Buying An EV In 2022 Makes You An Early Adopter, And That's OK

January 27, 2023

The internal combustion engine (ICE) has been consistently and heavily developed for over one hundred years. It's now a mature technology, meaning it's reliable, inexpensive, well-supported, useable by everyone, and relatively efficient. Electric cars have been around before, but it's only been the last ten years that battery and electric motor development for cars has started in earnest and intends to replace internal combustion engines. That means batteries are still bulky and expensive. Over the next five years, a few things are almost guaranteed to happen. Batteries will become safer while holding more charge for the same size, and a new type of battery will come to market.

For the early adopter, that means it's likely the car you buy next week will be superseded by something in a year, and in two or three years, that car will already be heavily out of date. Unlike phones, not many people habitually upgrade a car every one, two, or even three years. A new car is the second largest investment people make in their lives, after a house. With EV technology moving so fast, your investment in a car tomorrow will not hold its value like cars have before. So, when you get the urge to upgrade your EV, the trade-in value won't be high. You'll either have to take the heavy financial hit or keep driving your EV with its now degrading battery.

Source link

Copyright © 2023 Keep Driving. All Rights Reserved.
DMCA.com Protection Status
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram