Earlier this year, Tesla announced that they were releasing the Model III electric car which they hoped to make available by 2017. Of course this is a huge drop down from the Tesla Model S which goes for twice the price at $70,000.
And that's not the only good news to come out of the forward-thinking company for those looking for affordable electric cars. They also recently introduced a new lease program for the Model S which offers a smaller deposit and lower interest rate. With the gradual erection of their Supercharger network as well, the idea of getting an electric car is looking more and more enticing and viable for an increasingly large market.
The question is then: is now the time to strike? With all this good news, should you now be thinking about investing in an electric car?
There are a great number of positive to owning an electric car. For starters, electric cars in theory provide you with great savings. By letting you charge your own vehicle rather than having to pay out for fuel every time you want to go anywhere, electric cars in theory can offer you great savings in the long run. Now that the initial price of investment is much lower, this might make an electric car a great way to save cash. This is even truer when you consider that many countries and states offer incentives for owning electric cars.
Obviously the reason that governments want us using electric cars is that they're much better for the environment: and hopefully that's something that you might also consider a bonus. It's nice to know that you're shrinking your carbon footprint and doing your bit for the planet.
Finally, many people find electric cars to be appealing. They feel like driving something out of the future and offer a smooth and silent ride. If that's something you'd like to give a shot – then an electric car might be for you.
But there are downsides to owning electric cars too.
For starters, what makes electric cars so expensive to begin with is the batteries. If you then take into account the fact that the batteries are known to gradually degrade over time, it's easy to see how some of that initial financial advantage could be undone after a few years when you have to replace such an expensive piece. The good news is that you can get guarantees for your batteries when you buy electric cars, but these can cost anywhere up to $100 a month – and really you shouldn't need to pay so much extra on top of your vehicle.
And good luck getting someone to help you do that: unfortunately electric cars still aren't the 'norm' and thus it's harder to find a garage that can help you with repairs. And if you're fortunate enough to find someone to offer your repairs, you're may well find that they charge you more money for the job.
Electric cars often don't provide much boot space because the huge batteries take up so much room. The Tesla Model S actually doesn't have this problem thanks to a smarter design, but it's worth considering.
Finally, charging your car takes ages meaning you probably wouldn't want to do it mid-way through a journey (the Model III is expected to take you 200 miles on a single charge) and if you're on the top floor of a block of flats then you might struggle to find somewhere to plug in to charge at home.
So what do you think? Do the pros outweigh the cons? Ultimately it comes down to your own personal preferences. The good news though? Things are only going to get better. If you're not convinced yet, hang on in there a few more years and then see…