Trends With Electric Vehicles: What To Know

Aug 25, 2022
A light blue electric car is plugged in for charging with a thick cord.

Electric vehicles are becoming more and more popular as people become more environmentally conscious. Not only do they help reduce emissions, but they’re also cheaper to operate and maintain than gasoline-powered cars. If you’re a dealer looking to stay ahead of the curve in electric vehicles, this article will discuss the latest electric car trends and what dealers need to know to be successful in selling them. 

What are electric cars, and how do they work? 

Electric vehicles, or EVs, are cars that run on electricity instead of gasoline. There are a few different types of electric vehicles, but the most common ones are plug-in hybrids and all-electric cars. All-electric cars run entirely on electricity and can be plugged into an outlet to recharge, while plug-in hybrids have both an electric motor and a gasoline engine. 

How have electric vehicles become more popular? 

There are many reasons why electric vehicles have become more prevalent in recent years.  

The decreasing cost of batteries: One of the most significant barriers to entry for electric vehicles was the cost of batteries. This is because batteries contain a lot of expensive metals, like lithium and cobalt. However, due to advancements in technology, the cost of batteries has been decreasing. In fact, the cost of lithium-ion batteries has fallen by 89% since 2010. 

The increasing availability of charging stations: Another barrier to entry for electric vehicles has been the lack of charging infrastructure. This is because people are reluctant to buy an electric car if they don’t have somewhere to charge it. However, this is changing as public charging stations have increased dramatically in recent years. In 2021, President Joe Biden passed a bill for 500,000 chargers to be built around the nation by 2030.  

The increasing range of electric vehicles: Another reason electric vehicles have become more popular is that the range of these cars has increased due to advances in battery technology that have allowed for longer-lasting and more powerful batteries. As a result, electric vehicles can now travel farther on a single charge than ever before. 

The rise in environmental awareness: In recent years, there has been a greater focus on the environment and its impact on humans. More and more people are interested in purchasing environmentally friendly products, such as electric cars. 

Government incentives: To promote the use of electric vehicles, many governments offer incentives, like tax breaks or free parking. These can make owning an electric car more attractive to consumers. 

Cities banning petrol and diesel cars: As electric vehicles have become more popular, some cities have started to ban the use of gas- and diesel-powered cars. This is usually done to improve air quality, as electric vehicles produce no emissions. Cities that have banned or plan to ban petrol and diesel cars include London, Paris, Madrid, and Mexico City. 

What do dealers need to know about electric vehicles? 

If you’re a dealer who wants to sell electric vehicles successfully, staying up-to-date on the latest electric car trends is essential. Here are a few things you should keep in mind: 

Learn about the different EV types: As mentioned previously, there are a few types of EVs on the market. It’s essential to educate yourself on the differences so that you can better advise your customers. 

Keep tabs on government incentives: Government incentives can change frequently, so staying up-to-date on the latest offers is essential. This way, you can inform your customers about any financial incentives they may be eligible for. 

Know where to find public charging stations: Many people considering an EV are concerned about charging it when away from home. If you know where the public charging stations are in your area, you can put their minds at ease and help them decide to buy an EV. 

The latest electric car trends and what dealers can expect in the future 

As electric vehicles become more popular, dealers who carry EVs must stay informed about the latest electric car trends. Some exciting things to look out for in the future of EVs include: 

Improved battery technology: Batteries are improving, meaning EVs can travel further on a single charge. 

More affordable EVs: Thanks to improved battery technology and increased production, EV prices are expected to continue to decline. 

More public charging stations: As the infrastructure for EVs improves, there will be more public charging stations available for people to use. 

More advanced features: EVs are getting increasingly advanced, with some newer models featuring self-driving capabilities and safety features like automatic braking. 

What are some of the challenges that come along with owning an EV? 

While there are many benefits to owning an EV, there are also a few challenges. These include: 

Range anxiety: Many people who own EVs worry about running out of charge while on the road. This can be a problem if you’re planning a long road trip and you’re unfamiliar with the charging infrastructure in the area. 

Charging time: Charging an EV can take a while, which can be inconvenient if you’re in a hurry. Charges may take around 10-15 minutes, at a minimum, depending on the type of charger you’re using. 

High initial cost: EVs often have a higher initial cost than traditional gasoline cars. However, they’re generally cheaper to operate and maintain over time. 

What are some tips for dealing with these challenges? 

For dealers who carry EVs, knowing the challenges of owning one is essential. Here are a few tips for dealing with these challenges: 

Plan your route in advance: If you’re worried about running out of charge, plan your route and make sure you know where the public charging stations are along the way. 

Charge at home whenever possible: Whenever you can, charge your EV at home. This will save time and money in the long run. 

Consider a used EV: If the high initial cost of an EV is a deterrent, consider buying a used one. You can often find good deals on used EVs. 

Final thoughts 

As the world turns towards zero-carbon transportation, dealers who carry EVs must be knowledgeable in the latest electric car trends. Kelley Blue Book has the tools and resources you need to acquire and sell EVs successfully. With our suite of tools, you can quickly and easily connect with in-market shoppers, estimate trade-in value, and make competitive cash offers.