Electric Vehicles in 2024: Weighing the Benefits Against the Costs

Eddie Cunningham's article in the Irish Independent, titled "The EV dilemma: What are the pros and cons of buying an electric car in 2024?", provides a balanced overview of the advantages and drawbacks of owning an electric vehicle (EV) in the near future. Here’s a review of the key points:

Pros of Buying an EV in 2024:

  • Lower Running Costs: Driving a battery electric vehicle (BEV) is about three times less expensive per 100km compared to petrol or diesel cars.
  • Environmental Benefits: EVs have no tailpipe emissions, contributing to environmental conservation.
  • Advancements in Technology: Newer EV models are being equipped with more dense batteries, offering better performance and range.
  • Increasing Charging Infrastructure: More and more powerful charging points are becoming available, reducing range anxiety.
  • Government Incentives: Incentives like the SEAI grant for home charging points lower the cost of EV ownership.
  • Cabin Space Efficiency: The design of BEVs often allows for more interior space.
  • Growing Market Confidence: The increase in EV registrations suggests growing consumer confidence in EV technology.

Cons of Buying an EV in 2024:

  • Higher Purchase Cost: New EVs are more expensive than their ICE counterparts, which can prolong the payback period.
  • Depreciation Concerns: High depreciation rates, as highlighted by a case where a Volkswagen ID.3 owner faced a significant loss to upgrade to a newer model, can impact the overall cost of ownership.
  • Range Anxiety: Official range figures are often unattainable in real-world scenarios, causing concern for potential buyers.
  • Charging Infrastructure Limitations: The need for more comprehensive charging networks remains a major hurdle, especially for long-distance and rural driving.
  • Inaccessibility for Some Users: Many people living in apartments or with no access to home charging face challenges in owning an EV.
  • Rapid Technological Changes: The fast pace of advancements in EV technology means that today's models may quickly become outdated.

Cunningham advises potential buyers to weigh these pros and cons carefully against their personal circumstances and needs. He acknowledges the environmental benefits of driving a BEV but also cautions about the economic and practical considerations that come with such a decision.

Read the full article here: The EV dilemma: What are the pros and cons of buying an electric car in 2024?