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Has the time for Electric cars arrived?

Team Veye | 26 Jul 2021

Has the time for Electric cars arrived?

The first and foremost reason that people tend to purchase electric cars is because of their environmental benefits and ease of maintenance. Add to it the incentive by some countries which offer clean vehicle rebates, and also enforce a Zero Emission Vehicle mandate for car manufacturers.

By 2025, 20% of all new cars sold globally will be electric, according to the latest forecast by the investment bank UBS. That will leap to 40% by 2030, and by 2040 virtually every new car sold globally will be electric, says UBS.

Already, the California state’s Governor has announced that the state is banning the sale of new gas-powered cars starting in 2035. Other states/countries may follow suit, if not too soon maybe a little later, such as the global concern.

With battery prices reportedly falling 73% since 2010, electric cars are expected to be as cheap as fuel-powered cars in the foreseeable future. The battery pack is also the most expensive component of an EV.

As electric cars become less expensive and widely available, more people could get interested in buying them. Apart from the environmental benefits, there are many other reasons to shift to an EV, such as superb efficiency, cheaper energy costs, less maintenance, and better overall performance. Particularly, if you are looking for an electric car for your short daily commutes, then an EV is worth the money as it will reduce your commute costs in the long run.

While EVs are becoming increasingly popular, there remain certain complaints, with charging being the biggest thorn. This is way too simple to understand that it’s much easier to gas up a car and get back on the road than it is to charge an electric car. Whereas gassing up a car takes only a few minutes, charging an electric car can take hours.

The other prominent issue is the concern that EVs depreciate faster than their gas run counterparts. Although this could be because resale values take into account the tax credits that were applied to these vehicles when they were bought new and because the technology of EVs changing at a rapid pace.

Lately, tax credits were getting simplified. And with a stabilising technology, easy access to public charging infrastructure could prove to be a catalyst in advancing the electric wave. Electric vehicles could be more vehemently around in a foreseeable future.

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