Are electric cars really worth the investment? Advantages and disadvantages

Are Electric Cars Truly Worth the Investment? Pros and Cons

Electric vehicles (EVs) are rapidly transforming the automotive market as an attractive alternative to traditional cars. The growing focus on sustainability and reducing dependency on fossil fuels encourages the adoption of this innovative technology. EVs offer numerous advantages, such as lower operating costs, quieter rides, and more. However, they also come with drawbacks, including a limited charging network and higher initial costs. So, the question arises: can EVs revolutionize transportation, and what compromises might one face when choosing this modern mode of travel?

Advantages of Electric Cars

- **Lower emissions.** One of the most significant benefits of EVs is their reduced environmental impact. While battery production contributes to emissions (50–70 g CO2/km over the vehicle’s lifetime), this is significantly lower than the 150–200 g CO2/km emitted by gasoline or diesel cars.

- **Greater efficiency.** EVs convert 85–90% of their energy into motion, compared to only about 20% for internal combustion engine (ICE) vehicles. This makes them far more efficient in energy use.

- **Lower fuel costs.** Although electricity costs vary across Europe, charging an EV is typically cheaper than refueling with gasoline or diesel. In Lithuania, the average electricity price in 2023 was around €0.20/kWh. EVs use about 15–20 kWh per 100 km, translating to €3–€4 for 100 km, compared to €10–€12 for a gasoline car consuming 6–7 liters per 100 km at €1.7/liter.

- **Reduced noise.** Unlike ICE vehicles, EVs produce noise primarily from wind resistance and tire friction. To ensure pedestrian safety, regulations require EVs to emit at least 56 dB of noise, but they remain quieter than traditional cars, which range from 70–90 dB. This is especially beneficial in urban areas where noise pollution often exceeds healthy levels.

- **Lower maintenance needs.** EV maintenance costs can be 20–50% lower than those for traditional vehicles. They don’t require regular oil changes and have fewer moving parts, reducing the likelihood of mechanical failures. While battery replacement can be expensive, most manufacturers provide warranties for 8–10 years.

- **Government incentives.** In Lithuania, EV buyers can receive subsidies of up to €5,000. In some countries, EVs benefit from lower road taxes, free parking, or access to special lanes.

Disadvantages of Electric Cars

- **High initial costs.** EVs remain more expensive to purchase than ICE vehicles. In 2023, the average price of a new EV in Europe was around €35,000, compared to €25,000 for a gasoline car.

- **Limited range.** Range anxiety is a key concern for many buyers. In 2023, the average EV battery capacity was about 60 kWh, offering a range of approximately 350 km. In comparison, ICE vehicles typically cover about 700 km on a full tank.

- **Long charging times.** Refueling an ICE vehicle takes just a few minutes, while charging an EV can take 30 minutes to several hours, depending on the charging speed. This can be inconvenient during long trips, especially if fast charging stations are not readily available.

- **Limited charging points.** While the number of charging stations is growing rapidly, they remain relatively sparse, especially in rural areas and smaller towns. Europe currently has about 375,000 public EV charging points, with Lithuania accounting for just 600 of them.

- **High battery replacement costs.** Depending on the EV model, battery replacement costs range from €5,000 (e.g., Nissan Leaf 40 kWh) to €20,000 (e.g., Tesla Model S 75–100 kWh). In comparison, a standard ICE car battery costs between €50 and €150.