Electric cars are fast gaining popularity in the automobile market, across the globe. Governments are encouraging eco-friendly transportation and are boosting the construction of necessary infrastructure such as public charging points. This has encouraged more manufacturers to introduce electric cars. The market for these cars is gradually expanding and so is their affordability. Here are some of the many benefits of an electric car. Take a look:
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Energy Efficiency and Independence
Electric cars are more energy efficient as compared to their traditional gasoline powered counterparts. The energy efficiency here refers to the amount of energy derived from the fuel source which is converted into actual energy for powering the vehicle. The batteries of an electric vehicle convert 59% to 62% of energy into vehicle movement. Whereas, vehicles powered by gas convert only 17% to 21% of the energy. This means that the energy used for charging an electric vehicle is more efficiently used towards powering that vehicle as compared to gas filled at a gas station.
Besides, the energy independence of these vehicles is a major benefit to consider. Gas fuels are not infinite and hence cannot be relied upon indefinitely. On the other hand electricity can also be generated from something as simple as wind. Hence, an electric car is more reliable and is independent from any kind of finite energy source.
In a majority of countries, electricity is cheaper. This gives electric cars a substantial cost advantage over their gasoline fueled counterparts. Based on the cost of per mile basis, fuelling an electric car is much cheaper than fueling a conventional fuel vehicle. This is because electric cars operate at a much higher level of efficiency in comparison to vehicles powered with traditional fuels. Besides, in most of the countries government offers great subsidies on the purchase of an electric car, buying and installing a charger point at your house. With a boom in the popularity of the electric cars, more and more governments are considering and granting related subsidies for purchasing electric cars.
Reduced fuel usage and emission reduction are also some of the biggest benefits of electric cars. A rechargeable battery means zero tailpipe emissions. Also rechargeable battery means you spend considerably less on fuel and the energy is sourced mostly from renewable sources. What’s more? An increasing number of manufacturers are opting for eco-friendly materials and production processes for electric cars. Green materials such as recycled plastic bags, old car parts, water bottles etc., are being used to make the interiors and bodywork of electric cars. Another advantage is that electric motors are designed to provide a smooth drive with higher speed over long distances. Hence, they are much quieter and help curb noise pollution.
The motors of electric vehicles are low maintenance than the traditional internal combustion engines. There is no need to lubricate the electrically powered engines. Other costly engine work commonly associated with traditional cars is not required for electric cars and hence they need not be sent to the service station often. This brings down the maintenance bills considerably.
If you too are looking forward to buy a car this year, consider the above listed powerful benefits of an electric car. In case, budget is a constraint, you can easily get a second hand car loan with a payment module which is easy on your pocket. So go ahead and start searching for a perfect electric car model for your needs.
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at [email protected].