The newest and most popular technology is the electric car. Many people have already invested in this product and many plan to buy one in the future. The big question that researchers have posed is if electric cars are the future of transportation.
But the thing most people are worried about with electric cars is if they are going to be cheaper in the future. Researchers believe that electric cars will be cheaper in the future, mostly due to the cost of their batteries. Currently, it costs about $5,500 to make an EV battery, making it the most expensive part of an electric car. Once the costs to make batteries start to drop, electric cars will become cheaper and more people will have them.
This is one of the most important questions about electric cars because it poses a relevant concern for the average person. This article will teach you about the cost of electric cars now, and EVs in the future. We will also inform you about the current cheapest electric cars in case you want to get this product as soon as possible.
Will They Be Cheaper?
The biggest question is will electric cars be cheaper than they are now. The short answer is yes, they will. The cost of an electric vehicle has been dropping since 2016. Researchers believe that it will continue to drop, with prices dropping as large as 77% between 2016-2030.
The biggest component for achieving cheaper electric cars is the cost of the lithium battery. In 2020, it was found that it costs about $137/kWh or about $5,500. This cost is considerably lower than the cost of Nissan’s battery in its first electric car. It was found to be around $750/kWh or about $18,000. This price drop shows that the cost of an electric vehicle will continue to drop in the future because the prices for a battery continue to drop with the new developments in technology.
There are also so many different brands of electric cars out there, which means that the supply of electric cars will not be running out anytime soon. Prices will continue to get cheaper over the next few years as electric cars become more common, and they will get cheaper once the cost of creating batteries drops.
The Current Cheapest Electric Cars
There are many electric cars on the market, some are for people with a higher payment range, but car manufacturers are starting to make cars for the average buyer, so they can still have a good car, that protects the environment, but one that is a little bit cheaper. Luxury brands can still be on the table, but not everyone can afford that. You don’t have to choose from just Tesla, because there are many cheap brands out there.
2021 Mini Electric Hardtop
This is, currently, the cheapest electric car on the market at around $30,000. One of the downsides is that it can only go 110 miles on one charge. It is a perfectly average car, but it is great if you still want to protect the environment in a cheap way.
2021 Nissan Leaf
This car comes in around $33,000 and can drive 226 miles on one charge. It has a great acceleration rate and it has around 5 seats. You shouldn’t consider long trips without planning for a lot of charging stops. Other than that, it’s a great option.
2021 Chevrolet Bolt
This car has a price of around $36,500. It can go 259 miles on one charge. Most people will use this car for commuting, because it will save you a lot of money if you use an electric car for work instead of a regular car. One of the downsides to this car is that most people consider the inside kind of plasticky.
2021 Hyundai Ioniq Electric
This electric car goes for around $34,300. It has a range of 170 miles on one charge. One of the only downsides of this car is how small the backseat is. Many have complimented on the technology implemented in this specific vehicle.
2021 Tesla Model 3
We did have to include one Tesla car because they have made it very affordable. This is one of the most popular cars on the market because it comes at a cheap price of around $40,000. This car can go 215 miles on one charge, and it has a top speed of 140 mph. The Tesla Model 3 has the highest customer satisfaction ratings.
There are many options for affordable electric cars out there, but these cars were at the top of the list. They are great for the average buyer and can suit their specific needs. The only drawback to these cheaper electric cars is that they do not have great range and will need to be charged more often.
That should not be a problem if you are only planning on commuting but may be if you plan on long road trips. Even so, stopping at a charging station shouldn’t take longer than an hour because they can charge up to 80% in that time frame.
How Are Electric Cars Better Than Regular Gas Cars?
Electric cars have been known to have different aspects than regular cars that tend to be better. This includes the environmental impact, lowers costs for energy instead of gas, lowers the amount of maintenance needed, and is much quieter.
The biggest factor that makes electric cars better than gas cars is the lower costs of energy instead of gas. Gas costs about $3.40 per gallon. Electricity costs about $0.13 per kWh. This is an extremely smaller charge and you will break even in about 8 or 9 years because of this lower price for electricity. Having an electric car will save you around $900 per year.
The next factor is the difference in environmental impact between an electric car and a regular car. As you already know, an electric car runs on electricity, while a regular car runs on gas. Electricity is significantly better than gas in many ways. Gas produces air pollution, and because everyone has a car that runs on gas, this pollution is increasing, especially in big cities. Electric cars are a much cleaner solution than gas because it has zero direct emissions.
But the only problem with electric cars is that it does produce more carbon emissions than a regular car that runs on gas in the first 3 years that you have it. This is because the manufacturing of that car puts a lot of carbon into the air. After about 5 years, the high levels of carbon that we emitted from the building process have now evened out because your car has used enough clean energy. These carbon emissions do not override the whole purpose of an electric car, but it is enough of a concern to state it in this article.
The last factors go hand in hand, lower maintenance levels, and electric cars are much quieter. Since electric cars have lower maintenance (and because they have fewer parts than an internal combustion engine) they are much quieter. No parts are moving against each other.
Is It A Good Time To Buy An Electric Car?
You may want to involve yourself in the electric car scene. Many doubts could go through your head about your decision, but researchers say right now is the best time to buy an electric car.
This is the first time when there have been many options for anyone who is interested in the electric vehicle scene. There are cheap options or luxury options. They do not have much economic impact and they essentially pay themselves off in a few years. But it is your decision.
There are around 80 different electric car models, and 40 different electric car brands for you to choose from. Electric cars are currently the cheapest they have been in a long time, but the prices will continue to drop as electric cars become more widespread.
This trend is shown throughout all new technologies in the past. In the ’20s, only the rich could afford refrigerators, but now, everyone has one. This could be the same for electric cars if they learn how to decrease the cost of making the batteries for the cars.