Story by Sourav Banik
EVs appear to be the new normal in the current automotive world. From outclassing combustion engine vehicles, setting a new acceleration record, bringing a new vista of styling and luxury, and being more efficient. In fact, most big automakers have pledged a resolution to make EVs the new normal by 2030 and are investing billions.
While electric vehicles tend to be better in most cases, offering better mileage, saving on running costs, and being easier on the environment, they do have some drawbacks that one tends to ignore before running and joining hands to support this noble movement.
Higher prices than combustion engine cars, overly modern cabins, polarizing designs, lesser practicality, and many other traits restrict EVs from being the ideal replacement as of now. However, these problems seem minor when you hear about some serious problems associated with an EV. Here’s the real reason why we would steer clear of buying an EV in 2023.
EVs Depreciating At The Blink Of An Eye In 2023
In case you didn’t know, combustion engine-powered cars, hybrid cars, and EVs have their depreciation rates. And, with the “used-vehicle recession” finally hitting due to the bubble burst of used EV prices, the depreciation rates of EVs have come into the limelight, and the rates of depreciation are scary. According to iSeeCars, the average depreciation rate of an EV is a staggering 52 percent in the first three years, compared to 39.4% for ICE cars and 34.3% for trucks.
There are several reasons why EVs depreciate faster and have lower resale values. While there are several reasons for this, the main reason, unfortunately and surprisingly, is the $7,500 EV-Tax Credit provided to buyers. While this helps buyers get their hands on the cars at cheaper rates, it also reduces the valuation of the vehicle.
Above this, since EVs are entirely dependent on technology, they age faster than ICE-powered vehicles. The EV segment has advanced with modern technologies in recent years. EVs have transformed from “efficient and green alternatives” to “track machines.” Not only these, but Ford, GMC, and now RAM have introduced electric pickup trucks to increase efficiency. EVs nowadays feature cutting-edge technologies and offer better performance than they did yesterday. That said, technology is a boom for EVs but also an enemy.
Lack Of Adequate Charging Infrastructure Makes EVs Difficult To Live With
No wonder the Biden government has been doing a decent job with electrification, but the target of 50% of the vehicles being all-electric by 2030 seems like a tough task because of the slow progress of infrastructure establishment. Although buyers are ready to support the green movement, the present scenario of electrical infrastructure in the US does raise some concerns, namely the lack of infrastructure.
According to Alternative Fuels Data Center, there are 57,911 charging stations and 152,628 across the US as of January 2023, of which 54,155 are public stations with 137,514 charging points and 3,756 are private charging stations offering 17,454 ports. While these numbers look impressive on paper, these charging ports are irregularly scattered across the country, with some areas having an adequate number of stations while others have fewer.
For instance, California currently has 15,827 charging stations with 45,806 points, followed by New York with 3,369 stations with 9,625 charging ports, and Florida with 2,937 stations with 7,882 ports. Massachusetts, Texas, Washington, and Colorado stay behind these states next.
On the other hand, Alaska has only 62 stations with 115 ports, which is the lowest in the country, with South Dakota having only 72 stations and 180 ports, North Dakota having 81 stations and 173 ports, and Wyoming offering 87 centers and 215 ports.
The staggering number of EV customers in California face the most difficulties when it comes to charging. California has only 8 charging points per 100 EVs, with only 18% of the chargers supporting DC fast charging, but this isn’t the lowest. New Jersey only has 6 ports per 100 EVs, with 26% being fast charging stations. On the other hand, the lower EV numbers in North Dakota merit 45 charging ports per 100 EVs, with 35% being fast charging ports.
Among the 62,525 charging stations, around 47,000 are owned by 30 different businesses, among which ChargePoint has the biggest monopoly with more than 30,000 stations, Tesla has 6,000 stations, and SemaCharge Network has 2,300 such sites. America currently has 10 stations per 100 EVs, which makes recharging batteries lengthy, let alone the charging times of cars, which further depend on the car’s charging support and the type of charger available in the station.
Can You Really Ignore These EV Issues?
Besides the low resale value and lack of charging infrastructure, there are numerous problems associated with EVs. Firstly, let’s face the fact that EVs are expensive, and when it comes to the resale value of a luxury car, the resale value is even lower.
For example, the 2023 Nissan Versa costs $15,730 and is the cheapest car in America. Whereas the 2023 Chevrolet Bolt EV is the cheapest EV, costing $26,500, which drops to $19,000 after $7,500 in federal tax credits.
In case you wonder if the Nissan Versa is capable enough compared to the 200-hp Chevy Bolt, well, both these cars perform great in daily life. Still, the Nissan Versa offers better reliability, safety, and features, besides being cheaper, unlike the Chevrolet Bolt EV, which reportedly faced major setbacks due to its battery issues and major recalls owing to safety concerns.
Furthermore, not only do EVs take longer to charge, but they also cause range anxiety among buyers. While most companies offer an 8–10-year warranty on batteries, these batteries degrade gradually, which hampers overall performance and efficiency. Furthermore, replacing a degraded battery can be expensive and can set a buyer back by around $4000-$18000, according to ConsumerAffairs.