EVs are taking the global markets by storm! And, when you see the adoption rates, it is increasing drastically. So, should you become an early adopter of EVs, or should wait a couple of years before getting started? Let’s see the biggest pros and cons of adopting an EV early, shall we?
Pros of early adopting an EV:
Let’s see the positive sides of adopting an electric vehicle (EV) in your market.
Good for the environment:
EVs are great for the environment as they have zero tailpipe emissions while you are driving or riding them to cut distances. Many metro cities are trying to fight the pollution coming out from gas or diesel-powered vehicles and thus implementing new policies where users will only be able to use their cars on odd-even days or no cars are allowed in the metro areas in the evening time.
When you drive an EV, you will be able to save the earth by emitting fewer shoots and hazardous chemicals into the environment.
The infrastructure will grow sooner:
When there is a network effect in the market and more people start buying EVs, the market will adopt EVs and start creating an infrastructure that will help them in the long run. When more people are ready to use charging stations and repair stations, they will become more accessible in the market and more charging stations will come up to make the ownership experience hassle-free.
Get the tax benefits from the government:
The majority of government bodies across the globe are supporting EVs in their countries and thus early adopters get a lot of tax benefits and paybacks when they purchase a new electric vehicle as per the norms. Only early adopters will get the majority of the benefits as once more people start buying it, there are chances the incentives will start going down in the markets.
Ridiculously low running costs
While petrol and diesel prices are constantly climbing due to various reasons and conflicts, electricity is generally cheaper to produce and transmit for long distances. EVs have very low running costs per kilometer compared to internal combustion engine vehicles.
Low maintenance costs:
Unlike IC vehicles, EVs do not have a lot of moving components in their engine bay. Thus the wear and tear losses are low. You don’t have to change the engine oil or other belts and components too frequently and that would save costs you.
An IC vehicle also has active cooling systems and a lot of electrical and combustion components running in the system that will cost more to repair as well.
Early adopters drive innovations:
When the early adopters start using EV products, the market, and businesses will start developing products that will add convenience to them. For example, better home chargers will arrive in the market, more solar charging stations will pop up so that we can minimize using oil to generate electricity, and so on.
So, if you can afford an EV, it’s great to adopt an EV fast.
Cons of early adopting an EV:
We saw the pros of early adoption of EVs, let’s explore the cons of the same.
Charging infrastructure is not ready yet:
Well, a lot of companies are coming up with EV products in the market, but there are only a few successful companies that have penetrated the charging infrastructure at a scale. For instance, if you buy a non-standard brand today, you will face a lot of difficulties in charging your vehicle on a long trip.
It takes hours to charge your electric vehicle:
Unlike an internal combustion engine, you cannot charge an EV within just 5 minutes. For a gas or diesel vehicle, you can fill up the tank in 5 minutes and continue your trip. EVs take time to get charged up and you might need to plan your trip. There are some companies available in the market who are working on battery exchange possibilities, but it is more or less inconvenient for daily users or end-users who might have low technical knowledge.
Battery replacement is E-X-P-E-N-S-I-V-E:
Although batteries last long. But, they will fail someday in the lifecycle for sure. And, if you plan to change your EV’s battery, you will end up investing a huge chunk in that as the battery is the most important component in an EV. Also, depending on the climate conditions, the usage of the vehicle, and other aspects. So, whenever it arrives, the battery replacement will give you a shock for sure.
You will end up becoming a tester for new products:
Believe it or not, an early adopter would end up investing his or her money in a product that has not been tested for quality for a long period. The IC engine vehicles or other products you see in the market today are tested well in real-life scenarios for hours including testing them for a lot of stress. But, an early adopter might become a beta-tester for the new technology and their suggestion would help make the product better in the future.
So, on and off, early adopting an EV might become a gamble for you.
Key takeaway:
So, adopting an electric vehicle (EV) in the early phase might come with a mixture of both pros and cons for you. Before becoming an owner of an EV, do due diligence for the same and go ahead with the final choice.
You also have to make sure to go through a checklist before deciding which EV you want to purchase. Check the companies, body type, range, charging speed, and so on to make your final decision.
FAQs for adopting an EV:
Q: Are EVs green?
A: EVs are generally greener compared to petrol or diesel vehicles as they do not emit any polluting chemicals from the tailpipes.
Q: How do you charge an EV?
A: To charge an EV, you have to plug it into a wall charger at home or use a certified roadside charging station to fill up the juice in your EV’s batteries.
Q: How long does it take to charge an EV?
A: Depending on the specification and type of the EV, it would take about 30 mins to 1.5 hours to fast-charge an EV or would take 4 hours to 15 hours to charge an EV at your home wallplug.
Q: Do you need to change the engine oil in an EV?
A: No, unlike traditional internal combustion engines, EVs do not have an engine that requires oil for running. The electric motor would not need an oil change in an EV.
Q: What is the range of an EV?
A: For two-wheelers, the driving range is generally between 100-250 km per full charge. For four-wheelers, the range can vary from 100km to 1100km depending on the battery technology and body style.