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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
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The electric vehicle (EV) market experienced explosive growth in 2021, and that growth is projected to continue into 2022. In January, Tesla reported $5.5 billion in 2021 profits, more than six times higher than its 2020 earnings. And while demand for EVs continues to grow, auto manufacturers like Tesla worry that ongoing shortages and supply chain issues could limit production.
Is 2022 the time to dip your toe into the EV market? If you’re hoping to snap up an electric car in 2022, you’ll have more options than just the popular Tesla Models 3 and Y. Car manufacturers from Toyota to General Motors are nipping at Elon Musk’s heels with their own EV models, with Ford rolling out an electric F-150 to be released in the spring of 2022. And BMW, Nissan, Toyota and GM have already bought up ad space during Super Bowl LVI to market their new vehicles.
The electric vehicle industry continues to set records.
Electric vehicles, also called battery electric vehicles, are automobiles with electric motors rather than internal combustion engines. An EV must be plugged into a traditional wall outfit or designated EV charging station to replenish its battery. Since EVs run using their batteries, they do not come with liquid fuel components like a fuel tank or fuel pump. EVs also do not emit exhaust. If you’re interested in learning more about the mechanics of electric vehicles, you may want to check out some online information from trusted resources.
Electric vehicles tend to be better for the environment than gas-powered vehicles because they produce fewer planet-warming emissions, on average. However, EVs still have environmental effects. The electric grids necessary to fuel electric cars burn coal to create this electricity. Therefore, electric grids must get cleaner before EVs can be considered emissions-free. That being said, EVs have a much smaller carbon footprint than traditional combustion engine vehicles, which makes them much better for the environment.
The average cost of an EV decreased from $64,300 in 2019 to $55,600 in 2020, according to a report by Cox Automotive. However, several vehicles on the electric car market are priced outside of that range. On the low end, the 2022 Nissan Leaf starts at $27,400. If you’re looking for a higher-end vehicle, the Tesla Model S starts at $94,990.
The majority of electric vehicle batteries are manufactured by three companies: CATL in China, LG in South Korea and Panasonic in Japan. China leads the world in refining the raw materials necessary to make EV batteries and is home to 93 lithium-ion battery factories, compared to the U.S.’s four battery factories.
In the decade between 2010 and 2020, the U.S., China and Europe were the top EV producers, with the U.S. producing about 20% of electric vehicles, China producing about 44% and Europe producing around 25%.
Many car manufacturers are shifting to producing electric vehicles, which are projected to make up a quarter of new vehicle sales by 2035. However, if that prediction rings true in 2035, EVs will only account for 13% of vehicles on the road, since older cars tend to stick around for a decade or two before their owners switch to a new model. To reach Biden’s goal of net zero emissions and fully electric vehicles by 2050, car manufacturers would have to stop selling gas-powered vehicles entirely by 2035.
How far an electric vehicle can go on one charge depends on its make and model. Most EVs on the market today can drive around 250 miles on a single charge. However, Teslas have proven to perform better, typically traveling around 350 miles on one charge.
If you’re considering purchasing an electric vehicle — whether to reduce emissions or save on gas — the following factors may affect your choice.
As the EV sector progresses, EV trends seem to center around hands-free technology and AI. As electric cars progress in 2022, we may see self-driving capabilities become more common as consumers gain trust in automatic piloting technology. Tesla rolled out its first version of Autopilot software all the way back in 2015, but other manufacturers are just beginning to release their own versions. Volvo recently announced its own autonomous vehicle technology, Ride Pilot, which will allow drivers to travel on highways without supervising the vehicle, which means you’ll be able to eat or watch a movie while driving.
While battery-powered electric vehicles are the most popular type right now, German automakers, including Audi and BMW, are developing hydrogen fuel-cell vehicles alongside battery cars. These vehicles convert hydrogen into electricity inside the vehicle without releasing harmful emissions into the atmosphere. Hydrogen fuel cells have a greater energy storage capacity than lithium-ion batteries, so they may become more common in 2022. However, critics contend that the battery electric vehicle market is more viable than hydrogen vehicles could be. Elon Musk, “Technoking of Tesla,” commented that, “It’s just very difficult…to make hydrogen and store it and use it in a car.”
While Tesla leads the electric car industry in sales, several other automakers are drumming up interest for their 2022 releases. Buyers expectantly await the following vehicle releases this year:
Electric vehicles are more expensive than gas-burning vehicles upfront. The average cost of an EV is $56,437, around $5,000 more than the average price of an entry-level, luxury, gas-burning vehicle, according to Kelley Blue Book. However, the savings on gas may make up for that sticker price difference. EV drivers spend around 60% less on fuel than gas-burning vehicle drivers, according to a Consumer Reports Study. Over the average 200,000 mile lifespan of their vehicle, the total cost of a gas-powered car would be $94,540, while a similar EV would cost $90,160, according to CNBC.
In addition, the sticker price of EVs is getting lower thanks to federal tax credits that can knock as much as $7,500 off the price of your vehicle. Additionally, EVs are expected to get even cheaper in the coming years thanks to battery and technology improvements.
The average cost of car insurance across all vehicle types in the U.S. is $1,674 for full coverage. Meanwhile, the cost of car insurance for electric vehicles varies. High-end EVs cost more to insure. For instance, full coverage for a Tesla Model S costs $3,802 on average, while full coverage for a Fiat 500c costs $1,463 on average. However, rates will vary based on your individual characteristics, the make and model of your vehicle and what company you choose. You may want to look into companies that cater specifically to EV insurance.
In general, electric vehicles cost more to insure than conventional automobiles. Why? Electric vehicles are typically more expensive and have higher repair costs. Anticipating these higher repair costs, insurance companies may charge EV owners more for their car insurance.
Are you considering purchasing an EV this year? Here are some facts about electric vehicles that you may want to consider before buying.
EVs come with certain benefits that you won’t find with an internal combustion engine (ICE) vehicle.
Many of the vehicles in the EV industry today come with state-of-the-art features including:
Since electric vehicles don’t use gasoline, you’ll have to charge them periodically. Most cars on the electric vehicle market travel between 200 and 350 miles on a single charge.
How many charging stations are there in the U.S.? Fewer than 46,000 EV charging stations are located in the U.S., according to the Department of Energy. However, this number is expected to increase as demand for electric cars increases in the next few decades and electric vehicle production increases.
Maps like the one provided by PlugShare can point you to the nearest charging station or help you plan your trip. This service allows you to filter by the type of plug your vehicle uses, which locations require payment, the charging network you’re looking for and more. Filtering by a charging network allows you to see the largest EV charging networks in the U.S., which may be helpful.
Three types of charging stations are available for EVs in the U.S.: Level 1, Level 2 and Level 3. A Level 1 charger provides 5 miles per hour of charge and may work well for hybrids such as the Kia Niro. A Level 2 charger works well with battery EVs such as the Tesla Model 3 and provides between 13 and 25 miles per hour of charge. Level 3 chargers work well with most battery EVs and only need about 10 to 30 minutes to reach a full charge.
Many modern EVs can charge via a standard wall outlet. However, some EV drivers choose to purchase a full at-home charging station to get a quicker charge. While installing a Level 3 charging station can cost around $50,000, Level 1 and 2 stations are generally more affordable. A Level 2 charging station may cost between $300 and $700, while a Level 1 may cost between $180 and $300.
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