The New York Times reports that a combination of government incentives, increased competition, and falling prices for battery components is causing electric vehicles to continuously decrease in price.
As an example, the Times cites G.M.’s Chevrolet Equinox, a car with both an EV and gas-powered version. Currently, the electric version sells for less than the least-expensive gas-powered version after accounting for government incentives.
Not only is the electric Equinox now cheaper to purchase upfront, but its upkeep costs also make it a much smarter long-term investment. As the Times points out, most EVs require less maintenance and cost less to fuel than their gas-powered counterparts.
The Times and Consumer Reports are far from alone in their reporting on the economic benefits of purchasing an electric car. Forbes writes that there are “many reasons to adopt an EV today,” while U.S. News & World Report cites California’s law banning new gasoline-powered car sales after 2035 as proof that “the electric car era is here.”
Meanwhile, there’s been an influx of information about the increasing popularity of EVs. Studies show that EV owners are extremely likely to purchase a second electric car after their first one — and what’s more some EVs might even be better for driving around your dog.
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