The world’s big car manufacturers are busy getting on with electrifying their model ranges. But while things are changing, buying an EV is still a big leap. Evs are not cheap to buy but it is expected in a few years to come the price will drop.
In Kenya for example, EVS is exempted from taxes (import duty) which means once you import your car it will be cheaper to sell hence attracting more people to EVs. The falling cost of batteries is driving that optimistic outlook. For many years, electric vehicle batteries were said to account for half the car’s total cost, but that figure has dropped dramatically. In 2015, the battery represented about 57% of the cost, in 2019 it was 33% and in a few years to come might drop to 20%.
The question of choosing to buy now or wait depends on a personal decision, more than half the population of Australia buys used cars therefore for them its not yet an option. In the next three to five years, there will be a larger range of EVs in the $40,000-$50,000 price bracket with a few under $40,000 might translate to waiting for a little more time, but this is a threat to our environment, we suggest we move to EVs now.
Comparing the cost of operating and managing a petrol /diesel car could be significant, particularly for high-mileage drivers. And with interest rates at record lows, the cost of financing a new car is lower than it has been for some time.
