Say goodbye to gasoline engine cars and hello to electric vehicles: they may be the permanent car of the future.
While electric vehicles have been around for years, they’ve been considered somewhat of a novelty. Sure, you’ve heard of Elon Musk and Tesla, but it’s rare to see an electric car on the streets.
They’re often more expensive to purchase than gasoline engine cars, it can be hard to find charging stations, and consumers don’t fully know if they’re reliable just yet.
Well, that’s all about to change. In fact, major auto businesses, such as General Motors, Volvo, and Jaguar, have announced their commitment to “phase out” gas-powered cars, according to USAToday.
Though Tesla has been releasing fully-electric cars since its inception, it’s taken other car brands a little longer to get on-board. But, now that consumers are becoming more aware of the effects that gasoline-engines have on the environment, companies are starting to pay attention.
According to Cox Automotive, electric cars only made up about 2% of the overall auto industry market share in 2020, but that number is expected to double in 2021.
However, there are roadblocks. Consumers are worried about how far a car can go on an electric battery, how much an electric car will cost, and also if they’ll be enough charging stations.
Though automakers have reduced the cost of an electric battery, electric cars still cost a lot of money. In fact, most cost more than $50,000, with some even costing six figures. Even Tesla’s most affordable car, the Model 3 compact car, costs no less than $40,000.
But, despite the high initial cost, electric car owners may save more money down the road. Electric cars require fewer parts, don’t use gas, and don’t require oil changes.
Along with prices going down, consumers want to know they’ll be able to charge their vehicles from anywhere in the country. At the moment, many electric car owners have to plan out when and where they’re going to charge their cars due to a lack of stations.
While helping the environment and cutting down on gas costs are good reasons to buy electric cars, there may be an added tax benefit in the future. There’s currently a tax incentive of up to $7,500, but it excludes companies like Tesla and GM who’ve surpassed the cap.
However, multiple bills introduced to Congress in recent months would raise the federal tax incentive up from $7,500. Only time will tell if electric cars really do become the car of the future.