Developments that Favor Electric Car Sales

August 5, 2016

Bolt_EV_2015_NAIASThe push by federal regulations has forced automakers to focus more on the manufacture of new fully-electric cars. Unfortunately, consumers are still reluctant to buy electric car offerings because the prices of gas have remained fairly low. With the exception of Tesla’s Model S, the sales of electric car have gone down by eleven percent in 2016’s first half. Limited charging stations and range issues are the major demerits for electric car ownership. Despite the mentioned drawbacks, there are planned developments that would totally change the situation for the better.

One of the key developments is a federal initiative. The Transportation Department made an announcement about its plan to use about $4.5 billion to guarantee loans to create fast-charging stations across the nation. The plan also includes the creation of an automakers’ coalition, as well as the utilities to oversee this effort. This will allow for the incorporation of both local and state governments.

Another development that could spur electric car sales is the plan to produce long-range electrics that will be affordable to consumers. A perfect example is the Chevy Bolt, which will have an approximate range of 200 miles on full charge. Tesla’s Model S is the sole electric vehicle meeting the standard range mentioned, and it currently sells for $70,000. There is a high likelihood that the retail price of Chevy Bolt will be less than $40,000. In some regions, there will be $7,500 in the form of federal tax credit, as well as incentives from both the local and state governments. Tesla is set to begin the sale of Model 3 late next year at about a similar cost with a range of 215 miles. Extra range can be a great motivation for consumers, with a good example being the revamped 2016 Chevy Volt. This electric car that also features a gasoline engine as backup can cover approximately 53 miles before recharging.

Availability of used electric cars at a cheaper cost will also spark electric car sales. As the sales of new electric cars go down, those of used electric vehicles have gone up. A survey by iSeeCars.com revealed that a Nissan Leaf that is 1-3 years old retails at only $12,533 with a new one costing about $30,000. Proper computation of daily mileage requirement and buying a home charger will go a long way in ensuring that you save more on used electric cars. It is also advisable to reserve gasoline cars for long-distance trips.

 

Filed under: Electric Cars,hybrid cars,New Products for Hybrids

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