biggest Challenge with Electric Vehicles?
Setting aside the initial high costs and prices, the worldwide adoption of EVs is much more beneficial in preventing harmful emissions. However, even then, there are still some hurdles that EVs need to overcome. Let’s check them out.
- Rare Natural Material Reliance
There’s the ongoing production of rare materials in china, but the lagging is still quite active. The issue with using these natural metals and earth elements is that they’re non-renewable and cost a fortune, which can make EV development quite stressful.
- Battery And Chip Shortage
Along with non-renewable natural resource usage, the issue is a shortage of computer chips too. And sadly, this setback is supposed to linger for a few years until solid plans are put into action.
- Charging Infrastructure
Proper e-charging infrastructures will allow users to charge their EVs even when they’re not home, even though some might have standard portals at home, which isn’t possible to build inside residential communities or homes with fuel or gas. However, there are distinctions when people live in apartments or don’t have adequate driveways. Hence charging infrastructures outside of homes are a necessity.
- Customer Resistance
With any change, some resistance is apparent. Even with the daunting gasoline prices and fuel costs, people will resist this significant change until they get used to EVs and their benefits.
What About EVs For Everybody Else? When Will Electric Cars Be Affordable?
A positive change in the EV market is upon us. With dedicated production lines, reduced battery prices, and advanced designs, the automobile industry forecasts EV prices to lower and become more affordable for the generic lot.
Compared to the costs of diesel and petrol during inflation, the EV technology has an overall lower price making external forces like inflation, government rules, and federal tax credits create a thinner gap with price parity. Even lighter EVs and vans will become cheaper by 2025 with SUVs, heavy vehicles, and regular cars following behind in 2027.
Moreover, it’s also predicted that battery-powered EVs will dominate the global market by 2035. Even the prices of the best portable EV chargers will go down by 77% within the next few years, which will directly affect the sale prices, production schedule, and making costs such as Tesla’s, which is already planning to introduce new plants for EVs.
Pros and Cons of Electric Cars
Knowing all the ins and outs plus investing so much time and energy in learning how to make electric cars more affordable will be worthless if you’re unaware of the basic pros and cons of EVs. So, let’s catch you up.
Pros:
- Excellent electric motors’ torque provides simpler acceleration.
- Highly comfortable, with no whirring sounds or external road, wind, and tire noises.
- EVs are cheap and also have year-long sale schemes.
- Comes with affordable federal tax credits and road taxes.
- Day-to-day costs are much cheaper compared to diesel and petrol.
- Hybrid vehicles and pure EVs come with multiple grant and incentive programs.
- The best catch is that EVs have zero emissions and come with closed-loop systems.
Cons:
- Getting used to the charging time will require some time and a learning curve.
- Most people fear the battery range of EVs of 150 to 200 miles with one charge.
- There are currently fewer charging points and locations around the globe, which causes some anxiety during driving.
- Even with the exception of luxury models, EVs are, on average, expensive.
- According to some, EVs are a bit dull to drive than gas or petrol vehicles.
How to Afford an Electric Car
Afraid you won’t be able to afford an EV? Don’t worry; check out these safe options for securing your future in an emission-free world.
- Government Grants:
The UK government provides generous grants up to 3% of the original price. The grant helped many with purchasing EVs and electric motorcycles. - Scrappage Scheme:
Manufacturers offer multiple schemes to eradicate fuel pollution from existing cars and lure customers toward EVs. - Leasing:
You can simply lease EVs if you’re a conscious nature reservoir and don’t want to splurge hefty amounts on these alternatives. These leases can come in monthly contracts, which is much cheaper. - Subscription Services:
Monthly plans also extend to EV subscription services, which sometimes can be even cheaper than leasing.
10 Best Ways to Make Electric Cars More Affordable
Policymakers and manufacturers, in unison, can work to make EVs cheaper. How; you ask? Good question. Keep reading to know why owning an EV might be within anyone’s forte.
- Price Caps: To get more EVs on the road, governments enable policies and price caps to encourage mid and lower-mid-class families to afford them. Manufacturers like Tesla, Chevrolet, and Nissan have many models, excluding the luxury ones belonging to this criteria.
- Subsidies: Programs to ramp up subsidies have enabled lower-income households to turn to cost-effective solutions for EVs and own them.
- Cheaper Loans: Loans backed with a poor credit system can encourage many to invest in EVs at the cheapest rate.
- Scale Subsidies: The idea is to let more lower-income people drive EVs through scaling subsidies to mileage. So issues of longer commutes and costs can be maintained.
- Point Scale Subsidies: Offering rebates on subsidies are ongoing in many states and should be programmed further, so people don’t have to wait longer to become economically stable.
- Used EVs: It’s not necessary to sell and focus on new EVs when second-hands are viable options for many. This policy will also prohibit manufacturers or sellers from jacking up prices.
- Packages: Obviously, most EVs are luxury items now, but they don’t have to be. Manufacturers can incorporate cheaper rates and costs, tailor to all consumer demographics, and stay in the competitive market.
- Educate: Some people are still unaware of EVs. This creates an even bigger gap for those who want to be environmentally cautious. Educating and dispersing knowledge on EV benefits should come naturally and immediately.
- Product Availability: EV production has been relatively slow, and more manufacturers need to step into this game. The sooner they, the sooner they can reach economies of scale and offer better prices.
- Simplify Designs: Automobile manufacturers need to focus on value-neutral features now more than ever and work towards simplified designs rather than glorifying every other feature to bring down costs.
What’s the Best Way to Make Electric Vehicles More Affordable?
Along with introducing cheaper technology and materials, the government, on all grounds needs to step in. The best viable options thus far seem to be price caps or subsidies for more than half the population since environmental safety is the first and foremost plan.
Why Don’t More People Buy Electric Cars?
The most prominent issue of why more EVs aren’t seen on roads is infrastructure improvement laggings. Installing EV charging stations in residential areas and around crowded spots can decrease this anxiety among users. Additionally, there must be a higher focus on improving these charging spots’ infrastructure for the long run and regular use.
How to Get More Electric Cars on the Road
It’s a damper that more people aren’t drawn towards EVs yet. But the scenario might change sooner when the issues are targeted. Here are a few common dilemmas why people aren’t turning to EVs.
- People aren’t well-educated on EVs.
- There’s high anxiety about EVs range fulfillment.
- People are unable to find nearby charging stations.
- Users are concerned about the current charging time.
- EVs are pretty expensive.
How Environmentally Friendly Are Electric Vehicles?
So far we’ve acquired much knowledge on EV, their benefits and costs. But, it’s time to compare traditional cars to futuristic ones now. What are the vital distinctions? Let’s see.
| Features | Traditional Vehicles | EV |
|---|---|---|
| Mover | I.C. engines | Electric motors |
| Power | Diesel, petrol | Charged, ultra-capacitors |
| Weight | Low | High |
| Transmission | Mechanical | Electrical, mechanical |
| Efficiency | Low | High |
| Eco-friendly | No | Yes |
| Running Cost | High | Low |
| Initial cost | Average | High |
| Speed change | Uniform | Frequent |
| Noise | Low | Very low |
Is an Electric Car Economical to Own?
EVs indeed cost more when gas prices are compared. However, they’re much cheaper to run than the rest. Fuel costs may be lower, with an average of $300 to $400 per year on electric cars based on the time and location of charging. Needless to say, there’s some trade-off with EVs, but the environmental impacts are more significant.
How Can an Average Family Afford an Electric Car?
Research says users don’t necessarily need to spend an arm and a leg to afford an EV. Initially, EVs are bound to be priced higher than gas-powered cars, although the differences are getting thinner daily.
In the UK, the average cost of an EV is approximately 44,000 pounds. However, you can get a cheaper one at around 20,000 pounds with basic specifications and lower luxury features. This price is mainly a splurge due to the batteries.
However, when the electric car batteries’ environmental impacts are considered, it’s quite a steal. Additionally, the government in many countries, especially the UK, provides grants of a few hundred thousand pounds for making these low-emission vehicles on the road and going.
How Will Electric Cars Be Charged in the Future?
In addition to knowing how to make electric cars more affordable, it’s justified to want to know how they’ll charge in the future. Well, depending on the type of vehicle’s specifications and sizes, it’s possible to charge them approximately 80% within thirty minutes.
However, within the next ten years, the time shall become shorter with each charge, and companies are trying and succeeding in developing newer versions of lithium-ion batteries that can promote charging within twenty minutes or less.
On the other hand, there have been more altercations in technology as laboratories are developing prototypes of lithium batteries that can charge around 50% in three minutes. So, it’s safe to say, ultra-fast charging modules and benefits are filled in the future for EV owners. It’s a far cry from the current energy charging scene.
Are Electric Cars Expensive to Repair?
The economic benefits of maintaining and repairing electric vehicles are much cheaper than internal combustion engine cars. The credit goes to the overall costing, prices, and mechanisms of EVs, which are genuinely the most efficient.
With the benefits of additional long-term savings, the fact of EV’s power is that they’re more reliable. EVs have fewer moving parts and a more straightforward mechanism than conventional cars. However, the highest price that users might have to pay for EVs can derive from battery packs if it goes through wear and tear.
But then again, electric car batteries with standard lithium-ion elements generally aren’t flimsy to break down often. Moreover, the prices of eGallons in any electric vehicle charging station are much lower than fuel or gas. It should cost users half the money to run an EV compared to gas-powered cars.
Final Words
The good news is that EVs are getting hyped and pushed towards the mainstream with each passing year and through the top manufacturers’ innovative takes.
According to the Wards Intelligence data, in 2021, approximately 3% of hybrid vehicles or EVs have a sale record in the US. However, the question remained of how to make electric cars more affordable.
Even now, dealers and manufacturers around the globe are adamant about finding newer ways and executing the researched ones into effective, practical use. With such rapid changes in time and the climate, it’s evident that electric vehicles will be the new normal.
And to be honest, these drastic yet revolutionary changes should be implemented for the environment and the future generation’s well-being immediately. Given that there must also be a high focus on reducing the prices and making the models more budget-friendly for all to bring about a positive change.
