Are electric vehicles worth your hard-earned investment in 2022?
It’s no secret that electric cars are currently a thriving trend in 2022, given that last year was the strongest year yet for electric vehicles (EVs) after they outpaced their petrol and diesel counterparts.
But what does it all mean for everyday car buyers? Is it time to ditch diesel and petrol for good? What charging support do you need to make EVs work? Are EVs and EV chargers worth investing in?
How many electric cars are there in the world?
Knowing how many electric cars in the world there are is important for one main reason: it helps to determine if they’re a trend worth putting your hard-earned money on.
Without the COVID-19 pandemic, EVs were heading for a record year of car sales given that petrol prices had fallen to their lowest level in more than a decade, presumably dealing a blow to the EV revolution.
However, their potential to slow the ravaging effects of climate change remains unchanged, given that passenger cars are major polluters, accounting for more than 20 per cent of total carbon dioxide emissions from road transport worldwide.
GLOBAL ELECTRIC VEHICLE SALES SOAR
Between the years 2012 and 2021, 17.6 million electric vehicles were sold globally (that’s all-electric vehicles and plug-in hybrid vehicles combined). Worldwide about 370 electric car models were available in 2020, a 40 per cent increase from 2019
Around 6.75 million EVs (passenger vehicles, light trucks and light commercial vehicles) were sold around the globe in 2021 (9.5 million units are predicted to sell in 2022), which is a staggering 108 per cent increase when compared to 2020.
Is the high expense of electric cars worth it?
The reality is electric cars remain an expensive option compared to its peers, and that’s partly due to the materials and construction process they are in need of.
Other reasons why the cost is so high is the massive research and development requisite, alongside investment costs borne by car manufacturers rapidly having to pivot from fossil fuels to battery tech.
However, running costs of EVs will typically be cheaper than for a petrol or diesel car, so it’s worth working out exactly what you’ll save in the long run before you dismiss buying an electric car.
It’s not all about the purchase price, so be sure to consider the fuel savings and any benefit-in-kind if you will be running your battery vehicle as a company car.
HIGH COST OF ELECTRIC VEHICLE BATTERIES NO MORE A PROBLEM?
An EV uses the same rechargeable batteries that are in your laptop or mobile phone, they’re just much bigger. At current rates and pack sizes, the average battery cost for a typical EV works out to about $6,300 (Dh23,139), though the ones that go into premium models are more.
However, the average battery cost has already fallen 82 per cent from 2012-2020, according to market researcher IHS Markit. Battery prices will drop more by 2030, if not sooner. This will only lead to greater EV adoption. Overall operating costs are already lower for EV compared to fuel-powered vehicles.
What to keep in mind when buying an EV charger?
The key to buying electric vehicle chargers – whether for at home or a workplace – is investing in ones that are include intelligent features, such as connectivity to your phone.
By communicating between your car and a charger via an app, you can power your EV quickly, at maximum capacity – even off-peak, saving on hefty electricity bills.
What’s more, the chargers of the future (yet available to buy now), can be as slick in design as your smartphone or watch.
• Power: Which charging power does my charging station need, and how quickly can my EV charge?
• Service: Who can carry out the fitting and electrical installation?
• Cost: What costs will I incur when installing the charging station for my electric car?
Electric vehicles: Do I buy new or used, or lease?
Electric cars are expensive new, and huge savings can be amassed if you go for a used model. But as you’d expect, there’s a little stigma around electric cars; mainly due to battery lifecycles.
One thing to bear in mind, though, is that the pace of development around EVs is such that, older used cars won’t have anything like the headline stats and range figures you see in brand new cars.
In other words, EVs depreciate fast. Take a look at used prices for mass-market EVs. Though sold at reasonable prices when new, you’ll find them for a sliver of their original market price.
Leasing represents a third and increasingly popular option for prospective EVs. According to research, global demand for EVs rose by 106 per cent last year, outperforming diesels.
POSITIVES TO BUYING OR LEASING AN ELECTRIC VEHICLE
With an EV, the full bumper-to-bumper warranty applies whether you lease or buy. Maintenance is also simpler than a conventional car. Without a multi-gear transmission and internal combustion engine, there’s little to replace except brakes and suspension parts.
Electric motors don’t need much service and there are few moving parts compared to a fuel-powered engine. EVs use ‘direct drive’, which is otherwise known as a one-speed transmission.
What’s most beneficial are your running costs. If your local electricity rates are low enough and you don’t fast-charge at public stations that often, you will certainly pay less to drive and refuel an EV than any comparable petrol or diesel vehicle.
Verdict: Is now the right time to buy an electric vehicle?
If price is the first barrier of entry to EV ownership, range (or choices) is often the second hurdle. When it comes to electric vehicles, range is still a factor of concern for many motorists in 2022, though the actual range of electric cars has moved on considerably.
Charging an EV still isn’t as quick as refuelling a petrol, diesel or hydrogen car, but topping up an electric car is gradually speeding up. So when you do have to top up, you’ll want to do it as fast as possible.
But if you’re warming to the idea of an electric car, it’s worth working out what sort of vehicle type you’re after. In 2022, EVs come in all the same shapes and sizes as normal cars; from SUVs and small city run-arounds to seven-seaters and even sports cars.
Buy new and the costs are still high, but they’re becoming more reasonable, and with low running costs you may find you actually save money over three years. But they aren’t necessarily right for everyone right now, due to up-front costs, types of car available and types of driving required.
Moreover, those looking to buy a new electric vehicle with a specific level of equipment may have to wait at least six months for their car to be delivered from the factory, with the process also at times taking somewhere between eight and twelve months.
Key takeaway points to keep in mind
If you’re buying an EV, you need to be sure that it suits your lifestyle. Is the kind of mileage you regularly cover conducive to EV ownership, for example? Will you easily be able to charge the battery at home or work?