Electric vehicles, initially introduced in the late 1800s, were more user-friendly and more accessible to handle for buyers than gas-powered automobiles.
They were swiftly superseded by new, higher-quality gas-powered automobiles that could travel further between fill-ups. Gasoline has ruled the roads for over a century, but is it likely to do so for another 100?
Veritas Global Protection discusses electric vehicles and the pros and cons of owning one. Plus, the company offers electric vehicle plans to ensure your car is covered.
As the impacts of hydrocarbons became more widely acknowledged, the industry grew re-interested in electric vehicles.
Petroleum is a complex mixture of compounds with varying toxicity, many of which have been related to human diseases ranging from respiratory disease to cancer.
The emission of hydrocarbons also exacerbated the greenhouse effect and global warming.
Many climate activists and car manufacturers wanted a better option after learning about the actual impacts of hydrocarbon fuels, and the electric vehicles were the answer they required.
Environmental concerns remain the primary motivator for buying an electric car, but there are also additional practical reasons for their popularity.
Electric Vehicles Growing Popularity
Statistics from the Edison Electric Institute show that there are currently over a million electric cars on American roads, with a projected 18 million by 2030.
Between 2010 and 2020, the electric car market in the United States grew from a few thousand cars to over 315,000 vehicles sold yearly. Electric vehicles accounted for roughly 2.4% of new car sales in 2020, up from nearly 2% in 2019.
According to the car market analysis firm Wards Intelligence, individuals in the United States purchased over 204,000 electric vehicles between January 2022 and April 2022, a 60% increase from the previous year. However, electric cars account for fewer than 1% of all cars on the road today.
These vehicles are becoming increasingly popular for a variety of reasons. Some motives are to alleviate old worries, while others appeal to a new type of customer. As electric cars become more regular, finding the right vehicle protection plan is essential.
Veritas Global Protection offers many vehicle protection plans with all different types of service; luckily, they have an electric vehicle protection plan.
Range anxiety- the primary concern prospective buyers have cited for not acquiring an electric car becomes less dangerous as even more power stations are developed. As a result, the number of potential customers experiencing range anxiety has decreased by 6% in the last year.
As more electric vehicle drivers report having never run out of power or had difficulties finding a charging station, more individuals are prepared to put their reservations aside and try these cars.
New buyers also heed tales of low-maintenance cars that are substantially less expensive than their gasoline-powered rivals.
One of the primary reasons people prefer electric vehicles is to save money down the road.
A study by Energysage.com concludes that the costs of maintaining a gas-powered vehicle are $1,117 per year, whereas the cost of operating an electric vehicle is $485 per year.
And the gap might extend further. The United States has maintained the price of gas artificially low for years (Europeans pay around $6-$7 per gallon), a practice that would have to end when the restricted resource grows scarcer.
This is already changing. Gas prices in the United States have hit a recent high of $4.60 per gallon on average, thanks to rising global oil prices and geopolitical issues in oil-producing and exporting countries.
In March 2022, when gas prices hit an all-time peak, Google Trends saw the highest online search for information on electric cars.
It’s expected that as gas costs skyrocket, the more interest electric vehicles would generate and also the more of them would be on the roads.
Democratization of the Electric Vehicle Market
Those who have only heard accounts in the press about exotic brands and extravagant prices have primarily seen the electric car as a luxury item reserved for the affluent.
However, the diversification of electric vehicle models encourages more people to consider buying an electric vehicle.
More people realize that buying an electric vehicle doesn’t have to be expensive and that the brands they’ve always trusted are now offering affordable models.
An additional incentive for purchasing an electric car is emerging: customers who demand innovative features.
LED headlights, fast charging, sodium-ion cells, turbocharged electric vehicle power train, windows and panoramic roofs that illuminate and darken on their own depending on the sun, and 360-degree cameras are all features that will soon be available in an electric car near you.
Bottlenecks Remain in the Electric Vehicle Segment
Despite the growing popularity of electric vehicles, some bottlenecks still stand in the way. Top among them is the price and supply chain concerns.
The cost of buying an electric vehicle is still out of reach for many aspiring owners. For instance, an entry-level electric car like the Chevy Bolt can cost about $15,000 more than a similar gas-powered car like the Malibu sedan from the same manufacturer.
That outlay is much higher than the $5,000 in fuel and maintenance savings predicted by analysts over the next ten years.
The Supply chain issue is another bottleneck. Global shortages of computer chips used in auto manufacturing have resulted in a massive supply constraint for new cars and trucks, which has been harsh on electric vehicles because of their increased reliance on electronics.
A battery-powered vehicle requires roughly twice as many semiconductors as a gasoline vehicle.
According to industry sources, automakers such as Ford and Volkswagen have been practically sold out of their leading electric vehicles and trucks for 2022. Those interested in ordering the most economical Tesla variants would have to queue until Christmas.
Rivian Automotive, which makes electric SUVs and trucks, has expected production in half for 2022 due to supply chain difficulties, particularly involving chips. Because of the severe shortages, potential buyers routinely sign up for multiple longer waiting times.
Electric Vehicle Protection from Veritas Global Protection
Are you wondering where to get a vehicle protection plan for your electric vehicle? Veritas Global Protection has you covered.
The Veritas Global Protection program has tailored plans to cover electric-specific components of your electric vehicle and hybrid car.
Veritas electric vehicle plans cover multiple components such as battery, generator, and vehicle control unit.
With an electric vehicle protection plan for 10-year-old electric vehicles and up to 125,000 odometer readings, Veritas Global Protection’s vehicle protection plan is an incredible offer. Contact Veritas Global Protection today and get your electric vehicle covered.