The craze for electric cars is high in the current scenario. Most of the car lovers plan to buy it. However, its price is a major concern. It’s a hot topic for discussion among people in the market.
Do you want the answer to Why Do Electric Vehicles Cost So Much? Then, this blog is for you. Here, we will delve into the core reasons for high EV prices.
Why are electric vehicles so expensive?
Compared to conventional internal combustion engines, the EV concept is different. Several factors contribute to the high cost of it.
The battery is one of the prime components of any electric vehicle. Besides that, it is also an expensive part that directly contributes to the EV cars price.
EV car batteries are lithium-ion based which makes them expensive. Cost also gradually decreases with the battery technology advancement.
Material and construction:
Some of the EVs use unique construction and lightweight material. These materials are expensive compared to conventional vehicles. This all contributes to the overall cost.
Technology is the reason for the higher cost of EVs. Most electric cars depend upon battery management systems, electric motors, and charging infrastructure. These all are new concepts that relate to the cost.
Charging infrastructure is important for EV adoption. The establishment of charging stations also has an indirect impact on the price.
Governments in different regions are continuously putting efforts into EV promotion in the market. Its subsidies and incentives can indirectly impact the final price of EVs. However, these subsidies aim to make EVs more affordable for everyone.
After knowing the major reason why are electric cars so expensive, Let’ s have a look at the EVs cost.
Cost of EVs in USA:
The cost of Electric vehicles in the USA depends upon the model, features and size. The general price of electric cars in the USA is as follows.
The compact EV price typically ranges around $30,000 to $40,000. Chevrolet Bolt EV, Nissan Leaf, and Hyundai Kona Electric come in this range. However, the price excludes incentives or applicable tax credits.
The price range for a Midsize EV is $40,000 to $60,000 depending upon the particular trim level. Tesla Model 3, Ford Mustang Mach-E, and Volkswagen ID 4 are the cars in this category.
This range is the most expensive one. The price is $60,000 to $100,000 for the models with additional features. Porsche Taycan, Tesla Model, and Audi e-tron are the cars belonging to this range.
These are the approximate range of the price. There can be fluctuation in the price according to a particular region, discounts available, or government incentives.
Here we end with our topic on why are electric cars so expensive. At present, the price of electric cars is high. We can hope that in the coming year, the price may decline with the advancement of technology advancement.
Automobile engineers are continuously investing their efforts to include advanced techniques. In the future, we can expect a narrow gap in the price. This will enable every person to enjoy the EV drive.
How and where do you buy an electric vehicle?
You can directly refer to the official website of the manufacturer to buy an electric car. The other way is to contact traditional auto dealerships.
What are the low-rate EVs available in the market?
Some of the cheapest EVs are the Chevrolet Bolt EUV, Chevrolet Bolt, and Nissan Leaf.
Are electric cars cheaper to maintain?
There are far fewer mechanical parts in EVs than in traditional vehicles. There is no requirement for oil changes or brakes less frequently.
What’s the best used EV to buy?
EVs will be available for several years in the used car marketplace. There might be a decline in the range of used EVs.
Will the EV cost decline in the future?
Innovation, technology advancement, and production refinement are expected to contribute to EV costs.
Do government subsidies help to cut down the EV cost?
Yes, government incentives and subsidies are meant to promote EVs. They offer tax credits and incentives. This helps to make the EVs affordable for consumers while lowering the purchase price.
Can a battery get cheaper?
The lithium-ion batteries are expensive, but by 2024, the cost could drop to $93 per kWh. Manufacturers are also trying to replace cobalt with nickel. It could contribute to reducing the cost.