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Will Electric Vehicles Ever Be Affordable?

August 6, 2020
Will Electric Vehicles Ever Be Affordable?

Electric vehicles are turning out to be one of the most popular industries of the 21st century. With the popularity skyrocketing, and every auto manufacturers trying to get their hand in the game – one question still remains: When will I be able to afford one?

The concept right now is set for more affluent individuals who are looking to save more money. With the Tesla series, we see the price -range of these cars higher than what we typically make yearly (or at least I do).

With Tesla working to make their batteries cheaper at the cost of cobalt production, the car has gone down in value to approximately $28,000 USD.

Other companies like Porsche and BMW (who obviously want to make sports cars) do not offer anything within the price-range for the regular joe.

It appears that the majority of auto manufacturers are putting high-costs into their cars in order to sell the affluent American. Instead of developing technologies that can better help more common people drive sales.

Electric Vehicles Starting Price Is Too High

The average cost for a basic sedan is between 20-25K. With some models ranging higher and some lower depending on the brand. With basic electric vehicles, we are looking at price ranges up almost double that.

For those who are looking to save money on gas, the price point doesn’t offer much. In terms of a more affordable life the average cost for fuel prices is high. On top of that, monthly car payments can put an individual far behind.

At the end of the day, when will the average American be able to afford an electric vehicle? Well, that might come with a used car market – if there ever is one. With batteries that can last upwards of 1-million-miles, the answer might come much later than anticipated.

When will the average American be able to purchase a car that better helps them with their finances?

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