But you don’t have to ask just us. The vast majority of people who own electric cars seem to be very happy about having made the shift – with around 85% of EV owners buying EVs as their next vehicles as well. That is not a coincidence. An electric car is a better and more enjoyable option for the average consumer for a number of reasons.
EVs Are Better For You, and the Environment
Electric cars have zero tailpipe emissions, improving local air quality. It's thus not a surprise that recent scientific studies have linked increasing EV adoption with both lowered air pollution and improved population health. For these reasons, some younger members of our community have started to thank people for making the shift toward EVs.
Electric cars also come with significantly lower lifecycle emissions when compared to similar gasoline or diesel cars. This holds true even when accounting for both electricity production and EV manufacturing-related emissions. Based on US EPA's recent studies, EVs with 300-mile range have 50-70% lower lifecycle greenhouse gas emissions than comparable gasoline cars. This is a major environmental win considering that transportation is the largest source of US greenhouse gas emissions.
Making the shift toward EVs also reduces our overall reliance on fossil fuels. Electricity used to charge EV batteries can be made with renewable energy sources. This is both an environmental benefit and a geopolitical win, as the US can reduce its reliance on imported oil.
EVs Are High Performance, Quality, and Comfort
Even the more affordable electric car options provide instant torque, fast acceleration, and high power.
For example, the Tesla Model 3 Long Range AWD goes from 0 to 60 mph in just over 4 seconds. It also comes with a combined 449-hp dual motor and can go over 300 miles on a single charge. This is a car that is available for around $30,000-45,000 as used and starts around $50,000 as new. With just a few thousand dollars more, one can get the Tesla Model 3 Performance, which clocks 0 to 60 mph at an astounding 3.1 seconds. Incredible performance numbers for cars that are basically mid-priced family sedans.
To make the point about EV performance even more clear, we will leave here a link to Hagerty's World's Fastest Pickups video – enjoy watching the Rivian R1T crush the Ram TRX and Ford Raptor.
In addition to traditional performance metrics, electric cars are also superior in energy efficiency. An electric car can convert around 80-90% of the energy stored in its battery to kinetic energy at its wheels. This is a world away from the only 15-30% efficiency for modern gasoline cars.
But it's not just about the performance. An enjoyable driving experience is also made from high quality, high comfort, and safe options – and electric cars come with the latest technology, quiet powertrains, and a low center of gravity to ensure all this. In addition, EVs' autonomous driving features are already at an impressive level, and the ability to make over-the-air software updates makes sure even used EV models are updated continuously.
EVs Also Make Great Financial Sense
There has been a lot of discussion about electric cars being expensive, but a closer look at the overall financials shows how economical EVs are.
First, it's worth mentioning that prices of the most popular EV models are already relatively competitive with gasoline and diesel cars. After the most recent price adjustments, a new Standard Range Tesla Model 3 (which starts around $43,000) is significantly less expensive than the average new car in the US ($48,000) – even before the $7,500 new EV tax credit. There are also a number of affordable, used EV options available today, and from January 2023 onward there has been a $4,500 tax credit for selected used EVs and used EV buyers.
Even more importantly, however, EV economics are supported by lower costs of ownership and longer expected life time of the vehicles. EV owners typically save around $1,000 per year in fuel (charging) and maintenance costs. Additionally, EVs are very reliable and should last longer than gasoline and diesel cars.
Lastly, EVs are much more future-proof from regulatory and demand perspectives. States are already introducing bans on new ICE car sales and both consumer and business demand are shifting toward EVs. A number of private companies is also creating their own incentives for EVs. For example, Uber and Lyft offer their drivers extra incentives for driving an electric car, creating increased demand for both new and used EVs. All this is expected to drive strong demand and resale values for electric cars.