Electric vehicles have never been more popular, with drivers benefiting from decreased maintenance, car tax, and gasoline costs. This article will cover all you need to know about electric vehicles.
First, let us discuss the different types of EVs. Electric vehicles are classified into three types:
- Battery Electric cars (BEVs): These cars are powered entirely by electricity and lack an internal combustion engine.
- Plug-in Hybrid Electric Vehicles (PHEVs): PHEVs are electric vehicles with an internal combustion engine. They may be charged by an electrical outlet and run on gasoline or diesel as a backup if the battery runs out.
- Hybrid Electric Vehicles (HEVs): HEVs combine an electric motor with an internal combustion engine. However, they cannot be charged externally; the electric motor assists the engine during acceleration and under certain driving conditions.
If you are considering buying an electric vehicle (EV), there's much to consider, and the information constantly changes. We work hard at Tennessee Auto Insurance Agency to stay current on industry trends, and our research shows that a lot is going on in this bustling market. So, if you are shopping for an EV in 2023, here are things to note.
1. There is not much variety
Our options for EVs were restricted for a long time, but the last few years have witnessed significant growth in the range, with "five times more models in 2021 than in 2015," according to the International Energy Agency. They believe that approximately 450 electric car models are now available worldwide.
While just a subset will be available on our forecourts, the expanded selection means more customers can locate what they need at attractive pricing. A compact city car, a family-style people carrier, or a large-bodied SUV are all possibilities.
According to the Central Statistics Office, "of new electric cars licensed in 2022, the top makes, and model was the Volkswagen ID.4 (2,920), followed by the Hyundai Ioniq (1,249), and the Tesla Model 3 (1,054)." These vehicles have varied prices and capabilities, so it's critical to include car insurance, annual taxes, and charging costs when budgeting for an EV.
Anyone who has lately looked for a car online or in a dealership will know that only a little inventory is available. This is due to various reasons, including semiconductor shortages, Brexit, COVID-19, and the Ukraine war. Furthermore, because electric vehicles have only recently gained popularity, there are fewer used versions on the market. In reality, we estimate that electric and hybrid vehicles account for 1% of all used automobiles for sale.
Due to a scarcity of availability, the value of old cars has skyrocketed, with prices approximately 70% higher than before the outbreak. However, there has been a recent decrease in demand and a rise in supply, with the number of current listings on their site increasing by 19% when comparing the stock of active advertising from January 1st to December 1st. This should mean more options for automobile purchasers in the coming year.
2. The Government supports EVs
The Government has enormous aspirations for electric vehicles. It has pledged to put nearly a million electric cars on the road by 2030, a lofty goal.
To help reach this goal, the Government implemented a variety of incentives to encourage purchasers to adopt electric vehicles. These include discounts on new cars, charging grants, lower tolls, a lower motor tax, and VRT relief. Car dealers manage some, while others are made available through government agencies. However, the government is reducing grants this year.
However, there are numerous reasons to consider going electric. Fueling an EV can cost up to 80% less than fueling a comparable petrol vehicle, and automobiles in the lowest Co2 band also have the lowest car tax. Servicing and maintaining EVs is typically less expensive due to fewer moving components and less wear and tear.
3. More charging networks
The Government is investing considerably in charging infrastructure nationwide as part of its commitment to electric vehicles. Taxi ranks, tourist attractions, hospitals, hotels, and sports clubs have charging stations for residential neighborhood and destination charges.
This is excellent news for anyone who has ever arrived at a charging station with a low battery only to find it filled - perhaps, there will now be another alternative nearby.
Remember, You will still need to determine your average range. If you are considering purchasing an EV, consider the model's range. That is the distance it can travel without stopping to recharge. Most modern automobiles have long ranges, but you must compare them to the lengths you usually travel. Fortunately, advances in battery technology have increased capacity over the years, although it still varies by model. Some high-end EVs may travel more than 300 miles on a single charge, while cheaper ones may only travel 150-200 miles.
While charging stations are expected to become much more numerous, there are still spots — particularly in rural and low-population areas — where you may find yourself without a charging station. Remembering this when shopping for a vehicle that safely transports you to your destination is critical.
Another factor to consider is that charging periods vary depending on the wattage of the charger and the capacity of the EV's battery. Level 1 chargers (regular household outlets) charge the slowest, but Level 2 and DC fast chargers charge faster. In as little as 30 minutes, DC fast chargers may recharge a significant amount of the battery.
4. Electric vehicles are environmentally friendly
Electric vehicles emit no tailpipe emissions, which reduces greenhouse gas emissions and air pollution. The environmental impact, however, is also determined by how the electricity used to charge them is generated.
EVs continue to confront issues such as range anxiety (fear of running out of energy), charging infrastructure gaps, and the environmental impact of battery production and disposal.
If you're considering buying a new automobile in 2023, whether it's an electric, hybrid, diesel, or gasoline alternative, Tennessee Auto Insurance Agency can help. Choosing the appropriate make, model, or color might be difficult, but finding low-cost auto insurance is straightforward. Enjoy tailored coverage and quick claims processing. Click here to get a quote today..
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