100% Electric Cars, The Pros and Cons
Is 2023 The Year To Take The Plunge?
If you’ve been thinking about buying a 100% electric car, and you’re worried about the cost, things are looking up. Starting January 1st, 2023, revised tax credits for new 100% electric vehicles (EVs), as well as at-home chargers, go into effect. There are even tax credits when purchasing used EVs. Combine those savings with possible state and local incentives, and you might score a great deal.
Modern mass-produced 100% electric autos have only been around for a little over a decade now, but many of them now offer significant range. They’re also quiet, fast, and lower-maintenance than hybrid or gasoline engine (ICE) cars.
As someone who is entering my thirteenth year of owning a 100% EV in the North American car market, I’m a satisfied customer, but I also know plenty of folks who won’t buy an EV for various reasons. Here’s my short list of the major pros and cons.
The Pros
- No oil changes, no gas, and no gas stations. There are no oil changes with your EV, and, obviously, no gasoline. The only reason I go to a gas station any more is to buy some Corn Nuts and maybe pump up my tires.
- No exhaust fumes. ICE exhaust fumes are highly toxic. With a 100% EV, you’re no longer “running” your engine when you’re stopped at a light, or sitting idle in a parking lot or enclosed area like a garage.
- Electricity is cheaper than gas. In most municipalities, electricity is anywhere from 30% to 60% the cost of gasoline for traveling the same distance. That’s a big savings over time.
- Car buying incentives. As mentioned earlier, there are some great financial incentives for buying. When I bought my 2019 Chevrolet Bolt, I got $10k off ($2.5k state of Texas rebate plus $7.5k Federal rebate).
- Low maintenance. 100% EVs have about 30% fewer parts than traditional gas cars and closer to 50% fewer parts than hybrids. Overall, there are fewer things that can go wrong and less in the way of regular maintenance.
- No catalytic converter to steal. Yup.
The Cons
- Harder to take long trips. This is the #1 reason why people buy a hybrid or ICE instead of a 100% EV. Total range and charging time make it challenging to travel more than a few hundred miles. However, The U.S. now has some publicly-accessible charging infrastructure, and there are apps to help you plan your trip.
- Charging takes time. If you use all your battery power, you have to wait while your car charges. Charging time varies depending on the electrical hardware in your EV and the type of charging infrastructure you’re using. But, generally, it can vary from around 30 minutes with a Level 3 charger, to possibly 20 hours with a Level 1 charger (a standard 120-volt wall outlet).
- Special tires are a thing. Low rolling resistance tires are not required, but if you want the best range, you’ll want to use them (this is also true of ICE cars). The low resistance tires are generally a bit more expensive than regular tires, but do not necessarily wear faster or grip less. According to Consumer Reports, “Industry studies show that a 10 percent drop in rolling resistance equates to about a 1 percent improvement in fuel economy.”
- Battery availability and cost. Gasoline hasn’t changed much in the past 50 years. It’s a reliable standard. But the industrial Lithium-Ion battery packs used by EV manufacturers are currently not interchangeable. Will replacement batteries be available for your vehicle in 10 years? Will they still be the same technology? It’s not clear. Just FYI, the cost to replace an entire battery pack is typically in the $5k-$15k range.
- You probably need a home charger. Back in the early 2010’s, you definitely needed a home charger in your garage or on the side of your home in order to charge your EV. These Level 2 chargers require that your home have 240-volt service. Nowadays, it is possible to get by using community chargers that may be in public parking garages or your local big box retailer parking lot.
- Range suffers in hot and cold weather. Temperature effects lithium-Ion battery performance. When the weather is above 95 degrees or below 40 degrees Fahrenheit, an EV’s range can drop by 15% or more.
- They’re more expensive. Right now, EVs generally have a higher sticker price than their ICE counterparts. The rebates I noted earlier can help quite a bit. Still, the cost of the car along with purchasing and installing a home charger is a substantial outlay for some people.
The economic incentives for buying EVs are going to be significant in 2023. Importantly, the incentives have limited funding, or some other limiting metric, so you’ll likely have to move quickly to make sure you get the incentives while they’re available. Good luck!
