Why does buying an electric car pay off?

3 reasons why a BEV pays off

Why does an electric car pay off?

Yet on the subject of non-polluting cars, full electric in particular, the cost of entry to be incurred emerges as the main barrier to purchase for 70 percent of respondents to the survey directed at electric passenger car owners and people interested in buying, as reported by the Smart Mobility Report 2022 (our main source for the formulation of this article).

It often happens that potential buyers underestimate the lower costs of use in the long run.

In particular, we are referring both to the purely economic benefits throughout the life cycle of the vehicle and to the incentives put on the plate by the state and the regions, not to mention, of course, the environmental benefits related to lower emissions.

Being inspired by reading the Report, we have gathered three aspects to consider in order to rethink and rationalize the purchase of the electric car. From a challenging expense to an investment in the medium to long term, is it possible? Let’s find out together in the next paragraphs.

• One aspect not to be underestimated. What is total cost of ownership – TCO?
• State and Regional incentives provided for low emission vehicles and beyond. All local initiatives to support sustainable mobility.
• The preferred way for electric drivers to recharge? The home charging point, a practical and convenient alternative.

One aspect not to be underestimated. What is total cost of ownership – TCO?

How much does it cost to buy a car? Whether it is polluting or not ( BEV or PHEV ), it is easy to fall into the temptation to stop at the mere initial price, without instead considering a multiplicity of factors.

One example? Sustainability.

No, for once we are not referring exclusively to the environmental one, but to the economic commitment required to maintain the car during its entire life cycle: purchase, use, maintenance, end of life.

The analysis of the Total Cost of Ownership of electric vehicles reported by Smart Mobility Report for the year 2022, shows that the significant impact on the affordability of electric vehicles is connected to several pieces of evidence including: purchase incentives, which we will discuss in a moment, and more.

With regard to“maintenance and use,” for example, in all Italian regions, BEVs enjoy exemption from the payment of road tax(vignette) for five years from the date of first registration; at the end of which a tax equal to a quarter of the amount provided for gasoline vehicles must be paid. Interesting exceptions are Piedmont and Lombardy, where electric-powered cars enjoypermanent exemption , and laValle D’Aosta, where the exemption lasts for eight years.

Speaking of maintenance, it is good to remember that automotive brands cover the battery, a key element of an electric, with a warranty that is never less than 8 years or 160,000 km.

What about the coupon? Although on an electric the components to be checked and possibly maintained are small, at least on the first coupons, the cost to be faced remains about the same as on a gasoline car. The competitiveness of an electric lies in keeping costs lower on the normally more demanding coupons, that is, those of 40-60-100,000 km. In this respect, too, therefore, a BEV is competitive.

State and regional incentives provided for low-emission vehicles and beyond. All local initiatives to support sustainable mobility

Available incentives, whether state regional, provincial, or municipal, are the biggest driver of electric car purchases. In fact, the vast majority of those who bought an electric vehicle benefited from them (about 76 percent), proving that access to the incentive is the most common strategy adopted to date for buying an electric car and to counteract the painful fact of the initial price of the vehicle.

Will it always be like this in the future?

There is another factor that, again with the aim of reading the transition rationally and critically, should be emphasized. To date, in Italy, there are a total of 170 non-polluting models available on the market, as far as BEVs (full electric) are concerned, the number of models to choose from is 65. The number of “electric” models (BEVs and PHEVs) has grown tenfold since 2015. Contextually, the average price of BEV cars in 2022 has not grown and, in comparison with PHEVs, has even decreased. Encouraging data that should lead to reflection: if in 7 years the supply has grown so significantly and the price decreased, between now and 2035 how much room for improvement will we have on the purchase side?

The preferred way for electric drivers to recharge? The home charging point, a practical and convenient alternative

Why count the charging station to be installed at home among the reasons why buying an electric car pays off? Data tell us that the electric car, for 70 percent of Italy’s sustainable drivers, recharges at home.

Its always-available access, ease of use, and convenient management via App make it the most common choice. In short, the charging station is the product that makes the transition to sustainable mobility possible, and its presence in the market makes the transition to electric smoother in so many ways, including:

• safety: minimizes the risks associated with use, both to the person and to the meter and system;
• convenience: thanks to the synergy with photovoltaics, as in the case of Prism Solar, you can recharge your car for free using the energy produced by the panels;
• being future-proof: returning to the concept of investment paid back in the long run, the columns offered by Silla Industries are upgradeable, both at the hardware and software level, and designed to accompany-driver and vehicle-as long as possible on their journey, adapting to evolving needs.

Will these good reasons be enough to make the presence of electric vehicles on our roads more decisive? In the meantime, it is to be hoped that the expansion of this market will trigger a virtuous circle and that the increase in demand will be supported by congruous solutions and initiatives to make this change not a step in the dark, but an environmentally and human-friendly transition.