Electric cars: Are their prices lower and affordable?

People overestimate the prices of electric cars, but they could be affordable even for the middle class and low-income earners. These cars are becoming more popular, especially as people are becoming more conscious of their environment and the climate. What’s more interesting about this car is that it helps save costs on healthcare, especially for those living on busy roads, by reducing the chances of having such diseases as asthma, heart, and lung diseases, and other vehicle-emission-related health challenges. The initial consideration while making a change towards eco-friendly cars is the price and affordability of electric cars. You can check out what people are saying about the affordability and quality of electric cars by reading car companies’ reviews from independent sites.

Here, however, we will carefully examine the possibility of getting affordable electric cars in terms of ownership and maintenance.

Are electric cars less expensive than their gas-powered equivalent?

Honestly, electric cars could be quite expensive than their gas-powered counterpart. Some of these electric cars are claimed to be sold as high as $30,000 – $40,000. That’s a whopping amount of money, right? However, some cities offer discounts and incentives that make these cars quite affordable to maintain in such places.

The proposed ban on gas-powered vehicle will have effect on the cost of electric cars

A lot of countries have already made their plan to stop selling new gas-powered vehicles as of a certain year. Norway, for instance, proposed to implement the ban by 2025. China on the other hand is leading an electric car revolution. This has made most automakers to commit to electrifying their cars. The increase in the production of electric cars by automakers due to high demand will increase competition in the market, and thus decrease in price. However, you can get more information through platforms like US-reviews before investing in an electric car brand.

The affordability of an electric car is largely determined by its battery cost

Due to the increased production of electric vehicles as well as advancements in technology, the cost of getting an electric car battery has been on a steady decline. If this continues, financial analysts predict that the cost of electric cars would become equal (if not less) than its gas-powered counterpart by 2025 or earlier. This affordability is predicted to be without incentives or subsidies. Also, technological breakthroughs in lithium iron oxide and solid-state batteries could mean even lower prices for electric cars.

The Cost of Maintaining an Electric Car is Cheap

The cost of maintaining an electric car is quite cheap compared to a gasoline car. Electric cars are known to have fewer moving parts, and they don’t usually require an oil change, unlike their gas-powered counterpart. Electric cars don’t have fan belts, timing belts, air filters exhaust, spark plugs, head gaskets, transmission fluids, or mufflers, that could have increased its maintenance cost.

Additionally, these cars are said to have regenerative braking that allows the electric motor to slow the car rather than the brakes. This has helped save cost on getting brake pads and rotors.