Electric vehicles (EVs) are often touted as a solution to climate change. However, whether they will be worth the investment depends largely on your driving habits and priorities. Here we break down the factors to consider.
Durability of electric batteries
Most electric cars use lithium-ion batteries, which gradually lose power over time. However, the degradation process is slow due to modern software that protects batteries. Most manufacturers offer an eight-year warranty or a 100,000-mile warranty that covers battery replacement if the capacity drops by more than 30% during the warranty period.
Resale value of electric cars
The resale value of electric cars has experienced significant fluctuations. Factors such as market saturation, competition from new models and price cuts by manufacturers such as Tesla have affected their value. Despite this, newer models with longer ranges have held their value relatively well.
Leasing versus buying
Leasing an electric car can reduce the risk of depreciation and obsolete technology. In addition, purchasing a used EV that has already depreciated may be more cost-effective.
Fuel economy and maintenance
Although the initial cost of electric vehicles may be higher, the savings on fuel and maintenance can make up for it. It is generally cheaper to charge an electric car than to refuel a gasoline car, and electric cars have fewer moving parts, which reduces maintenance needs.
Environmental benefits
Electric cars produce significantly less greenhouse gases and other pollutants compared to gasoline cars. According to a study by Argonne National Laboratory, a mid-size electric car with a range of 300 miles produces half as many greenhouse gases as a comparable gasoline car.
Additional resources
EPA reports: Environmental Protection Agency on the benefits of electric vehicles
Argonne National Laboratory: Argonne Study of Electric Vehicle Emissions
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