Throughout the life of an electric vehicle, the cost of ownership is significantly lower than its old school counterpart. Electric motors have only one moving part – the drive shaft – while internal combustion engines have many. In engineering terms, the fewer the moving parts the better. This simplicity leads to less wear and tear on the components, leading to longer life cycles and improved efficiency. Additionally, as methods of producing electricity using alternative sources of power improve, the cost to fuel these vehicles also decreases.
However, since the introduction of electric vehicles into the automotive marketplace, the upfront cost of ownership has been higher than tradition internal combustion engine-fueled cars. This, understandably, has left many a potential EV driver skeptical in the feasibility of making the jump. The high cost has largely been driven by the batteries, which account for approximately half of the overall cost of the vehicles.
Luckily for EV manufactures, economists speculate that by the year 2025, these cars will actually cost LESS than conventional vehicles. This is primarily due to emerging technologies surrounding the production of said batteries, as well as cost-savings from increased supply. In other words, the more electric cars on the road, the cheaper they will cost to manufacture. This positive feedback loop can only stand to make the roads more green for everyone (in more ways than one).
For those who are still unmoved by improved savings, they may find themselves actually paying MORE for holding onto to their traditional vehicles. Nations across the globe are continually ramping up regulations that drive up costs of older technologies in an attempt to save the environment. Also, our planet’s reserve of non-renewable resources dwindles every day. As the remaining supply decreases, so do the prices of oil and coal. Understandably, people make economic decisions based on their own circumstances, and that decision will soon be easier than ever.