Friday, March 29, 2024

Are electric cars really the future? Should I buy one now?

There are more and more electric cars on sale, which means that there are more and more doubts in the minds of potential customers. Are battery-powered cars really the future? Should I buy one now?

Alfredo Lavrador

When scientists finally agreed on the reasons behind the mounting global warming, pointing the finger at carbon dioxide emissions, the different countries, and particularly the European Union, decided to act. The production of energy was condemned to give up, in the long term, the burning of coal and fossil fuels, replacing them with renewable sources, while on-road transportation goals were imposed, establishing that a growing percentage of electric cars in the mix of new registration plates close to 30% to 40% in 2030.

The European Commission is about to implement an even more restrictive standard, e.g. Euro 7, in 2025. If the directive is passed with its current wording, the percentage of electric cars in 2030 will potentially double, and several manufacturers have already announced that they don’t intend to sell combustion engine cars in 10 years. But let’s get to the issues that worry most drivers.

Dacia Spring will shake the market from April, with a price close to € 17,500

Who should buy an electric car?

To please most people, electric cars must have a diverse offer, competitive prices, and low operating costs and ensure that recharging the battery is not an impractical experience. In light of the current level of evolution, electric cars are probably not the right solution yet for all drivers, but they are nonetheless a valid option for many of them.

Early adopters, including those who have a soft spot for new technologies, quickly join the bandwagon. But to spread the use of models powered by batteries only, its’ paramount to raise the awareness of most rational customers. Those who realize the importance of saving the environment but for who wish to have some advantages in terms of costs.

With a national offer that, at the moment, ranges from € 193 thousand for the most expensive Porsche Taycan to around € 17,500 for the new Dacia Spring, to reach the market in April, we may say that there are electric cars for all tastes and in all price ranges. The advantages in terms of price, considering the tax incentives and benefits, especially for companies, make electric cars more competitive compared to versions equivalent to gasoline or diesel, while the use costs are much lower, especially for those who will be able to recharge at home. Battery charging remains a time-consuming operation – except in specific cases – which won’t be a problem but only for those who can charge the battery at home, or for those who can find a free and operating charging station close to their home or workplace.

Do battery-powered cars reduce costs?

The cost must be a driver to attract potential customers, if the objective is to democratize sales, with the advantages for the environment to be assumed as a (desirable) bonus. If we consider two of the best-selling small battery-powered vehicles, such as the Renault Zoe or the Peugeot e-208, it’s possible to travel 100 km with €1.5, charging at night with a dual tariff plan. Two gasoline-equivalent models, the Clio and the 208 raise costs to around € 10, almost seven times more.

In addition to fuel savings, there is also a reduction in maintenance expenses. But we should bear in mind the issue of the loss of efficiency of the batteries, which may have to be replaced after the end of the warranty period (8 years or 160,000 km on average). This replacement is expensive and more frequent when it comes to less sophisticated batteries and, above all, for vehicles that use fast charges more often.

The Tesla Model S Plaid + is the fastest sport saloon with more autonomy, e.g. 322 km/840 km

The Porsche Taycan Turbo S is the most expensive electric car on the market, selling for € 193 thousand

Will there be energy for everyone?

The capacity of the electrical grid to power battery-powered vehicles, especially when the number of models in circulation increases, is another “bogeyman” that proponents of combustion engines often evoke. But in the European Union, no one has expressed concern about this.

What is to be expected is that drivers will be increasingly encouraged (with lower prices) to recharge during the night, when consumption is lower. And with the ability for vehicles to supply electricity to the grid as easily as they charge, these car owners will convert into energy brokers, recharging their car during the night, selling then energy to the grid during peak consumption hours, thus making a profit.

Should I buy one now or is it better to wait?

Waiting for the right electric car is always an option but, considering the pace of evolution of this technology, you may have to wait many years. However, certain facts may help you make a more informed decision. The first is that prices will go down. The proof is that Dacia Spring will be there soon, an SUV with a small engine, an autonomy of 230 km and a price of around € 14,000 after incentives.

Tesla has also promised a compact electric for € 25,000 and VW is set to go even further with the future ID.2, and one thing is certain – the remaining manufacturers will not standstill.

The German Minister of Economy, Peter Altmeier, his French counterpart Bruno Le Maire and the Vice-President of the European Commission, Maros Sefcovic, established the goal of ensuring battery factories in the Old Continent capable of supplying 7 million cars/year, which equals 50% of market production in 2020.

The MEB platform of the VW group promises to be the most produced on the market, as it will serve almost all brands of the group

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