Many Automakers to Release Electric Cars In Near Future
With gas prices still on the rise, many drivers are looking for ways to save money at the pump. While some of us cannot afford to buy an electric car yet, there is a silver lining for those looking to switch over. Many auto manufacturers plan to add electric vehicles to their lineups over the next decade, with some announcing fully electrified cars within five years. However, drivers may not even have to wait that long. If all goes according to plan, dozens of new electric vehicles will debut by 2024. According to Consumer Reports, these vehicles are more affordable and have the potential to sway motorists toward buying an EV with their performance, efficiency, and lower ownership cost.
Automakers Who Plan to Release Electric Vehicles
Below is a list of all auto manufacturers who planned to electrify a large portion of their fleets:
- American Honda Motor Co.
- Ford Motor Company
- BMW North America
- General Motors
- Jaguar Land Rover Limited
- Hyundai Motor Company
- Mercedes-Benz USA
- Kia Motors America
- Mazda Motor Company
- Mitsubishi Motors North America
- Stellantis North America
- Nissan North America
- Subaru of America
- Volkswagen Group of America
- Toyota Motor Sales
- Tesla Motors
- Volvo Group North America
Are You Ready for an Electric Vehicle?
If you’re thinking of buying an electric vehicle, you’re not alone. Electric vehicle sales rose 9 percent worldwide last year, up from 2.5 percent in 2019. With more automakers adding passenger electric vehicle models to the U.S. market, the Department of Transportation announced the government is investing billions of dollars in constructing more charging stations. However, moving from fuel vehicles to electric vehicles can be intimidating for some. To help you prepare for your first electric car, let’s look at some common questions below.
What Factors into the Electric Vehicle Budget?
- Sticker price: The average cost of a new EV is about $56,000. However, electric vehicles still offer a lower total ownership cost than fuel-powered cars. With upfront costs dropping, you can find several electric vehicle models under $40,000.
- Fuel: There will be no more expensive trips to the pump. A recent study shows the average electric vehicle driver saves about $800 to $1,000 a year on fuel costs. You will likely pay about $10 to $45 more to fully charge your car at public charging stations compared to charging at home.
- Maintenance: The costs of driving an EV run about 31 percent less than gas-powered vehicles because there will be no more costs for maintenance such as oil changes or spark plug replacements.
- Initial setup: Most electric vehicles come with a Level 1 charger that plugs into a 120-volt outlet in your garage. But many drivers also install a Level 2 charger into a 240-volt outlet for faster charging. The installation and cable will run a few thousand dollars, but some programs can help reduce the cost.
How Can You Overcome Range Anxiety?
For new EV drivers who have “range anxiety,” it’s important to note that most electric vehicles can go 100 to 520 miles on one charge. For example, the less expensive EVs can run for about 250 miles on a full charge, while more luxury electric vehicles can nearly double that. You can also take baby steps and go with a plug-in hybrid vehicle, which runs mainly on electricity but can switch to fuel for longer trips.
How Will You Charge Your EV?
Over 80 percent of electric vehicle charging happens in the home garage. Charging your EV into the Level 1 (120-volt outlet) can take up to 40 hours from zero to full battery. By comparison, Level 2 (240-volt outlet) allows you to fully charge your battery in about six hours. If you can’t afford to install a charger at home, you will have to use public charging stations. Public charging stations are becoming more popular, and some stations even offer Level 3 high-voltage charging, which is much faster at a slightly higher rate. Sites like ChargeHub and PlugShare can help you locate some current charging stations near you.
Watch YouTube Video: 10 Things You Need to Know Before Buying An Electric Vehicle. If you are on the fence about buying an electric car, watch the video below to understand the 10 key factors that can help you decide.
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Image from Pixabay by Menno de Jong (Joenomias)
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