Centuries ago, flying vehicles that run purely on electricity were things you can find only in fiction books. Although cars are still pretty much grounded nowadays, you can at least travel by car without the use of gas. And because electric vehicle prices are slowly becoming more affordable each day, there may come a time when the majority of the world’s highways are filled with electric cars.
The First Fully Electric Car
When people think about electric cars, they think about Teslas and Benz EQS; however, electric cars had humble beginnings dating back to 1994. The first fully electric car released was the Flocken Elektrowagen in 1888. However, electric vehicles only started to pick up when Ford started mass producing their model T in 1912.
When it comes to the first modern electric vehicle, that award goes to the Roadster by Tesla Motors, which was released in 2008. The first Roadsters were priced at $109,000, which is no joke. Despite its hefty price tag, those that can afford it didn’t waste any time, and from 2008 to 2012, Tesla sold over 2,450 Roadsters all over the world.
Cheapest Electric Vehicles Today
Back in 2008, $109,000 was a huge amount of money, which is why only a handful of people could afford the Roadster. Back then, it was considered a status symbol, a luxury that only the rich and famous could afford.
Flash forward to the 21st century, and electric vehicles are slowly becoming more affordable each day. If you are curious as to how much EVs cost today, here is a breakdown of the cheapest models out there:
- The 2020 Kia Niro EV is out on the market at $24,590 MSRP. SUVs are known as one of the coolest cars out there, and having an SUV that runs on electricity can make you the envy of your peers. While on the small side, the Kia Niro EV can fit a small family.
- The 2020 Nissan Leaf, one of the most popular electric vehicles in the market today, can be yours for just $31,600. Aside from running purely on electricity, the car also boasts some really high-tech features such as semi-autonomous driving and automatic emergency braking.
- The 2020 Chevrolet Bolt has a price tag of $36,620. Although pricier than the previous two, it also more than makes up for it. The bolt is the most spacious of the three, making it a great choice for larger families. It also has a large battery capacity, which means an increased driving range.
Even manufacturers like Tesla have something for people who have a tight budget. The standard model of their Tesla Model 3 is priced at around $35,000 to $40,000.
Why Are Electric Cars More Affordable Now?
So why are electric cars dropping in prices? Although electric car manufacturers will release expensive luxury EVs every now and then, we’re starting to see more budget-friendly models in the market.
The biggest reason for the drop in prices is the lowering costs of batteries. Batteries make up half of the manufacturing costs of EVs, and since companies can now purchase batteries for a lower price, they can also start releasing models with a much lower price tag. Studies predict that battery costs will lower an average of 77% from 2016 to 2030.
Aside from batteries, other parts required for the assembly of electric vehicles are also lowering in cost due to the discovery of new technology that allows for the fast and cheap manufacturing of car parts.
Also, experts now see EVs as a more economical option compared to their gas-powered counterparts. With rising fuel costs, EVs might have a higher price tag upon purchase, but they will save car owners more money in gas expenses and maintenance in the long run.
Lastly, EVs are now becoming more accessible to the masses, thanks to manufacturers offering leasing options for their cars. For example, if you want to own a 2020 Nissan Leaf, the company offers an easy layaway plan where you can own the Nissan Leaf after paying a downpayment of $3,449 and then making monthly payments of $229 for 36 months. In a study conducted last 2015, around 75% of electric vehicle owners got their cars on a lease.
Conclusion
Decades ago, the thought of electric vehicles being the more economical and practical choice over their gas-powered counterparts might seem ludicrous. However, thanks to lowering assembly costs and increasing gas prices, a highway filled with electric vehicles might become a reality sooner than you thought.
References
https://www.sportscarmarket.com/profile/2008-tesla-roadster
https://www.cnbc.com/2015/10/17/ric-cars.html
https://www.industryweek.com/technology-and-iiot/energy/article/22017905/electric-cars-soon-will-cost-less-than-gasoline-autos-research-shows
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