Electric Vehicles Are More Affordable and Capable Than Ever

February 7th, 2022 by

There’s a widely held perception that you have to spend a lot of money to buy a Battery Electric Vehicle (BEV) or Plug-in Hybrid Electric Vehicle (PHEV), but that reality is quickly becoming a thing of the past! At Schomp BMW, we’re looking to the future, and let us tell you, the future is BMWi.

Surveys show that drivers who have driven one of these cars or trucks find they’re loving the fast acceleration, smooth handling and quiet ride of electric vehicles. But according to Cars.com research, “The primary obstacles preventing consumers from buying electric vehicles are cost (34%), limited range (32%) and a lack of charging stations (32%).”

The latest BMWi models address these concerns. With a single charge, you can achieve a range of up to 300 miles. Multiple charging options make it convenient to recharge at home or on the road, with access to approximately 4,500 DC fast charging locations and more than 35,000 Level 2 chargers nationwide.  

True – EVs’ sticker prices often look high. But considering all factors, including available rebates/tax credits, they actually could cost less than comparable gas-powered vehicles, especially the longer and farther they are driven. 

Considerable research backs up these conclusions, done on a state-by-state basis. The National Renewable Energy Laboratory (based outside of Denver) and the Idaho National Lab, found that over a 15-year lifespan, it could cost up to $14,500 less to run a BEV than fueling a comparable gas-powered vehicle. 

The research included per-mile costs, electric tariffs and costs of charging equipment and used the 2020 average of 15 cents per kilowatt hour (kWh), assuming that 81 percent of the charging was done at home, 14 percent at a workplace or public charger and five percent with a DC fast charger. 

  • Incentives? Up to $7,500 federal tax credits; many states also offer incentives/credits, lowering the up-front purchase cost. 
  • Maintenance costs? The Department of Energy estimates regularly scheduled maintenance for a BEV at 6.1 cents per mile, compared to 10.1 cents per mile for internal combustion engines (ICEs). Costs are just a little higher for PHEVs and hybrid electric vehicles (HEVs), but lower than ICEs. 
  • What about batteries? Every BMW electric vehicle comes with premium maintenance services provided by a nationwide dealer network and an 8 year/100,000-mile battery warranty.
  • Trade-in value? Newer electric vehicles – ones with ranges exceeding 200 miles – seem to be holding their value as well as their ICE counterparts and with battery technology rapidly improving, they will improve in value.

Research your own savings at the federal government’s Alternative Fuels Data Center. It’s the government’s one-stop source for information about costs, vehicles, charging locations and more. A lot of other information and answers to questions is widely available. 

To fight climate change and air pollution, several states are planning to ban ICE sales in the future – some as early as 2030. Manufacturers are responding with plans to either stop manufacturing ICEs or vastly increase their BEV and PHEV offerings. The recently passed federal infrastructure bill should provide a boost, as would the proposed Build Back Better Act. 

Electric vehicles are on a fast track and accessible to all consumers when everything is considered. From impressive torque to the use of cutting-edge materials and complete dedication to your lifestyle, BMW drives innovation forward and sets a higher bar for performance, technology, and luxury. Welcome to the future of electromobility.

Posted in BMW, Electric Vehicles, News