What Are the Benefits That You Can Expect From an Electric Vehicle

What Are the Benefits That You Can Expect From an Electric Vehicle? In general, an electric vehicle (EV) is well known as an automobile vehicle, which uses additional electric motors for propulsion. These vehicles can be powered through a battery or collector system. Electric vehicles are not limited to electric aircraft and electric spacecraft, surface and underwater vessels, and road and rail vehicles. However, the demand for electric vehicles is increasing in the global market because of their huge benefits that are making it easy for users. Here, you can save lots of your money by purchasing an electrical vehicle as compared to any other vehicle that requires gas on a regular basis. Benefits of Electric vehicles • Durable Batteries In electric vehicles, advanced batteries are designed in a way to extends the life of the vehicle. Many electric vehicle manufacturers are providing battery warranties over 8- year/100,000-mile. According to the National Renewable Energy Laboratory, more advancement has been seen in the battery life in the present context. It indicates that the current batteries may last for 8 to 12 years in extreme climates and 12 to 15 years in moderate climates. Thus, when you are planning to buy an electric vehicle, do not forget to ask your service provider about certain information relating to battery warranties and life. As the production volumes have increased and battery technologies have improved, it is expected that the battery prices would decline in near future. • Significant emissions As compared to conventional vehicles, electric vehicles have significant emission benefits. It has been found that when all the electric vehicles operate in all-electric mode, they produce zero tailpipe emissions. Based on the types of hybrid power systems and vehicle models, the difference can be seen in the HEV emissions benefits. The electric vehicle’s life cycle emissions usually depend on the electricity source that is used to charge it. It also differs based on geographical locations. • Reduce Fuel cost The electric vehicle is consisting of high efficiency of electric-drive components that is helpful to reduce the fuel cost at the comprehensive level. As compared to conventional vehicles, electric vehicles have lower fuel costs and achieve better fuel economy. Thus, you can save money on gas by purchasing an electric vehicle. • Availability of better infrastructure You can get the benefits of flexible charging with the all-electric vehicle as the electric grid is present near the people to park location. A driver of an electric vehicle can charge overnight at multi-family housing, a residence, a public charging station, or the workplace. It also gives you the facility with added flexibility as you can refuel with diesel or gasoline when required. • Costs As compared to conventional vehicles, you can find a lower energy cost for the electric vehicle. However, the purchase prices of electric vehicles are significantly higher. As

the battery technologies continue to mature and production volumes increased, it is expected to equalize the prices with conventional vehicles. Thus, when you are purchasing an electric vehicle compare the lifetime ownership costs of the models. Overall, the electric vehicle can help you to improve fuel economy, reduce emissions, and lower fuel costs. About Author Brent Huisman has been in the auto finance industry for over 22 years beginning with GE Capital Auto Financial Services. From there Brent went to run part of the Remarketing and Loss Mitigation departments at Bank One which was later purchased by Chase Auto. Brent has also worked for KAR Auction Services as VP of North America Dealer Sales. Since 2007, he has worked on several retail and lease portfolios such as HSBC and Santander before running Repossession and Remarketing for Exeter Finance. Brent holds a BBA of Marketing from the University of Iowa as well as a MBA from Benedictine University from Chicago, Il.