Protecting our environment is an important task we all have to undertake. Whether it’s keeping our air clean, or reducing our carbon footprint, how we impact the world around us is something we should all consider. In recent years, electric cars have become more abundant and affordable across the country. Not only do they reduce emissions, but also help consumers save money on fuel. Let’s take a look at five things you probably didn’t know about electric cars.
1. The Market Keeps Growing
The electric vehicle market has seen major growth over the last decade. This is thanks to various auto manufacturers beginning to see the value of pushing out more electric vehicle models, as well as the emergence of specialist companies like Tesla that focus solely on electric car production. In 2015, only 114,000 electric vehicles were sold in the United States. That number peaked in 2018 with over 361,000 electric vehicles sold, though sales were down a bit in 2019. However, all these numbers indicate that the market for electric vehicles is growing, and will continue to grow as consumers become more environmentally conscious.
2. An Electric Vehicle (EV) Is Becoming More Affordable
Another big contributing factor in the growing market is that electric vehicles are becoming more affordable for everyday consumers. This is due mostly to new industry players like the aforementioned Tesla. Growing competition in technology and production of the battery has made the electric vehicle cheaper to manufacture and more affordable for consumers.
3. Electric Vehicles Meet the Needs of Most Commuters
Commuting to work is one of the most common uses for vehicles across the country. And as it turns out, electric cars can make a strong case to become the new commuter car. The average round-trip commute is 30 miles. Most electric cars have a battery range of 100 miles before needing to be charged again. This means you can likely complete your daily commute without using any fuel or stopping to charge. If your commute is longer, or you tend to use your vehicle for long-distance trips, a hybrid vehicle may be a better choice. It also reduces carbon emissions and fuel costs but still uses gasoline, so you don’t have to worry about running out of a charge while on the highway. But soon, that issue may be one of the past…
4. Charging Stations Are Becoming Abundant Across the Country
An initial concern when electric cars were first marketed is that a lack of charging stations would make them unusable for anything other than getting around town. While many electric vehicle owners simply charge their batteries overnight at home, charging stations are becoming more common place across the country. There are an estimated 63,000 public charging stations across the US in 2019, more than double the 30,000 available in 2015. This means you can drive farther than ever in your EV without having to worry about getting stranded.
5. Electric Vehicles Are Huge Money Savers
While the initial cost for an all electric vehicle may be above national car prices, they provide strong savings over time to their owners. It’s estimated that gas powered vehicles cost twice the cost of electric cars to operate annually, about $500 for electric vehicles compared to $1100 for gas powered vehicles. But savings goes beyond just fuel. Internal combustion engines (what powers most of the cars and trucks we’re familiar with) interact with various other internal parts that can go bad and need replacement, such as a fuel pump or the transmission. Electric powered cars don’t require engine oil, coolant, and belts. This passes a lot of savings along to you, as well as reducing the hassle of engine problems.
Interested in Checking Out an Electric Vehicle? An Auto Loan from Your Credit Union Can Help
Your Credit Union understands the importance of making smart purchases to help you save money over time. Our auto loan program offers low rates and partnerships with a variety of dealerships to help you get into the car you want. Contact us today with any questions about our loan program.
We’re your Credit Union…owned by you and working for you!