Buying a car is in itself one of the most important adventures a driver can experience, as he must facing the choice and acquisition of durable consumer goods that will involve the mobilization of a large amount of resourcesand that it will suffer a progressive depreciation and, at the same time, will have to bear a high cost if it decides to finance it with an APR between 7 and 8 percent.
If the problems seem few, add one of great importance: The automotive sector is undergoing a structural shift towards electric vehicles. This reality leads us to evaluate different alternatives: the internal combustion vehicle, the electric vehicle and two intermediate options: standard hybrids and plug-in hybrids (PHEV).
Standard hybrids use regenerative braking and the internal combustion engine to charge a battery and provide additional electrical power. They cannot be charged at an electric car charging station, unlike PHEVs. This makes PHEVs more similar to all-electric vehicles.. PHEVs usually have larger electric batteries than standard hybrids, with the ability to drive on electric power alone.
Everything seems to indicate that we went towards the electric car. So we are adopting technology that is maturing. And is that, according to BloombergNEF, the decreasing cost of producing batteries for electric vehicles, combined with dedicated production lines in the factories of car manufacturers, will make it cheaper to buy, on average, over the next six years than conventional carseven before any government concession.
The existing problem is that we are in 2022 and we are in the middle of a transition and we are faced with several variables to take into account when trying to get the purchase of a car right.
The extra initial cost of the electric option and the subsidies
Due to the technological difference between the vehicle with a combustion engine and the electric vehicle, we can see that the electric version of the model has a extra cost between 5,000 and 10,000 eurosalthough sometimes it is above this value.
This is due to the cost of batteries, which is still expensive, but decreases over time. According to Transport & Environment, a non-profit organization based in Brussels, prices of new batteries will drop 58% between 2020 and 2030, to US$ 58 per kilowatt hour.
A reduction in battery costs to less than US$ 100 per kWh is seen as an important step towards greater adoption of all-electric vehicles and would largely eliminate the financial appeal of hybrid electric vehicles, which combine a battery with a conventional motor. . better positioning for the consumer.
Here subsidies come into play, and the Government offers financial support from the Moves III Plan that varies depending on the type of vehicle chosen. Factors such as range and whether or not the replaced car goes to scrap will have a decisive influence on subsidy amounts.
If we focus on the 100% electric vehicle (BEV) we have a subsidy of 4,500 euros if you don't deliver your previous car. On the contrary, if the replaced vehicle is delivered for scrapping, it reaches 7,000 euros. These values apply to cars that offer at least 90 km of electric range. Its maximum price must be 45,000 euros and, if it has 8 seats, 53,000 euros.
Plug-in Hybrid (PHEV) is also supported. If the vehicle is not delivered, the subsidy is 2,500 euros. And if it is delivered, we arrive at a purse of 5,000 euros. In this case, we have a maximum price of 45,000 euros and an autonomy in electric mode between 30 and 90 km.
As we can see, one of the keys to take into account is if our vehicle has a market value of more than 2,500 euros or not.
At the same time, there is only a difference of 2,000 euros between the hybrid and electric option, which makes the hybrid option more attractive today.
Of course it will depend on our needs as a consumer. And is that the hybrid vehicle is oriented to those drivers who make a short daily trip because you can run on electricity most of the time driving.
Costs after purchase
Today and with current prices, it is estimated that recharging an electric/hybrid car every 100 km is a 40% cheaper than a diesel or gasoline vehicle.
Many variables are built in here that will cause the spread to increase or decrease. The most important thing is whether we are charging during peak hours (from 10:00 am to 2:00 pm and from 6:00 pm to 10:00 pm) or off-peak hours (from 12:00 pm to 8:00 am) or which electric station or gas station we are going to.
Broadly speaking we could save about 600 euros a year if we focus on electric driving. Depending on the choice of vehicle and the extra price of its electric version, it will take more or less years to amortize the second option.
As a reference calculation, if after subsidies, the price differential is 2,500 euros, the amortization would be done in 4 years and if it reaches 5,000 euros it would take a little over 8 years.
In addition to paying for fuel, there is other associated costs with vehicle ownership. Maintenance costs, in particular, are a major source of cash for any car owner.
Engine oil, transmission fluid, coolant and belt replacements can add up over the life of a hybridalbeit at a slower pace than gasoline/diesel vehicles that rely exclusively on their combustion engine.
Electric vehicles avoid costs associated with combustion engines. However, they still have maintenance expenses in the form of universal car problems like changing tires, insurance plans, and structural damage.
All-electric and hybrid vehicles are at risk of battery degradation. If you're still within your car battery's warranty period and your battery degrades beyond the guaranteed point, you don't have to worry about paying for a replacement battery.
However, if the warranty has already expired, replace the battery Complex wiring can end up costing a significant amount of money. Most electric or hybrid vehicle owners don't have to worry about paying to replace their car's battery, but it's a risk to watch out for.