What’s not to love about an electric car, they’re eco-friendly, a lot of them are really nice to drive, and if you can get your hands on a Tesla it’s even learning to drive itself for you which is phenomenal!
They’re just not affordable yet, an electric car will set you back over $50,000 car in the US. So for people looking for a more modest price of a car, there doesn’t seem to be a lot of options. But things are looking up, prices are coming down and hopefully soon enough in the future they’ll be affordable enough for everyone. When, you ask? Let’s take a look and see.
Why Are Electric Cars So Expensive
Electric cars are currently expensive because the batteries they use are a new technology, at least when compared to the combustion engine, currently the battery makes up 37% of the cost of the car, and in some cases, you only rent the battery but have to buy the car.
That is a considerable amount, so once the cost of the batteries come down, which is expected to continue happening, the total price will come down as well, because the car manufacturers want to sell as many as possible, as long as they still make a profit, they can’t afford to keep costs high. Learn about four different kinds of EV batteries
When Will Electric Cars Become Cheaper Than Petrol Cars?
Obviously, some will still be more expensive but it will be an important point in the market when the cross over happens and on average electric cars become cheaper. Because once that happens it will force people to make more infrastructure for allowing for facilities to charge them up while using them over long distances, and adding charging ports to your own home so you can charge them at night.
When is this? Some experts believe it will actually be as soon as 2025, that’s when the cost of the battery compared to the car will be closer to 25% and enough competition is present to drive prices down to a more manageable point.
When Will Competition Increase
More and more car manufacturers are seeing the future and realising how important electric cars are going to be, so competition will rise and as competition rises technology will improve faster and prices will be driven down.
Companies like Aston Martin are set to make their first electric car and even companies like Dyson are looking into joining the market with a new electric car!
With more competition joining the field and technology always advancing I think it’s going to be sooner than we think that electric cars will become the norm while petrol and diesel falls to the wayside. But if you can’t wait and want to start doing your part for the environment then I suggest you check out Pendle Lease for their long term car leasing which can make a new car much more affordable.