this post was submitted on 20 Jul 2024
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[Dormant] Electric Vehicles
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They're also just more expensive. And everyone is already balking at current car prices.
More expensive upfront, negating all of the benefit of lower power costs for years. And huge expense on the horizon with an uncertain timing for battery replacement that negates secondary market value at some point.
All that extra expense up front usually needs to be financed. This also cuts into the long-term benefits via interest.
Edit: ex., I went to car and driver to find a comparable ICE and BEV. The Genesis Electric G80 is $21,225 more expensive than its ICE counterpart. Offered 4.9% interest on that amount only is an extra $3k over a five year term.
This brings the [financed period] monthly BEV premium to $400/mo, in just one example. I personally don’t use anywhere near that much gas, and my break even in this case would be closer to ten years. The entry level electric Hyundai Kona is only $10K more and will get you down the road about 190 miles before needing a charge.
Exactly.
The sad thing is that for lots of people charging can wind up being more expensive than gas. Especially if you don't have the ability to charge at home.
We experienced this testing an EV on a road trip. We took it and our Prius and ended up paying over 4x more for charging than we paid for fuel for the Prius. My wife, driving the Prius, also made it to and from our destination about 1.5 hours earlier each way as I had to wait for charging each time.
We might get an EV for my daily commute, but there's no way in hell we're getting rid of that Prius for longer trips.
Yup. In the current market, EVs are for people living in single family homes in the suburbs and commute a significant distance daily or people who want to spend money on a status symbol.
Not exactly. Used EVs are already cheaper than comparable ICE vehicles, in large part because new EV sticker prices have dropped so much in the last 2 years.
If you're shopping for a car with a specific budget, you should be able to pick and choose between many different models, many of which are EVs.
I don't think people trust used EVs yet. The battery replacement is a scary looming question with them.
And if a car has an electric version and an ICE version, the electric version is much more expensive. And that's what a lot of people are seeing and noping out of. Especially when they're looking at car prices in general and feeling like they're being ripped off.
Absolutely. Not enough people know people who have experience with EVs. Toyota and Honda built their reputation over decades.And for most people, it really doesn't make a lot of sense to get an EV if they just see it as transportation.
Only if you're situation allows for making an EV a primary mode of transportation. The market for EVs is probably the best it's ever been. The percentage of people for whom an EV would make sense has never been larger, but still, most people in the US would be making a mistake to get one.