Top 10 Benefits of Owning an Electric Vehicle in 2024

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Top 10 Benefits of Owning an Electric Vehicle in 2024

Electric Vehicle (EV) adoption has transitioned from a niche, eco-conscious decision to a mainstream choice, attracting a diverse range of drivers, including those initially skeptical. However, there’s still a call for greater clarity on the benefits and practicalities of EV ownership.

Looking back at 2021, the landscape for electric vehicles was quite different from today. Fast forward to early 2024, and the outlook is much more optimistic. The EV market has expanded rapidly, with a plethora of new models launching regularly. We’ve identified ten compelling reasons to consider purchasing an EV in 2024, aimed at demonstrating how an electric vehicle could seamlessly integrate into your lifestyle. Let’s delve into these reasons to understand why buying an EV in 2024 is a smart move.

More EV Models to Choose From

Gone are the days when electric vehicle (EV) options were limited and lacked appeal. The current market offers a broad array of enticing electric models from nearly every significant car manufacturer, covering various vehicle segments. However, it’s worth noting that certain categories, like minivans and compact cars, still have limited electric options in the United States.

Looking ahead, the variety of electric models is set to increase even further. The automotive industry is gearing up to introduce new electric pickups, compact crossovers, additional SUVs, and more. Although EVs tend to be pricier than their gasoline counterparts, there’s an expectation of price reductions in 2024. This anticipated decrease in prices, coupled with increased incentives from automakers, is poised to make electric vehicles an even more attractive option for consumers.

Improved Range and Quicker Charging

Concerns about the driving range of electric vehicles (EVs) have significantly diminished as newer models now offer ranges that compete with gasoline vehicles. While the EV with the highest range, the Lucid Air, may be beyond the budget of many consumers, there are plenty of models offering respectable ranges at more affordable prices. Tesla’s Model 3 and Model Y stand out in this regard, with the latest Model Y even qualifying for federal tax credits. Despite Chevrolet phasing out the Bolt, the remaining 2023 models represent a valuable option for potential buyers.

While range anxiety is becoming a thing of the past, the speed of charging remains a critical consideration. Some EVs come equipped with 800-volt systems that enable rapid charging, cutting down significantly on waiting times. However, other models may still require close to an hour to achieve a substantial recharge. The trend towards faster-charging EVs is expected to continue, making 2024 an opportune time for consumers looking to enter the EV market.

Updated Federal Tax Credits Boost EV Purchases

In 2024, the federal government revised the tax credit regulations for electric vehicles (EVs) and plug-in hybrids, impacting the eligibility of several models. However, it’s anticipated that many vehicles, including selections from GM and certain Tesla Model 3 variants, will regain their eligibility. This change opens up the possibility of receiving up to a $7,500 credit for the purchase or lease of new EVs and some plug-in hybrids. The adjusted rules now specify that the raw materials for EV batteries must originate from certain locations, and the batteries themselves must be assembled in North America. If a vehicle only meets one of these new requirements, the available credit drops to $3,750, still offering a significant incentive for prospective EV buyers.

Forget About Fluctuating Gas Prices

While gas prices have somewhat stabilized from their peak a few years back, they remain unpredictable, with a noticeable eight-cent increase in January 2024. However, this is still 29 cents lower than the previous year, indicating a trend towards lower fuel costs. Despite these fluctuations, electric vehicles (EVs) offer a consistent economic advantage when it comes to “refueling.” Charging an EV generally costs less than filling up a gas tank, even in regions with lower gas prices like the South. This difference can translate to annual savings of about $1,000, depending on the vehicle. However, it’s worth considering that the initial higher cost of EVs may mean it takes several years to offset these savings against the purchase price.

Lower Maintenance Needs for EVs

Despite some reports, such as those from Consumer Reports, suggesting electric vehicles (EVs) may have lower reliability compared to gasoline vehicles, it’s widely acknowledged that EVs benefit from reduced routine maintenance requirements. Electric vehicles eliminate the need for oil changes, engine air filter replacements, and transmission fluid changes, among other typical maintenance tasks associated with internal combustion engines. Additionally, EV drivers might experience less frequent need for brake pad and rotor replacements, thanks to regenerative braking systems that reduce wear by using the vehicle’s motor to slow down instead of the traditional braking system.

However, it’s important to note that the increased torque of EVs can lead to quicker tire wear. Plus, if regenerative braking is not utilized effectively, the heavier weight of EVs compared to traditional cars might necessitate more frequent brake maintenance.

Potential for Lower EV Prices

Currently, electric vehicles (EVs) tend to be pricier than their gasoline counterparts, but there’s optimism for a shift in 2024. Industry insiders anticipate that automakers might roll out discounts and special offers, particularly for EV models that don’t qualify for government tax incentives. Some may even adopt Tesla’s strategy of price reductions to enhance the value proposition of their EVs to a point where they become highly compelling to consumers. Given the current trajectory of consumer demand for EVs—which is modest but still trending upwards—there’s a chance for exciting deals on popular electric models, including the likes of the Ford F-150 Lightning and similar vehicles.

Growing Availability of EV Charging Stations

The landscape for electric vehicle (EV) owners lacking home charging capabilities is improving, albeit slowly. The expansion and enhanced reliability of public charging stations have made significant strides from just a few years ago. However, challenges remain, especially in rural areas where charging infrastructure is sparse and in densely populated urban areas where competition for charging stations is fierce among EV owners.

In a move towards standardization and increased accessibility, numerous automakers are adopting Tesla’s North American Charging Standard, promising a new wave of compatible models soon. This adoption is poised to broaden the network of public charging options available to EV owners outside the Tesla ecosystem. Furthermore, there are ambitious plans by various companies to erect thousands more charging stations by the end of this decade, indicating a positive trajectory towards addressing current limitations.

While it’s difficult to predict the exact state of EV charging infrastructure in the near future, the ongoing developments suggest that the convenience of owning an EV without access to home charging is set to improve, at least in certain regions.

Reducing Emissions with EVs

In the midst of discussions on range and battery specifications, it’s important to remember the primary goal of transitioning to electric vehicles (EVs): significantly reducing road car emissions. This focus is on the decrease in tailpipe emissions, setting aside the environmental impact of production, logistics, and materials sourcing. For those seeking to lower their carbon footprint, choosing an electric vehicle or plug-in hybrid represents a positive step.

Power and Speed of EVs

Electric vehicles (EVs) may lack the traditional sounds associated with high-performance cars, yet they deliver a uniquely thrilling driving experience. Electric motors produce their peak torque instantly from zero RPM, unlike gasoline engines that require revving up. This means EVs often accelerate quicker than their internal combustion counterparts, even from cruising speeds, without the need for a torque converter or gear downshifts.

Furthermore, numerous electric vehicles are equipped with multiple motors, often two to four, significantly enhancing their power and torque compared to gasoline vehicles.

Home Charging: A Convenience for Some

Acknowledging that not everyone has the ability to charge an electric vehicle (EV) at home, it’s important to note that for those who can, the convenience is unparalleled. Many homeowners with access to a garage or driveway can install a charging station, enabling overnight charging. This eliminates the need for trips to the gas station, making EV ownership significantly more convenient, especially for those with shorter commutes. For these individuals, home charging significantly eases the daily routine of vehicle charging.

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