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Are Electric Cars Really Worth the Investment? You Might Want to Wait

As technology increases and companies discover more ways that allow consumers to not only take care of the planet but also their wallet, the electric car seems to be a viable option. But is buying one worth it in 2019? Let’s investigate.

The Electric Car And its Effect on the Environment

Many drivers will invest in an electric car due to its environmental-friendliness. The fact that it doesn’t use fuel to power its engine demonstrates its planet-first initiative.

Electric cars cut down the amount of pollution that traditional cars produce by about 50%. But that doesn’t mean electric cars are without blemish.

Executive Director of the Consumer Federation of America, Jack Gillis says, “There’s no question that electric vehicles are not environmentally neutral.” Electric cars are not exempt from having negative effects on the environment.

Power plants still emit carbon dioxide in order to charge electric cars. This still creates significantly less pollution than traditional vehicles, but it’s good to be conscious of the electric car’s realist effect on the planet.

The Electric Car And its Effect on Your Wallet (And Time)

The initial cost of purchasing an electric car is higher than a traditional vehicle may be but it’s not unrealistic. The Nissan Leaf, one of the cheaper models, has a price tag of approximately $23,000.

Of course, this is after the $7,500 federal tax credit that is slowly disappearing as more and more electric cars are purchased. So, a retail price of $30,000 seems a bit high but it most certainly could be worse.

New models of electric cars can travel 200 miles before needing to be charged. That’s about 3.5 hours of highway driving before needing to “fill-up.” It’s hard to compare this to a traditional car since there is no fuel tank and therefore no miles per gallon.

However, the Honda Civic, one of the better performing vehicles, averages 35 miles per gallon. With a 12 gallon tank, that’s a fill-up rate of once every 420 miles.

But here’s the kicker. Filling up your gas tank can take about 5 minutes, depending on the size (and the time it takes you to pick out a chocolate snack in the convenience store) of your tank.

Depending on the model of the electric car, it can take anywhere from 40 minutes to 8 hours to fully charge your vehicle. You could travel 200 miles and then need to take a full night’s rest before being able to travel again. In today’s world, time is just as valuable as money.

The resale value of an electric car is also a tricky nuisance. Since technology concerning electric vehicles is improving at an aggressive pace, people are more inclined to purchase a new electric car rather than an outdated version.

What Should You Do?

Being environmentally conscious is an awesome thing. A very admirable thing. Being wise with your money and giving yourself the greatest “bang for your buck (and time)” is also just as important.

You need to make your decision based on what’s important to you and those you love. But, it seems to be wise to hold out a little longer – perhaps 4-5 years – in order to see where technology takes the modern vehicle.

However, if you just can’t wait, try leasing an electric car for a year or two to determine if it’s the vehicle for you.

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