The electric vehicle revolution is coming, and it’s going to change the way we drive forever. But how much will these new cars cost? That depends on a variety of factors—and not all of them are clear yet. In this article, we’ll lay out what we know about EVs and their costs so far, along with some predictions about how they might change in the future. We’ll also talk about where things stand now with hybrid vehicles, which are likely to be cheaper than conventional cars for some time yet. Finally, let’s discuss why this matters: How much you’re paying for your car may affect how often you drive (both by making trips cheaper or more expensive) as well as your incentives for choosing one type of vehicle over another
The first wave of electric vehicles (EVs) will be less expensive than current hybrid cars
The first wave of electric vehicles (EVs) will be less expensive than current hybrid cars. According to a report by McKinsey & Company, the cost of EVs is likely to drop below that of conventional gasoline-powered cars within five years.
The reason? Unlike hybrids, which have internal combustion engines and electric motors but still burn fossil fuels, EVs have only electric motors and no fossil fuel consumption at all. They’re more efficient in terms of energy use per mile driven than conventional internal combustion engines (ICEs). They also require fewer moving parts and less maintenance because there’s no transmission–just one simple gearbox instead of two or three complex ones found in most ICE cars today that need periodic replacement due to wear-and-tear over time
But, EVs won’t be cheap enough to completely displace gas-powered cars
But, EVs won’t be cheap enough to completely displace gas-powered cars. That’s because they need more range and charge faster than current hybrids do. In other words: The technology is getting there but it’s not quite ready yet.
In addition to the financial benefits of going electric (and hybrid), there are also environmental reasons why people should consider going green in their next vehicle purchase.
This is because EVs need more range and charge faster than current hybrids.
EVs need more range and charge faster than current hybrids.
A hybrid is a car that uses both an electric motor and a gas engine to increase fuel efficiency. Hybrids are popular because they are cheaper than EVs, but not as efficient.
EVs have a much higher top speed than hybrids, which means you can go further on one charge without having to stop for gas or wait for your battery to recharge at home (if it even has one).
Although EVs are likely to be cheaper than conventional vehicles in the near future, they will still cost more than hybrids do today
Although EVs are likely to be cheaper than conventional vehicles in the near future, they will still cost more than hybrids do today. The average cost of a new EV is $34,000, while the average price tag for a hybrid vehicle hovers around $27,300. And although these numbers may seem high compared with their gas-powered counterparts (which can start as low as $20K), they’re actually pretty reasonable when compared with other types of cars on today’s market. For example:
- Luxury cars like BMWs and Mercedes-Benzes tend to cost well over $50K;
- Sports cars like Ferraris can go for upwards of $200K;
- And even economy cars like Toyotas tend not to dip below $20K!
In the end, EVs are likely to be more expensive than conventional vehicles in the near future. This is due to their need for greater range and faster charging times. However, even if EVs do cost more than hybrids today, they still offer significant environmental benefits that make them worth considering as an option when buying a new car.