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Is it the best time to buy an electric car? The numbers of a financial expert

Buying a car is in itself one of the most important adventures a driver can experience, since face the choice and acquisition of the durable consumer good that will involve mobilizing a large amount of resourcesand that it will suffer a progressive depreciation and, at the same time, will have to bear a high cost if you decide to finance it with an APR between 7 and 8 percent.

If the problems seem few, one of great importance is added: the automobile sector is undergoing a structural change towards the electric vehicle. This reality leads us to different alternatives to assess: the internal combustion vehicle, the electric vehicle and two intermediate options: standard hybrids and plug-in hybrids (PHEV).

Standard hybrids use regenerative braking and the internal combustion engine to charge a battery pack and provide additional electrical power. They cannot be charged at an electric car charging station, unlike PHEVs. This makes PHEVs more similar to fully electric vehicles. PHEVs generally have larger electric batteries than standard hybrids, with the ability to drive on electric power alone.

Everything seems to indicate that we headed for the electric car. Therefore, we are adopting a technology that is maturing. And it is that, according to BloombergNEF, the falling cost of producing batteries for electric vehicles, combined with dedicated production lines in the plants of car manufacturers, will make your purchase cheaper, on average, within the next six years than conventional carseven before any government grant.

The existing problem is that we are in 2022 and we are in the middle of a transition and we are faced with several variables to take into account to try to get the right purchase of a car.

The initial extra cost of the electric option and the subsidies

Due to the technological difference between the combustion engine vehicle and the electric vehicle, we may find that the electric version of the model has a extra cost between 5,000 and 10,000 eurosalthough sometimes it is above this figure.

This is due to the cost of batteries, which remains expensive but decreases over time. Según Transport & Environmenta non-profit organization based in Brussels, new battery prices will fall 58% between 2020 and 2030 to $58 per kilowatt hour.

A reduction in battery costs to less than $100 per kWh is seen as an important step toward greater adoption of fully electric vehicles and would largely remove the financial appeal of hybrid electric vehicles, which combine a battery with a conventional motor. that today have the best positioning for the consumer.

Here subsidies come into playand the Government offers economic aid from the Plan Moves III They vary depending on the type of vehicle chosen. Factors such as autonomy and whether or not the replaced car ends up in the scrapyard will have a decisive influence on the amounts of the subsidy.

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If we focus on the 100% electric vehicle (BEV) we have a subsidy of 4,500 euros if you do not deliver a previous car. On the contrary, if the replaced car is delivered for scrapping, it reaches up to 7,000 euros. These amounts apply to passenger cars that offer you at least 90km of electric autonomy. Its maximum price must be 45,000 euros and, if it has 8 seats, 53,000 euros.

In the plug-in hybrid (PHEV) we also have help. If the car is not delivered, the subsidy is 2,500 euros. And if it is delivered, we reach 5,000 euros of subsidy. In this case, we have a maximum price of 45,000 euros and a range in electric mode of between 30 and 90km.

As we can see, one of the keys to keep in mind is if our vehicle has a market value greater than 2,500 euros or not.

at the same time, there is only a difference of 2,000 euros between the hybrid and electric option, which makes the hybrid option more attractive today.

Of course, it will depend on our needs as a consumer. And it is that the hybrid vehicle is oriented to those drivers who make a short daily trip because you may be able to run on electricity for most of your driving time.

The costs after the purchase

Today and with current prices, estimates are that recharging an electric/hybrid car for every 100 km is a 40% cheaper than a diesel or gasoline vehicle.

Many variables are integrated here that will cause the spread to increase or narrow. The most important is whether we are recharging at rush hour (10:00 a.m.-2:00 p.m. and 6:00 p.m.-10:00 p.m.) or off-peak time (from 00:00 a.m. to 08:00 a.m.) or which electric station or gas station we go to.

In general terms we could save about 600 euros a year, if we turn to electric driving. Depending on the choice of vehicle and the premium price of its electric version, it will take more or less years to amortize the second option.

As an indicative calculation, if after subsidies, the price differential is 2,500 euros, the amortization would take place in 4 years and if it reaches 5,000 euros, it would take a little over 8 years.

Merge Ahead Electric Vehicles Supply Feature

In addition to paying for fuel, there are other associated costs with possession of a vehicle. Maintenance costs, in particular, are a significant source of money for any car owner.

Engine oil, transmission fluid, coolant and belt replacements can add up over the life of a hybridalthough at a lower rate than gasoline/diesel vehicles that depend exclusively on their combustion engine.

Electric vehicles avoid the costs associated with combustion engines. However, they still have maintenance expenses in the form of universal car problems like tire changes, insurance plans, and structural damage.

Both fully electric and hybrid vehicles are at risk of battery degradation. If you’re still within your car’s battery warranty period and your battery degrades beyond the warranted point, you won’t have to worry about paying for a replacement battery.

However, if the warranty is past, replace battery complex electrical could end up costing a significant amount of money. Most electric or hybrid vehicle owners won’t need to worry about paying to replace their car’s battery, but it’s a risk to be aware of.

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I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

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