Electric Vehicles: Pros and Cons

Sales of electric vehicles are expected to reach nearly 30% of all new car sales in 2030, from its 3.4% share in 2021. No one doubts that electric vehicles are the future, but what remains in question is whether EVs make practical sense for everyday drivers.

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    Electric Vehicles: Pros and Cons

    Electric Vehicles: Pros and Cons

    Sales of electric vehicles are expected to reach nearly 30% of all new car sales in 2030, from its 3.4% share in 2021.1 No one doubts that electric vehicles (EVs) are the future, but what remains in question is whether EVs make practical sense for everyday drivers.

    Comparing the Pros and Cons of Today’s Electronic Vehicles

    Whether the scales tip in favor of buying an EV over an internal combustion engine vehicle will depend upon the value individuals place on each of the relative advantages and disadvantages of the two car choices.

    PROS OF ELECTRIC VEHICLES CONS OF ELECTRIC VEHICLES
    Reduced emissions Limited travel range
    Lower maintenance costs Lack of public recharging stations
    Greater energy efficiency Refueling takes longer
    Convenient overnight charging at home Expensive, and battery pack replacements may add to EV’s higher cost
    Quiet May require an in-home installation of a power charging stations
    Greater power and acceleration Quiet engine noise may actually accentuate road noise

     

    An Environmental Cost-Benefit Analysis

    The relative environmental cost of electric and internal combustion engine vehicles is frequently limited to the carbon emissions attached to driving each respective vehicle. However, a more comprehensive environmental impact must take into account both the car’s manufacturing and fueling carbon footprint. For instance, the emissions created from drilling for oil must be included for the internal combustion engine car just as the mining for nickel and cobalt must be included for EV cars.

    According to research conducted by The Wall Street Journal, in conjunction with researchers at the University of Toronto, the CO2 emissions advantage of an EV doesn’t appear until the car has been driven about 20,000 miles.2

     

    CO2 Emissions
      Electric Vehicle Internal Combustion Engine
    Manufacturing Phase 12.2 tons 7.4 tons
    At 5,000 Miles Driven 13.0 tons 9.7 tons
    At 20,268 Miles Driven 14.6 tons 14.6 tons
    At 100,000 Miles Driven 24.4 tons 43.4 tons
    Source: https://www.wsj.com/graphics/are-electric-cars-really-better-for-the-environment/

     

    Of course, there are a number of variables that make this cost-benefit a tricky calculation. The electricity that powers an EV creates emissions and the source of that energy will weigh heavily on the calculation. For example, if the electricity is produced by low-carbon nuclear or renewable sources, the CO2 benefit is far greater than when the electricity used to power an EV is coal (over 20% of all electricity in the U.S. is generated from burning coal).

    Finally, there are unquantifiable moral and national security considerations. For example, the mining of cobalt, an essential component of EV batteries, is currently sourced from countries with a horrendous record of protecting miners’ safety and human rights, or are adversaries of the U.S., such as the Democratic Republic of Congo, Russia and Cuba.

    As with all things, there are two sides to every story.  Those considering purchasing an electric vehicle should do their proper research to determine the best decision for them.

    Sources:

    1. https://evadoption.com/ev-sales/ev-sales-forecasts/
    2. https://www.wsj.com/graphics/are-electric-cars-really-better-for-the-environment/

    Please reference disclosures: https://blog.americanportfolios.com/disclosures/

    About The Author

     

    Marketing Communications Specialist 
    631.439.4600, ext. 121 

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