I’ll confess, when electric vehicles (EVs) hit the market in 2010, I wasn’t aware of what their arrival truly meant for the future of motoring around the world.
The car in question was, of course, the Mitsubishi MiEV, which appeared in 2010. A nifty, 4-door hatchback that promised to power you through 120 electrified kilometres. It had a cool, bubble-esque look, but that was where it really started and ended for this forerunner to what we know electric vehicles to be today.
Performance-wise, it wasn’t really a standout — that said, there wasn’t much to stand out from. Compared to similar-sized vehicles with internal combustion engines, it was near-impossible to justify the price point – around $55,000NZD.
Hardly chump change! You could pick up a Mistubishi Colt for half the price, easily and get six times the distance out of a tank of petrol. At that price point, you could also start thinking about the esteemed Volkswagen Golf GTI, and still have money for a set of sweet rims (kidding!).
It was hardly a time of price parity, and unfortunately, not much has changed in ten years. Today, whether you’re looking at a Nissan Leaf ($27,400*) or one of Elon Musk’s Tesla Model-Xs ($86,000*), you’re going to need a bit of coin to buy into the product line.
So, why are electric vehicles subject to such high prices?
The simplest answer is that high performance technology costs a lot to develop. Billions of dollars have been poured into research and development at every angle of an entirely new automotive concept, rather than building on pre-existing ideas and concepts with petrol-powered cars.
Beyond this, the actual cost of the lithium-ion batteries that are used to power electric vehicles is notoriously high.
Basically, you’re running a really big laptop or smartphone. It takes a lot of battery power and stamina to deliver a high quality ride result, and at this stage in the game, as these companies continue to invest in raising their battery performance benchmarks, prices will shoot up, especially when you’re producing lithium batteries for the mass market. The costs simply have to be recouped when the vehicle sells.
Of course, you can now start to pick up electrical vehicles in the second hand market, well below the sticker price in many cases. Just ensure you get a pre-purchase inspection to insure yourself against any headaches down the track!
We’re not trying to turn you off, though! The environmental and economic benefits these vehicles promise can’t be understated. You’re going to make up a fair bit of cost by paying for less fuel, and there’s a feel-good element to owning an EV.
Just be aware that for the time being, as these vehicles take on new technological frontiers, they’re likely to be subject to high prices compared to your usual petrol vehicles.
If you’re in the market for an EV, be sure to do your homework. If you need a hand, you can book a mechanic through My Auto Shop to complete a pre-purchase inspection and make sure the car is in good running order, especially for that extra bit you’re paying!