Gasoline prices have risen sharply in the US. The cost at gas stations reached an all-time high, exceeding $4.17 per gallon.
According to the non-profit American Automobile Association, this is the highest average fuel cost in history. 2008 was the last time the anti-record was set, when the gasoline cost was 4.11 dollars per gallon, according to CNN.
Rising fuel prices force more drivers to opt for electric vehicles, as they have considerable advantages over conventional internal combustion engines, especially in a crisis.
The first and foremost advantage is fuel economy. Even considering the highest tariff for electricity, an EV driver will have to pay two to three times less. In addition, some tariffs suppose cheaper electricity at night and in the early morning.
Secondly, an electric car has fewer components and assemblies: no gearbox, fuel engine, no need to change oil, pump, filters. That is, maintaining and repairing an electric car is somewhat easier than an internal combustion engine.
Thirdly, there is no need to constantly refuel. When arriving home, a driver puts it in the parking lot for charging, in the morning it is ready to go. It’s also possible to try finding long term parking in Cambridge, MA that is either near a charging station or has charging stations on-site.. Moreover, it is not necessary to charge the battery every night. If driving to work and back, once every three days will be enough.
But electric cars are more expensive than internal combustion engines, aren’t they?
Depending on the class and model, the difference can vary from 50% (for cars) to 250% (for trucks). Despite the higher costs, an electric car is still cheaper to operate. Moreover, there is a good chance to find a used electric vehicle in just-like-new condition and save a couple of thousand dollars. The top-tier used car dealerships, like Indy Auto Man, Indianapolis, always have a good selection of used electric cars for sale.
The main advantage of a new car – the warranty – is not so significant for an electric one. Its device is simpler than that of vehicles with internal combustion engines, and the probability of equipment failures in the first 2-3 years of operation is less, as well as the cost of a possible repair. However, manufacturers still promise from 2 to 5 years of warranty for the car itself, but most importantly, they guarantee many years of operation of the most expensive unit of an electric vehicle – a traction battery. If within 7–8 years (or about 90 thousand miles) its capacity decreases by a third, the battery will be replaced with a new one.
On the other hand, the same factors endow the electric car market with their own specifics. An ordinary car starts to get cheaper, literally leaving the gates of the dealership. And the more expensive the model, the faster it happens. The fall in the market price slows down only over the years. By this time, the warranty has long ended, and there are already many thousands of miles on the odometer.
With electric vehicles, the situation is different. EVs retain their resale value better in the early years of operation. Even with high mileage, they have high liquidity. There is practically nothing to break in the electric motor, and the most expensive unit – the traction battery – lasts for many years, only slowly and predictably losing capacity. This means that the owner of a used electric car will have good chances to sell it after a couple of years for the same money, or even for more, taking into account the shortage on the market. Thus, the high price of an electric car can be seen as an investment in the future.