The Future of Driving: Gas vs. Electric Powered Cars
Photo from Forbes.
Mariela Staab
What the future holds for transportation is a mystery, but data shows countries across the globe are transitioning to electric cars and straying away from vehicles powered by gasoline. Electric vehicles accounted for 4.2% of vehicle sales worldwide in 2020, which was almost doubled from the year prior at only 2.5%. In Norway alone, 74.8% of car sales in 2020 were electric, but yet, electric vehicles accounted for only 2.3% of sales in America (weforum.org). But why? Consumers looking to buy a new electric car base their purchase off of three main factors: cost, convenience, and environmental impact. While it seems the world is shifting toward electric cars, this doesn’t solve all problems, and there is no one-size-fits-all approach. It’s important to look at the many aspects of both electric and gasoline powered cars to make an informed decision that best suits your lifestyle.
Image sourced from: Chart: Which countries have the most electric cars?
Benefits of Electric Cars
Electric cars offer great benefits for the owner with large long-term cost savings in addition to offering an environmental-friendly solution to driving. Since 1970, CO2 emissions have increased by 90%, which can be attributed to the fossil fuel combustion that occurs to make gasoline, while gas prices have risen an astonishing 147% (energy.gov). The United States is the second leading carbon dioxide producer, second to only China, accounting for 15% of all fossil fuel emissions (EPA.gov). As a result, Americans are searching for a cleaner solution to an everyday task that reduces their carbon footprint, but doesn’t break the bank.
Environmental Impact
As mentioned, electric cars are a great option to protect the planet since they have zero tailpipe emissions. For example, as the UK transitions to electric vehicles, greenhouse gas (GHG) emissions are expected to fall by more than 70% by the mid-2020s (carbonbrief.org). While climate change continues to be a hot topic in political debate, Americans are turning toward an eco-friendly option to driving.
Not only do electric vehicles prevent greenhouse gasses from reaching the atmosphere, but the production of batteries for EVs is also environmentally friendly in most countries. However, it’s important to note that in some countries in Asia, where a large portion of vehicles are manufactured, fossil fuels are used when producing the batteries. According to carbonbrief.org, “Around 50% of the battery life cycle emissions come from the electricity used in battery manufacture and assembly, so producing batteries in a plant powered by renewable energy—as will be the case for the Tesla factory—substantially reduces lifetime emissions.” Tesla uses electricity rather than fossil fuels to power their car factories, so the result is a zero carbon footprint. Some studies have shown that creating an EV can create more carbon pollution than making a gasoline car. Studies base this off of the additional energy necessary to manufacture an EV’s battery. Despite all this, the total CO2 emissions resulting from manufacturing, driving, and charging an EV are still lower than the total GHG emissions from a gasoline car (EPA.gov). As a result, gas cars are becoming a thing of the past as electric vehicles take their place in hopes of protecting the future.
Long-Term Cost Savings
While the initial cost of an EV is significantly higher than that of a conventional car, the long-term costs are substantially lower in electric vehicles. This can be attributed to lower maintenance costs, no need for fuel, and tax credits. If you’re willing to pay more upfront at the dealership, an EV can be a great option for you.
Imagine never having to stop at a gas station or an oil change service again. Sounds amazing, right? With electric vehicles, there is no need to get an oil change since EV’s don’t use oil, nor do they need coolant, air-filter replacements or transmission fluid, which can be a huge cost savings over the lifetime of a car. On average, a fully charged electric car costs under $7 in electricity, in comparison to a gas vehicle which costs around $40 per each tank fill-up (wheelsforwhishes.org). Not to mention, some cars have poor gas mileage, which makes the cost for conventional cars even higher in fuel costs alone. According to Triple A, “Electric vehicles cost an average of $546, while the amount of gas required to drive the same distance costs $1,255 (or 130% more).” Looking at both maintenance costs and fuel costs, electric vehicles are the cheaper option in the long-run.
Another important factor to consider in cost is the federal tax credits when buying an alternative-energy car (aka an electric vehicle).The bill was proposed in 2009 and applies to most 2010 and newer plug-in electric vehicles and it offers $7,500 in tax credit (kbb.com). Even though this probably isn’t a major contributing factor in purchasing an electric vehicle, it is an incentive if you were considering it. The government policy allows you to claim up to $7,500 in credit against the federal income taxes you owe in that specific year. Regardless, there are some contingencies including it must be a new vehicle, (not used), some electric cars are no longer eligible, and you don’t get the tax credit immediately (kbb.com). Even so, electric vehicles offer a cheaper alternative to the conventional car in terms of maintenance costs and refueling costs, in addition to incentives for going green.
No matter the reason for shifting toward electric vehicles, the majority of people enjoy the lower long-term costs, as well as the positive environmental impact on their community. How many people choose to adapt to EV’s remains to be seen, but some will continue to drive the traditional car due to the glaring negative impacts of switching to electric.
Drawbacks of Electric Cars
Despite some switching to electric cars, the conventional gasoline powered car remains popular among Americans. Some 52% of Americans think EV’s are impractical and are doubtful that they will replace gas-powered cars anytime in the near future (americanexperiment.org). Electric cars are downgraded for the inconvenience they cause, in addition to the financial burden on the consumer.
Convenience
While fueling a traditional car with gasoline is an inconvenience, electric cars take it to a whole new level. EV’s require hours to recharge, aside from finding a charging station, and the fact is that a charge lasts little in duration. The world is an increasingly impatient society, and waiting for your new Tesla to charge may seem impractical.
Foremost, waiting hours on end to charge your car seems like a great hassle when going to the gas station to fill a traditional car only takes a few minutes. Fully recharging the battery pack of an EV can take up to 8 hours, and even fast charging stations take approximately 30 minutes to charge to 80% battery capacity (energysage.com). Consider taking a road trip: the practicality of waiting 30 minutes sounds grueling, especially considering charging stations are few and far between.
“There are roughly 136,400 gas stations in the U.S., but just 43,800 EV charging stations,” according to the Department of Energy (CNBC.com). In remote or rural locations, having an electric car would be unfeasible, due to the lack of charging stations in the U.S. But as electric cars become more popular in the future, charging stations will continue to become accessible to more and more people.
Image from: Supercharger | Tesla
Of more concern is the distance an electric car can go on a single charge. Tesla’s cars can only go up to 200 miles on a 15 min charge (Tesla.com). Fuel-powered cars can usually go double this amount on one tank of gas. So what does this mean? Electric vehicles require more frequent stops of longer intervals, and require more planning by the driver. He/she must plan in advance when to make the appropriate stops without running out of charge. For some, this task comes with little thought, but for others, it is a huge obstacle to overcome.
Cost
Despite the long-term costs of electric cars being significantly lower than that of gas cars, the initial cost as well as car insurance premiums of EV’s tend to deter potential buyers from going electric. Even though electric vehicle prices decreased by 10% from April 2020 to April 2021 (money.com), the initial cost at the dealership is still frightening.
According to Kelley Blue Book, “The average transaction price for an electric vehicle in April 2021 was $51,532. That's more than $11,000 higher than what you’d pay at the dealership for a full-size gas-powered car, and nearly $30,000 more than the average compact car sale” (money.com). Even though the long-term cost-savings of electric vehicles is far greater than gas cars, the price tag hinders people from taking the plunge.
Similarly, insuring an electric vehicle in the current day and age is notably higher than insuring a gasoline-powered car. Insurance companies figure out their customers' monthly premium by analyzing the likelihood of future losses, whether it be crashes, theft, damage, or weather. But with little data on this new technology, insurance companies don’t know the likelihood of damage, so premiums are higher for electric cars (consumerreports.org). If your premium for a gasoline-powered vehicle was $1000, it likely would be $1320 for an electric vehicle annually (caranddriver.com). While car insurance premiums shouldn’t be the sole deterrent against buying an EV, it is an important factor to consider.
With the benefits of electric cars, there’s also drawbacks. Initial costs are dramatically higher, and insurance premiums indicate a difference as well. Furthermore, electric cars aren’t the most convenient, especially if you live in a remote area with few charging stations, or if you have little time to wait for the battery to charge.
Overall, do the costs outweigh the benefits for your lifestyle? If you can plan your “rechargings'” accordingly and you live in a city with an abundance of them, it's probably a wise decision due to the cost savings. However, if you live in a remote area, and the initial cost is intimidating, perhaps wait a decade before buying an electric car until the price decreases. No matter your decision, electric cars are here to stay and will continue to evolve in the near future.
Sources:
Global Greenhouse Gas Emissions Data | US EPA
Factcheck: How electric vehicles help to tackle climate change
Electric Vehicle Vs. Gas Car Pros And Cons
True Cost of Electric Vehicles
How Do Electric Car Tax Credits Work? | Kelley Blue Book
Pros and Cons of Electric Cars | EnergySage
Electric Vehicles vs. Gas Cars: Total Cost of Car Ownership | Money
Insure Electric Car: Everything You Need to Know
Electric Vehicles Cost More to Insure Than Gasoline-Powered - Consumer Reports
