Expert Insights

Why Your Next Car Will Be Electric

Kevin Jennings
July 6, 2023
More and more laws are pushing auto makers towards zero-emissions vehicles by 2030 - which will bring millions of electric cars to our roads. Here are some reasons you should consider going electric for your next vehicle.
Red car speeding through a tunnel with lights

Will Your Next Car Be Electric? Probably!

As world governments have come to understand the impact of greenhouse gases on the environment and humanity, more and more laws have adopted electric cars as one solution. The European Union aims to have at least 30 million zero-emission vehicles on its roads by 2030, as it seeks to steer countries away from fossil fuel-based transportation.

Stabilizing Global Temperatures

While the federal government slowly moves towards similar goals in the U.S., states such as New Jersey are moving ahead quickly. Governor Phil Murphy has set a goal of registering 330,000 EVs in New Jersey by 2025. The transportation sector accounts for 46% of New Jersey’s net greenhouse gas emissions.

The Intergovernmental Panel on Climate Change has made it clear that achieving net-zero greenhouse gas emissions globally by 2050 is essential to stabilizing global temperatures. Transportation is the highest source of greenhouse gas emissions in the United States, accounting for 29 percent of emissions. Globally, transportation comprises about 14 percent of total greenhouse gas emissions, not including the industrial emissions from fuel production. Reaching net-zero emissions by 2050 will require transitioning the entire U.S. vehicle fleet to EVs or other zero-emission vehicles.

rows of cars in a parking lot

Increasing Rate of Adoption

Domestic EV sales are estimated to be 8.5 million by 2025, 26 million by 2030 and 54 million by 2040. By 2040, 58 percent of all passenger vehicle sales and more than 30 percent of the global passenger vehicle fleet are projected to be electric.

How will this happen in gasoline addicted America? It will happen because electric cars are becoming cool. In fact, there are similarities between buying the latest smartphone and buying an electric car. For instance, while a Google Pixel phone might be cheaper and offer better performance, most Americans would prefer to have an iPhone for its perception of “coolness.” In the same way that the mass adoption of smartphones was triggered by the global race started by Apple with the iPhone, a deluge of new models of electric cars will play a key role in the adoption of the EV. According to Bloomberg New Energy Finance, there will be 500 EV models available worldwide by 2022.

We all purchase based on desire and EVs are evolving into the next cool thing to own. Our defining social characteristics are changing to support this shift. The older American expression of wealth and prestige will shift towards adopting the projection of a more responsible self. That self is eco-conscious, in-sync with the aspirations of Millennials and Gen Z towards a cleaner planet.

woman with her groceries watching her ev get charged

Advancing EV Technology

The range of electric cars will continue to improve along with better battery technology and the average consumer will realize that having a 250-mile range EV is perfectly acceptable when your total daily drive is under 50 miles and the average trip between charging stations is only 50 miles. Plus, charging your electric car will be a similar experience to charging your smartphone of laptop. You will charge it whenever you can, at home and at work, without ever draining your batteries. Having an electric car charged at home is like having a full tank of gas every morning when you take your car out.

Automakers are ramping up to meet worldwide EV goals. A good example is Volkswagen, expecting to roll-out 75 all-electric models by 2029. That’s the equivalent of one new model every six weeks. To achieve this, VW is upgrading its Modular Electric Drive (MED) platform that creates a skateboard-like base for all its new EVs; different bodies on the same electric motors and battery chassis. VW’s premium brands Porsche, Bentley, Bugatti, Lamborghini, and some Audi models will benefit from a similar MED platform.

person using calculator on their bills

Driving an Electric Car is Cheaper

Besides the fact that the world is clearly going electric, there are other reasons why your next car will likely be an EV. They will soon be less expensive to buy, own, maintain, and with instant acceleration and great handling, a lot more fun to drive. In fact, electric vehicles will become cheaper to buy than a similar gasoline-powered car by 2023.

If you charge up your EV at home, the cost of driving 15,000 miles a year (more than the U.S. average) is about $45 per month. Maintenance on an electric car requires little more than rotating your tires as EVs don’t require engine oil, spark plugs, air filters, coolant or transmission fluid.

For all these reasons and more, the world is about to go green, and you may find yourself behind the wheel of an amazing new technological wonder; an electric car.

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