With the current extortionate fuel prices and the rising cost of simply keeping a vehicle on the road and insured is it a sign that we need to find another way? Making environmentally sustainable choices isn't just more ethical, it's working out to be considerably less costly for drivers. In this article I will explore the current market of electric and hybrid cars, and whether or not it's the right time to invest in this growing market.
The first electric car engine was surprisingly enough built in 1835, and an electric vehicle held the land speed record until around 1900. The surprising decline in this market took place when automobile manufacturers such as Ford built gas powered combustion engine cars and sold them at half the price of the electrical ones. This event was partly responsible for the decline of the early models, in addition to innovations in the combustion engine that allowed for cars to reach more speed than that of electric vehicles.
In today's market, we are seeing the re-emergence of the electric powered engine in both full electric and hybrid vehicles. With serious money being invested into innovations within electric fueled engines, spurred on by the supposed excessive spending that was partially responsible for the economic crisis of 2007-2010 the demand grew for more efficient vehicles. We have seen all of the major car manufacturers investigating and most developing electrical variants of their popular ranges.
Mileage always seemed to be a major issue with these cars in the past, but with the development of the Tesla Roadster we are starting to see electric cars with a full-charge range of around 220 miles. In addition the top speed has always caused issues for some people, but if we look from 1999, we can see a prevalence of electric powered vehicles able to do 80mph+ such as the Honda EV Plus, General Motors EV1 and Toyota RAV4 EV. It really seems as if the age old consensus that electric powered cars get awful mileage and top speed is being smashed when you start to look at the numbers.
The revival of interest in the electric car has assisted greatly in making these models more affordable and efficient. Allegedly due to the costs associated with producing car batteries, electric cars remain more expensive than combustion engine powered ones. A study stated 50% of US car buyers are not willing to spend more than $5000 on a green vehicle above the price of a petrol car, this is a reasonable concern, yet the potential savings associated with no-longer being fuel reliant far outweigh the higher initial cost.
In most western countries, citizens are offered grants to assist in the purchasing of sustainable vehicles, for example in the UK you are entitled to a £5000 grant towards a new electric car. This eases the buyer into a much more friendly market than was previously experienced, and the value of electric cars remains high even after 10 years of their release. If you can look past the initial high investment of capital, you stand to gain a lot from no longer being reliant on rising gas prices.
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