Why Electric Cars Do Not Warrant the Investment.

This essay sheds light on why why electric cars do not warrant the investment and also elucidates the the problems with buying an electric vehicle. Moreover, the criteria for how to determine if a car is worth the investment is delineated in this essay. Furthermore, how to earn substantial money online so that you afford to finance your electric vehicle is expounded upon in this essay. In spite of their touted merits, electric cars unequivocally do not warrant the investment. Even though electric cars operate more efficiently than natural gas vehicles and can therefore save you money on fuel costs and vehicle maintenance services, these vehicle running costs savings reaped over the course of ample years will not be substantial enough to even offset 50% of the exorbitant premium paid upfront to procure the electric vehicle over a natural gas vehicle. Electric vehicles tend to rapidly depreciate in value and are therefore not a prudent investment in your future. Moreover, charging times for an electric vehicle are long, electricity prices are on the rise, the lithium-ion battery in electric vehicles is deemed a potential fire hazard, and there is a lack of electric vehicle service centers which ultimately means that there are an abject lack of technicians who are competent in servicing electrical vehicles. Even though the cost of operating an electric vehicle if you already paid for it in full would be roughly one third of the cost of operating a natural gas vehicle, these savings reaped overtime on vehicle running costs, such as vehicle maintenance costs and fuel costs, do not offset the premium of $20,000-$50,000 exhausted upfront to procure an electric vehicle over a natural gas vehicle. “The average cost of an electric vehicle is $55,000 while the average cost of a gasoline-powered four-door sedan is $35,000. Even though the engine of an electric vehicle has less moving parts, such as fan belts and spark plugs, which saves you money on replacement parts and service costs every year, the average yearly savings in maintenance for an electric vehicle owner is only approximately $800 a year” (“Electric Cars VS,”) even though you may have to pay a premium of at least $20,000 upfront to procure an electric vehicle over a natural gas vehicle. As per operating costs to drive the vehicle, “the breakdown for a gas-powered car VS an electric car comes out to be $9.83 per 100 miles for a gas car and $5.27 per 100 miles for an electric vehicle. When directly compared, the cost to power an electric vehicle is about half of what it costs to fuel your gas-powered car. It is important to note that pricing for power varies depending on your utility company and how they charge for power. For example, some utility companies charge higher Time-Of-Use (TOU) rates for things like ‘peak hour usage,’ where the price of power is higher between 4 pm and 9 pm” (“Electric Cars VS,”). While this may seem enticing to be able to save on fuel costs by owning an electric vehicle, you will not drive your electric vehicle enough to defray the $20,000 premium paid to procure it over a natural gas vehicle by saving on fuel costs and vehicle maintenance costs. Much to the chagrin of electric vehicle owners, electric vehicles are not the most economical vehicles to own. “Owning and operating a new vehicle in 2017 costed a driver an average of $8,469 annually, or $706 each month, according to a new study from AAA. The annual evaluation of driving costs reveals that small sedans are the least expensive vehicles to drive at $6,354 annually, followed by small SUVs at $7,606 annually, and hybrids at $7,687 annually. New to the Your Driving Costs study in 2017, AAA found that electric vehicles have driving costs at $8,439 per year. Without a gasoline engine to maintain, electric vehicles have the lowest annual maintenance and repair costs, at $982 per year."