Are electric vehicles worth your hard-earned investment in 2022?

Dubai: It’s no secret that electric cars are currently a thriving trend in 2022, given that last year was the strongest year yet for electric vehicles (EVs) after overtaking their gasoline and diesel counterparts.

But what does all this mean for everyday car buyers? Is it time to ditch diesel and gasoline for good? What charging stand do you need to run electric vehicles? Is it worth investing in electric vehicles and electric vehicle chargers?

How many electric cars are there in the world?

Knowing how many electric cars there are in the world is important for one main reason: it helps determine if this is a trend worth investing your hard-earned cash in.

Without the COVID-19 pandemic, electric vehicles were heading for a record year for car sales as gasoline prices fell to their lowest level in more than a decade, likely dealing a heavy blow to the electric vehicle revolution.

However, their ability to slow the devastating effects of climate change remains unchanged, given that passenger cars are major polluters, accounting for more than 20% of total carbon dioxide emissions from road transport worldwide.

Global sales of electric vehicles soar

Between the years 2012 and 2021, 17.6 million electric vehicles were sold worldwide (i.e. all-electric vehicles and plug-in hybrid vehicles combined). Worldwide, around 370 electric car models were available in 2020, an increase of 40% compared to 2019.

Approximately 6.75 million electric vehicles (passenger vehicles, light trucks and light commercial vehicles) were sold worldwide in 2021 (9.5 million units are expected to be sold in 2022), representing a staggering increase from 108% compared to 2020.

Is the high cost of electric cars worth it?

Is the high cost of electric cars worth it?

The reality is that electric cars remain an expensive option compared to its peers, and part of that is down to the materials and construction process they require.

Other reasons why the cost is so high are the massive research and development needs, as well as the capital costs incurred by car manufacturers who must quickly switch from fossil fuels to battery technology.

However, running costs for electric vehicles will generally be cheaper than for a petrol or diesel car, so it’s worth determining exactly what you’ll save in the long run before rejecting the purchase of an electric car.

It’s not all about purchase price, so be sure to factor in fuel savings and any fringe benefits if you use your battery-powered vehicle as a company car.

Is the high cost of electric vehicle batteries no longer a problem?

An EV uses the same rechargeable batteries as your laptop or cell phone, they’re just a lot bigger. At current rates and pack sizes, the average battery cost for a typical electric vehicle is around $6,300 (Dh23,139), although those that come in at the higher end models are higher.

However, the average cost of batteries has already fallen by 82% between 2012 and 2020, according to market researcher IHS Markit. Battery prices will fall further by 2030, if not sooner. This will only lead to greater adoption of EVs. Overall operating costs are already lower for electric vehicles compared to gasoline vehicles.

Stock - Electric vehicle

What to keep in mind when buying an EV charger?

What to keep in mind when buying an EV charger?

The key to buying electric vehicle chargers – whether for home or work – is to invest in chargers with smart features, such as connectivity to your phone.

By communicating between your car and a charger via an app, you can power your EV quickly, to its maximum capacity, even during off-peak hours, saving on hefty electricity bills.

Plus, the chargers of the future (still available to buy now) can be as stylish as your smartphone or watch.

What should I look for in a charging station?

The main features you need to consider are:
• Power: How much charging power does my charging station need and how fast can my electric vehicle charge?
• Service: Who can carry out the assembly and electrical installation?
• Cost: What costs will I incur when installing the charging station for my electric car?

Electric vehicles: should I buy new or used, or rent?

Electric cars are new and expensive, and huge savings can be made if you opt for a used model. But as you’d expect, there’s a bit of a stigma around electric cars; mainly due to battery life cycles.

One thing to keep in mind, though, is that the pace of development around electric vehicles is such that older used cars will have nothing to do with the stats and range figures you see in new cars.

In other words, electric vehicles depreciate quickly. Take a look at second-hand prices for consumer electric vehicles. Although they are sold at reasonable prices when new, you will find them for a fraction of their original price on the market.

Leasing represents a third and increasingly popular option for future electric vehicles. According to research, global demand for electric vehicles grew by 106% last year, surpassing diesel engines.

Benefits of buying or leasing an electric vehicle

With an electric vehicle, the full bumper-to-bumper warranty applies whether you lease or buy. Maintenance is also simpler than a conventional car. Without a multi-speed transmission and an internal combustion engine, there isn’t much to replace except brakes and suspension parts.

Electric motors don’t require much maintenance and there are few moving parts compared to a gasoline engine. Electric vehicles use “direct drive”, otherwise known as single-speed transmission.

What is most advantageous are your running costs. If your local electricity rates are low enough and you don’t fast-charge at public stations often, you’ll definitely pay less to drive and refuel an electric vehicle than any gas-powered vehicle. or comparable diesel.

A worker exits a Tesla Model 3 electric vehicle at Tesla's main vehicle plant in Fremont, California, U.S., May 11, 2020. REUTERS/Stephen Lam/File Photo

Is it the right time to buy an electric vehicle?

Verdict: Is it a good time to buy an electric vehicle?

If price is the first barrier to entry into electric vehicle ownership, range (or choice) is often the second barrier. When it comes to electric vehicles, range is still a concern for many motorists in 2022, even though the actual range of electric cars has evolved considerably.

Charging an electric vehicle is still not as fast as refueling a gasoline, diesel or hydrogen car, but charging an electric car is gradually getting faster. So when you need to recharge, you’ll want to do it as quickly as possible.

But if you’re interested in the idea of ​​an electric car, it’s worth considering what kind of vehicle you’re looking for. In 2022, electric vehicles come in the same shape and size as normal cars; from SUVs and small towns to seven-seaters and even sports cars.

Buy new and the costs are still high, but they are becoming more reasonable, and with low running costs, you may find that you save money over three years. But they’re not necessarily right for everyone right now, due to upfront costs, types of cars available, and types of driving required.

Additionally, those looking to purchase a new electric vehicle with a specific equipment level may have to wait at least six months for their car to be delivered from the factory, with the process sometimes taking eight to twelve months.

Key Takeaways

If you’re buying an electric vehicle, you need to make sure it fits your lifestyle. Is the type of mileage you regularly drive conducive to owning an electric vehicle, for example? Can you easily recharge the battery at home or at work?

Here are some key points to remember when buying an electric vehicle:

• As more electric vehicle models flood the market, battery prices continue to fall and chargers become more efficient than ever, now may be the time to invest in an electric vehicle.

• With experts predicting that 2022 could be another banner year for electric vehicle sales, despite this year’s unforeseen obstacles, environmentally conscious buyers won’t want to be left behind.

• Automotive consultants believe there will be a different speed of adoption for people who have easy access to home charging options than for those who do not.

• A two-car family with a garage or off-street parking can likely go electric much easier than a one-car family living in a high-density, high-rise apartment, experts further note.

• However, if the numbers don’t match, or if you’re still in doubt – why not wait for an even more advanced electric car in the future – or just choose a hybrid as a compromise?

• Hybrid cars offer a clear stepping stone between electric and petrol, as the best hybrid cars currently available in the world not only offer many of the benefits you get with electric vehicles, but also have the range and ease of use of a traditional gasoline engine. .

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