The Expert Podcast

So how important are electric vehicles to the powers that be manufacturers government agencies other influential parties have a stake in how electric vehicles are going to be ubiquitous or more highly used in the marketplace you've heard about electric vehicles you know they're available everybody knows about tesla even if you don't have an electric vehicle or have never owned one you know that they exist however less than one percent of vehicles on the road are currently electric vehicles.
How bad do the influential parties want them to become a higher number than that well here's your answer the federal government at the highest level from the white house the president of the united states is using their war powers to make electric vehicle production manufacturing and implementation more common it couldn't be more obvious than that where electric vehicles are going to be highly promoted suggested incentivized bottom line is that everybody who's important wants these vehicles on the road.
You may not want one you may not have ever thought of owning one but if you look at what's in the tea leaves look at what's coming down the pipeline you'll see that these vehicles are going to be promoted and really pushed as the way that new cars are going to be sold so what does that mean for you as a consumer what does it mean for you as a vehicle owner a driver if you currently do not have an electric vehicle never had an electric vehicle never thought about having an electrical vehicle you might not think it matters that electric vehicles exist you just have a gas car and that's what you're going to have.
But there are already indications you may not have seen but behind the scenes that you may not have that choice in the future in fact in the state of california they have a deadline by a certain year i believe it's 2030. there will not be any more new gas vehicles sold in the state according to their law their statute now could that change maybe maybe they'll push it off a few more years it doesn't matter if they push it off a few more years if that's what they want to do that's what's going to happen.
So what happens if it's 2031 and you want to buy a car and the only thing that's out there is electric vehicles how's that going to change your life how's that going to change how you plan on transportation if you know that that's happening even if you don't like the idea you can use that knowledge to help you today how can you do that well if you want to have a gas vehicle for the rest of your life maybe you buy something now that you know it's going to last that long maybe you buy something now that you don't drive as much so it lasts longer maybe it's your second vehicle that's a gas vehicle.
How do you plan around the purchase of electric vehicles well is now the time to buy an electric vehicle if the powers that be the government dealerships manufacturers are going to make electric vehicles a priority then the next few years might be a lot of changes right now might not be the best time to buy an electric vehicle a few reasons why inventories are low anyways it's hard to find one the electric vehicles being sold right now are early in the stages of development of electric vehicles some of them have ranges of miles what if electric vehicles have ranges of two or three or four or 500 miles in the future and you have one that only has 100 miles of range what's that vehicle going to be worth in 2028.
There was a news article yesterday where porsche is coming out with an suv very similar to the porsche cayenne which is a high-end vehicle very fast vehicle that's going to be all electric we'll have a range of 400 miles and have 500 horsepower it'll cost about the same as a current porsche cayenne just shy of 100 000 right around 100 which is better well you might prefer gas but if it has a 400 mile range and 500 horsepower and does 0 to 60 in under 3 seconds maybe for a person looking for a high-end suv that might be a desirable vehicle in three or four years.
So if you had a porsche cayenne you purchased today that's gas yeah maybe there's some value in terms of classic car historical car but for everyday use if all of the influential parties government agencies dealerships manufacturers infrastructure fueling stations are all being pushed towards electric that may be the landscape that happened so how do you benefit from that well as a consumer a vehicle owner maybe you plan for what your vehicle use is going to be maybe you plan for things like where you live where you buy a house maybe you plan for having an electric vehicle charging station put into your garage even if you don't have an electric vehicle.
If you're going to do an electric upgrade for something a new panel maybe repairs to some wiring if the electrician's already there put in a charging station it's not going to cost that much more and it will make it easier if you buy an electric vehicle because you won't have to scramble to do it then and it'll likely be cheaper the other big theme word for this year and probably this decade is inflation something that cost four or five hundred dollars today for a panel might cost two or three thousand in a few years because of materials and short supply of labor short supply of electricians.
It may seem extreme to plan for electric vehicle right now if you don't have one and you don't want to get one but because of this is a huge change in the landscape of transportation personal transportation and because of inflation and because of it's it's a groundswell it's not like a new model of a toyota camry that comes out that's slightly different from the last year this is a brand new technology in a brand new way that people travel.
Now one of the things to plan for is recharging the range of vehicles is getting better ranges of vehicles are now into 250 sometimes 300 miles as a range for an electric vehicle that's still less than a tank of gas if you have a 20 20 gallon gas tank and you get 25 miles per gallon you have 500 miles of range maybe if you have a 25 gallon gas tank and get 25 you might have 600 miles of range anywhere between you know 450 500 600 that's normally the range of most vehicles on gas so if you have an electric vehicle that has 250 or 300 yeah it's less but it's in the ballpark very rarely do you drive 500 miles full stop without having to stop anyways most people drive 40 50 miles to work 40 50 miles home run some errands so it's not like you're not stopped every 70 80 100 miles.
The problem comes in is the charging time the refueling time currently if you are getting low on gas you have a quarter tank you pull off the highway pull into a gas station spend three minutes filling up you're on your way you got a full tank of gas another 400 500 miles with electric vehicle charging you pull off the highway find a charging station which there's not going to be three of them on every highway think about now when you're driving down the highway or a main road you come to a main intersection or a corner there could be four gas stations one in every corner each gas station has eight or nine pumps some of the large fueling stations have 30 pumps pull in pull up to a pump three minutes boom you're on your way.
Electric vehicle even in the next three four five six years there's not going to be a gas station every time you throw a rock and you can't miss a gas station they're going to be spread out farther sure you'll be able to find one but when you get there there might only be two or three charging stations what if somebody's in the station you got to wait even if it's open it's not three minutes to fill up your tank it might be 20 minutes 30 minutes an hour to completely fill up your battery to recharge your battery how's that going to change your travel first of all it costs you time right three minutes to 40 minutes that's an extra half an hour plus of your travel time okay the bigger problem is what are you gonna do during that time.
The charging station might be near something you'd want to visit anyway maybe a store maybe a restaurant maybe entertainment might be near something if it's not you have to sit in your car for 20 minutes 30 minutes what if there's other people with you in the car you're going to sit in the car for 30 minutes with other people what if you have pets you have to run air conditioning or heating you can't leave them in the car if you can go to a store there's a lot of practical considerations for that charging duration.
The range anxiety which has been talked about with electric vehicles that will handle itself the ranges will get to be where they're equal or close enough to the range on a gas vehicle the cost of an electric vehicle versus gas that will handle itself with incentives and rebates and discounts the biggest thing is going to be the waiting time for charging people are going to really plan their charging intervals to happen either at home before they leave or at their destination when they're going to stop anyways charging on route is going to be less desirable.
Think about it if you went to a gas station today to fill up your gas vehicle with unleaded gas or premium gas how would you feel if you had to sit there for a half an hour or an hour at the gas station nobody likes gas stations anyways you don't want to sit there for half an hour electric vehicle charging stations are the same thing at the moment they're not designed to be desirable places to hang out for an hour so how are you going to plan for that well it may not happen that often maybe it only happens once a month or we have to wait where the timing of your trip in the distance and the destination don't line up so maybe it's something where you bring entertainment you bring your laptop you bring up tablet and you deal with that accordingly.
Another factor that may or may not be of interest is personal security when you're at a gas station char you fill up you're on your way to three minutes you're not at risk of being stopped in a stationary place for that long when you're plugged in to a charger for 45 minutes it could be a crime risk people know that are bad guys that somebody's going to be stopped there for an hour and you're not going to go anywhere for an hour you have to consider that factor as well may not be the case everywhere you go but it's just one more thing to add on to the list of considerations.
It doesn't matter if you like electric vehicles or not or if you prefer gas or electric over the next five to ten years it's going to be a reality that electric vehicles are going to be more pushed upon the driving public it's going to be more of a desirable option made by those offering the options how you deal with that as a consumer it's going to be important how you plan for life around that's going to be important maybe like i said you want to get an extra gas vehicle to have for certain types of trips.
The other difference with gas versus electric is it's much easier to top off or fix an out of gas scenario if you're driving your car on a road you run out of gas you call aaa aaa comes out with a gas can puts a gallon or two in gets you on your way to a gas station what happens if you run out of gas with an electric vehicle you run out of charge who's going to come out and he can't top off quick maybe there will be rescue vehicles that have a charger that can charge you but how long is that going to take 20 minutes 30 minutes waiting time while it's charging these are all important factors.
It's going to happen it's going to happen so it's not like our opinion or your opinion or anybody's opinion is going to have an effect on what happens manufacturers have already gone past a point of no return for manufacturing electric vehicles in fact some major u.s manufacturers have stopped new development of gasoline vehicle technology doesn't mean they stop making gas cars but they stop developing new engines new transmissions for gas cars which means that they're just going to run out the clock on the type of vehicles they already have and when those get old or those get where they're not desirable anymore they're just gonna only have a lecture.
It takes a development cycle of five to six years to develop new technology a new engine between testing and engineering and manufacturing and tooling and they stopped doing that new development two three years ago three four years ago depending on the manufacturer so they already kind of jumped off the cliff so to speak of making new gas cars it would almost be impossible to go back to developing new gasoline vehicles for manufacturers they they're they're paths to point no return can't go back to that.
They'll still have gas cars for a while and there may always be some options for liquid fuel vehicles but they're not to the point where they can make that the majority of what they manufacture and there's going to come a day where you go into a dealership and all they're going to have is electric vehicles maybe a few used ones that are gasoline but mark this video down at some point it could be 2028 2030 2032 there will be a federal government program for cash for gassers remember they had cash for clunkers back in 2002 with any old car you had the government gave you two or three grand for even if it didn't run.
They're gonna go to something where any gas vehicles on the road they're gonna come up with a dollar amount could be five thousand ten thousand whatever just to get that car off the road and crush it so it doesn't keep getting sold from one person to another and keep it on the road it'll happen at some point to try to accelerate electric vehicle adoption and without new vehicles being sold the used car market gradually becoming less and less as cars come off the road get old break down for good get crushed and all you can have is electric.
Maybe the technology and the systems get to be where it's more advantageous it's better everybody likes it more that may happen but in this transition period it's important as a consumer and as a driver to plan for how you're going to work this into your life and don't completely expect that all of this the the issues or the difficulties will be handled or considered by the manufacturers in the government there's going to be some rough spots you're going to have to get through.
So if you have the opportunity put a charging station at your house get ready for that start to look at the technology start to look at the vehicles even if you don't want to buy one for a couple years start to see what manufacturers are doing things with different types of batteries different types of charging look at used vehicles which ones are lasting longer which batteries have higher lifespans that way you can implement your knowledge as a smart consumer.
Again this channel is about smart business people smart consumers you have more knowledge than most people do because you're paying attention to details and if you can do that in the area of transportation which is the second most important thing in our life the first is a roof over a head the second is how we get from a to b and if you can have knowledge of that market you'll be able to make smarter decisions than the average person who might just be along for the ride and be kind of like following rather than leading in terms of making smart financial decisions.