The headline grabbing press release from Chevrolet has certainly caught the attention of EV enthusiasts around the world with the claim that drivers can save $9000 in fuel costs over a five-year period. Whichever way you look at this, it is a truly eye-catching figure, which seems to perfectly illustrate the growing value for money available in the electric vehicle market.
When you also take into account the array of government incentives and tax deductions available in the U.S. (you can acquire a Chevrolet Spark EV for around $20,000) the picture is certainly improving for EVs. Even though the gasoline equivalent Chevrolet Spark costs just over $12,000, it still shows that within five years you are saving on fuel spending alone before we even begin to look at reduced maintenance and other aspects of electric vehicles.
Is a $9000 saving enough to tempt you?
For many years now we have seen the headlines suggesting that electric vehicles are far cheaper to finance in the long run when taking into account headline price, fuel, maintenance and other aspects of everyday motoring. The fact that Chevrolet has calculated a $9000 saving on its Chevrolet Spark EV over five years may not look too mouth-watering when you consider the $20,000 discounted price, but in the long run it is certainly worth appreciating.
Quote from ElectricForum.com : "In what is certainly going to cause confusion amongst consumers around the world, the Chevrolet Spark, Chevrolet’s much acclaimed vehicle, has been launched in India under the name Chevrolet Beat. It is unclear at this moment in time why the company chose to change the name of his vehicle despite the fact that it will be the company's major blockbuster in the car industry during 2013/14."
It will be interesting to see whether this amount of savings, no doubt other EV manufacturers will release similar figures, will be enough to sway those in the public domain yet to embrace electric vehicles. The fact is that prices are coming down, efficiency is improving and the overall cost of running an electric vehicle is still significantly less than its gasoline counterpart.
Second-hand electric vehicle market
Perhaps one area of the electric vehicle market which does not receive as much publicity as you might expect is the second-hand market. It is common knowledge that due to the relatively small number of electric vehicles on the road, compared to their gasoline counterpart, there is a fairly weak second-hand market in electric vehicles. However, the recent announcement by BMW that the company would to all intents and purposes help to support second-hand BMW EV prices, has certainly given us food for thought.
If other EV manufacturers decide to follow suit then we could see the second-hand electric vehicle market supported until it is able to stand on its own 2 feet. This would increase the value of second-hand electric vehicles and add yet another plus point to the ever-growing tick box for this relatively new mode of transport.
It seems that everywhere we turn at the moment there is good news and impressive figures in relation to electric vehicles, their overall efficiency, and running costs. Slowly but surely momentum is building in the electric vehicle market and you only need to look at the number of electric vehicle news stories published on the Internet each and every day to confirm this. It will be interesting to see whether this momentum follows through in the short to medium term and indeed whether electric vehicles start to make inroads into the massive dominant market share currently held by gasoline powered transport.