Powering Up: The Revolution of Affordable EV Batteries
Download MP3Why are prices on EVs and used EVs coming down? It's all about the battery.
Key Point 1: Battery Price Drop:
- According to a report from Clean Technica, EV battery prices are dropping significantly and are expected to continue dropping.
- The battery is the most expensive part of an electric vehicle, similar to the engine in a gasoline car.
- As battery costs decrease, the overall price of EVs decreases, including both new and used vehicles.
Impact on the EV Market:
- Lower battery costs not only reduce the upfront price of new EVs but also lower repair costs for used EVs, particularly regarding battery replacement.
- This trend makes EVs more financially viable for consumers considering a replacement or additional vehicle.
Considerations for Consumers:
- While contemplating EV ownership, it's crucial to assess charging costs. Check with your electric company for overnight rates, potentially offsetting savings from avoiding gas purchases and time spent at gas stations.
- Prioritize a thorough battery checkup when purchasing a used EV, and ensure the range of a new EV aligns with your typical driving needs before making the switch.
Conclusion:
- Don't dismiss electric vehicles outright. Keep an eye on the market for newer versions and declining prices, especially if they align with your commuting or local travel needs.
