Electric vehicles are becoming increasingly popular as both availability and affordability levels improve. What was once a niche and inaccessible segment has now evolved into more of a mainstream market with various options and bodystyles that you can consider. Since electrification entered the automotive world, die-hard gearheads and forward-looking eco-conscious drivers have been butting heads regarding which is the superior means of propulsion.

As is the case with any topic, the concept of electrification comes with its own set of pros and cons. Compared to gasoline technology, electrification hasn’t benefited from the same extensive development period, but we can’t deny how the rate of its evolution has been an incredible thing to witness. Comparing today’s EV options to those available just five years ago highlights how brands are fully dedicated to transitioning from gasoline to electricity. There are some problems that they still need to work out before it becomes the new mainstream for the automotive mass market.

In order to give you the most up-to-date and accurate information possible, the data used to compile this article was sourced from various manufacturer websites and other authoritative sources, including the U.S. Bureau of Labor and Statistics and the EPA. We’ve listed the strengths first followed by weaknesses in the last five entries.

1 EVs Are Way Cheaper To Run

Electricity in the U.S. is a far cheaper commodity when compared to gasoline. According to the U.S. Bureau of Labor and Statistics, you’re likely to pay around $18 per kWh of energy across the country. One gallon of gasoline costs an average of $3.73, including all three available grades. To contextualize this, we’ll have to compare the most efficient EV and ICE models currently sold in the new car market. These are the Hyundai Ioniq 6 SE and Mitsubishi Mirage, respectively. The Ioniq 6 returns a 24 kWh per 100-mile energy consumption estimate, while the Mirage affords a 39 MPG result . The EPA estimates the South Korean EV will cost you $0.88 every 25 miles, while the Japanese economy hatch will have you spending $2.33 to cover the same distance.

Most Efficient EVs In 2024

Electricity is cheaper than gasoline because it requires far less resources to produce. This is done by burning coal or natural gas, but you can also source it from renewables, such as wind and solar. Gasoline, on the other hand, involves complex refining processes and fluctuating crude oil prices. Electricity pricing in the U.S. also benefits from lower distribution costs compared to the logistics and infrastructure required for gasoline delivery. The efficiency of electric motors also means that the energy used is more effectively converted into motion, further reducing operating costs, and this is something that is only likely to improve as the technology gets developed more.

2 EVs Are More Reliable In The Long Run

When it comes to long-term car ownership, EVs are going to be more affordable to maintain in the long run , but that’s only if you exclude the inevitable battery replacement cost after around 10 years. The reason for this is very simple. ICEs feature much more complicated moving components that work together to get the wheels turning. All of these parts are subject to wear and will eventually need to be replaced.

Why EVs Are More Reliable

• Electric cars have fewer moving parts, reducing the likelihood of mechanical failures.
• They also don’t require oil changes or exhaust system repairs, minimizing maintenance needs.
• Regenerative braking reduces brake wear, extending the lifespan of braking components.
• Electric motors are simpler and more durable than internal combustion engines.
• EVs experience fewer fluid leaks and issues associated with complex fuel systems.
• Battery and electric drivetrain warranties often cover at least eight years, ensuring long-term reliability.

EVs, on the other hand, only have a single moving component per drive unit. This operates via electricity rather than gasoline, so it also doesn’t need any lubrication. As a result, it doesn’t require servicing that is as in-depth as an ICE and is less prone to mechanical faults. Electric drive units also cover much greater distances before requiring servicing or reconditioning.

3 EVs Return Better Acceleration Results

EVs typically benefit from better acceleration capabilities thanks to the instant torque provided by electric motors. Internal combustion engines need to build up power through the combustion process and gear changes, resulting in a much more substantial loss of energy, and they only reach their peak power and torque at a specific engine speed. Electric motors resolve this problem by delivering maximum torque from a standstill, which means that when you press the accelerator, an EV responds immediately with a powerful surge, leading to faster acceleration times. Cars like the Rimac Nevera prove that there is no way ICE technology will ever be faster than electric, with its confirmed sub 2.0-second 0-60 MPH acceleration time. Of course, gasoline-powered NHRA drag cars can easily beat these results, but they aren’t as practical as your average high-performance electric car.

Fastest-Accelerating EVs

Additionally, EVs feature either a single-speed or two-speed transmission, which eliminates the delay caused by shifting gears, further enhancing their acceleration. The absence of complex mechanical systems also allows for a more efficient transfer of power directly to the wheels. This characteristic makes EVs particularly quick off the line, providing a smooth and responsive driving experience, especially in urban environments where rapid acceleration from a stop is frequently required. A lot of manufacturers have embraced electrification in their conventional ICE performance models, leading to much faster products but with heavier curb weight figures.

4 Electric Cars Get Great Tax Rebates

The current administration introduced the Inflation Reduction Act tax as a rebate incentive to promote new EV ownership in the U.S. It’s also a response to the ongoing climate crisis and an effort to lower the country’s overall carbon footprint. You can take advantage of this act by earning as much as $7,500 in federal tax credits if you opt for models assembled in North America with a battery pack that features predominately American-sourced materials.

The Inflation Reduction Act

• The current administration passed the Inflation Reduction Act in 2022 to combat rising inflation and promote economic stability.
• It includes provisions to lower prescription drug costs, benefiting millions of Americans.
• The act invests heavily in clean energy, supporting the transition to renewable energy sources.
• It offers significant tax credits and rebates for purchasing electric vehicles and energy-efficient home improvements.
• The act aims to reduce the federal deficit by increasing taxes on large corporations.
• It also expands healthcare subsidies, making coverage more affordable for low- and middle-income families.

You can also benefit from a $4,000 rebate if you look at the used market, making for an additional deal when you consider how much more affordable second-hand options are. Additionally, the act incentivizes manufacturers to produce EVs domestically, boosting the American automotive industry. This act is a key component in making electric cars more accessible, while promoting the local automotive production industry.

5 Electrification Will Become The Mainstream Fuel Source

The rise of electromobility is an unavoidable revolution as brands rush to introduce more electric products while scaling down their ICE endeavors. In recent months, some companies have admitted that at full electrification transition is a bit unrealistic and have started focusing on gasoline-electric hybridization. These same companies have assured that full electrification will come, but just a bit later than initially planned.

How And When Electromobility Will Become Mainstream

• Electric mobility will become mainstream as battery technology improves, offering longer ranges and shorter charging times.
• The expansion of charging infrastructure will make EV charging more convenient and widely accessible.
• Government policies and incentives, like tax credits and emissions regulations, will drive consumer adoption of EVs.
• Major automakers are investing heavily in EV production, increasing the variety and availability of electric models.
• Rising environmental awareness and the cost savings of EV ownership will encourage more consumers to switch.
• By the late 2020s to early 2030s, EVs are expected to dominate new vehicle sales, making electric mobility mainstream.

This will only become a worthwhile option with mass market appeal once these brands figure out how to substantially reduce the cost and lifespan of the battery packs, which are known to contribute to the already high prices attached to EVs. More tax incentives and better public charging infrastructure will also play a big role in bringing electric mobility to the frontlines of private and commercial car ownership.

6 Range Anxiety Is Still A Problem

Range anxiety shouldn’t be as big an issue compared to five years ago thanks to substantial improvements in battery technologies, but it’s still somewhat of a concern for those who travel long distances in-between stops. There have also been noteworthy improvements in public charging availability and speeds, but it’s still not at the same level of convenience that you get with just refueling an ICE. A lot of new car buyers prefer this more than the savings you get by driving an electric car.

The Complexities Surrounding Range Anxiety

• Range anxiety persists because many EVs still have limited range compared to traditional vehicles, especially on long trips.
• Charging infrastructure remains uneven, with rural and remote areas often lacking sufficient charging stations.
• Charging an EV takes longer than refueling a gas vehicle, adding stress during long-distance travel.
• Cold weather and high-speed driving can reduce an EV’s range, exacerbating concerns.
• Improved battery technology, offering longer ranges and faster charging, can help alleviate range anxiety.
• Expanding and standardizing charging networks, particularly in underserved areas, will further resolve this issue.

EVs also still consume much more power when you make use of the auxiliary functions, particularly the HVAC system. We also have to consider that there are many drivers on the street that still feel uncomfortable about the idea of being stranded on the side of the road without anywhere to plug your vehicle in, but this is realistically a lesser concern.

7 EVs Depreciate A Lot Faster Than ICEs

EVs depreciate faster than ICE models for several factors. Rapid advancements in battery technology and electric vehicle features mean that newer models often outperform older ones in range, efficiency, and technology, making used EVs less attractive. Battery degradation also plays a role, as consumers are concerned about reduced range over time, which can lower a vehicle’s resale value. In some cases, an EV can lose as much as half of its value within a year, which is a terrifying factor to consider when you factor in how much a new EV costs on average.

The Electric Car Depreciation Problem

• Electric vehicles depreciate quickly due to rapid advancements in battery technology, making older models less desirable.
• Concerns about battery degradation over time reduce the resale value of used EVs.
• The smaller market for used EVs leads to lower demand and quicker depreciation.
• Government incentives for new EVs, like tax credits, make new purchases more attractive than buying used.
• Uncertainty around long-term battery replacement costs negatively impacts the perceived value of older EVs.
• Limited public awareness and misconceptions about EV reliability further drive down resale prices.

Additionally, the market for used EVs is smaller, leading to less demand and quicker depreciation. The aforementioned government incentives for new EV purchases, such as tax credits and rebates, can further reduce the appeal of buying used, as new models become more affordable with these discounts. The uncertainty surrounding the long-term performance of EV batteries and the cost of potential replacements adds to the depreciation issue. As a result, EVs tend to lose value more quickly than their ICE counterparts, impacting their resale prices. If you’re looking at long-term EV ownership, this may not be as big a deal for you.

8 EVs Aren’t As Clean As You Think

EVs are not as eco-friendly as you might think if you consider their entire production cycle, which tends to have a severe impact on the environment. Again, thelithium-ion battery pack is the main culprit for this problem, as it requires brands to partake in harmful mining practices to source the materials needed for the technology. These materials include lithium, cobalt, and nickel, the sourcing of which causes ecological damage, including habitat destruction and pollution, and often involves energy-intensive operations that contribute to carbon emissions. You also have to factor in how many resources are used just to distribute these materials from the source to the production facility.

• The production of EV batteries involves mining materials like lithium, cobalt, and nickel, which harms the environment.
• Manufacturing EVs is energy-intensive, often resulting in high carbon emissions before the car even hits the road.
• The electricity used to charge EVs often comes from fossil fuels, reducing their overall environmental benefits.
• Battery disposal and recycling pose environmental challenges, potentially leading to toxic waste.
• EV production requires rare earth metals, whose extraction devastates ecosystems.
• The full lifecycle carbon footprint of EVs may be closer to that of efficient ICE vehicles, especially in regions reliant on non-renewable energy.

There’s also the problem of charging EVs via non-renewable energy sources, such as coal or natural gas. Although not as severe as mining materials out of the earth, this does undermine an electric car’s greener credentials. While in use, EVs are better for the environment compared to ICEs, but once brands figure out how to clean up the entire operation, it’s difficult to see them as a solution to achieving carbon neutrality.

9 Electric Cars Are Still Much More Expensive

As of 2024, the Nissan Leaf S is the cheapest EV sold in the U.S., with a very competitive $28,140 MSRP. Coincidentally, Nissan also sells the cheapest ICE in the country, which is the $16,680 Versa. This comparison reflects just how much more it will cost you to climb into an electric car, making the segment a much less accessible one. This is a concern for a lot of new car buyers, as the long-term saving benefits aren’t enough to justify the steep initial cost coupled with a poor depreciation rate.

The Rising Cost Of EVs

• EVs are more expensive due to the high cost of lithium-ion batteries, which are their most expensive component.
• The raw materials for batteries, such as lithium, cobalt, and nickel, are costly and difficult to source.
• EV manufacturing requires advanced technology and specialized components, driving up production costs.
• Lower production volumes of EVs compared to ICE vehicles limit economies of scale, keeping prices high.
• Significant research and development investments in EV technology contribute to their higher price tags.
• Government incentives will offset some costs, but the initial price of an EV remains higher than comparable ICE vehicles.

EVs will get more affordable as technology progresses. We know this because hybrid cars followed the same suit when they were introduced to the global market. In the meantime, buying an EV is still a substantial investment to make, even when you consider the fuel-saving benefits. Some brands like Tesla have been able to significantly cut pricing thanks to improved supply chains and tax policies.

10 Battery Replacements Remain Expensive

EV battery packs are expensive to replace for a lot of reasons that we’ve already mentioned. The cost of raw materials, including lithium, cobalt, and nickel, remains a primary reason for this problem and is something that is unlikely to change. Beyond this, you also have to consider the advanced technologies required for battery management systems and thermal control, and the labor and manufacturing costs, all of which add to the final expense. For maintenance purposes, once a battery pack reaches the end of its life cycle, you only have to exchange the worn-out modules rather than the entire pack. This can cost between $6,500 to $20,000, depending on the capacity.

EV Batteries Are Still Too Expensive

• EV batteries are expensive due to the high cost of raw materials like lithium, cobalt, and nickel.
• The complex manufacturing process for lithium-ion batteries requires advanced technology and precision, driving up costs.
• Battery management systems and thermal controls add to the overall expense of EV battery packs.
• Limited economies of scale in battery production keep prices high as demand for EVs is still growing.
• Solid-state batteries promise to reduce costs by using less expensive and more abundant materials.
• Solid-state technology offers higher energy density and simpler manufacturing, which could lower production costs and make EV batteries cheaper.

Solid-state batteries offer a potential solution to this problem by addressing many of the cost and performance issues associated with current lithium-ion batteries. This exciting technology features a solid electrolyte instead of the liquid or gel electrolytes found in traditional batteries, which improves energy density and safety. This technology also has the potential to reduce the reliance on costly and scarce materials like cobalt, and promises to be lighter, more efficient, and less expensive to produce. Unfortunately, widespread adoption is still a few years away due to ongoing development challenges and production scalability. Major manufacturers are working on commercializing this technology, with expectations for broader availability and reduced costs by the end of this decade or early 2030s, so this is a problem that we’re going to have to deal with for quite some time.