Electric Vehicles (EVs)
Electric vehicles are a growing market for new car purchases with more and more people making the switch from the gas station to an electrical outlet to fuel their vehicles.
Electric vehicles use electricity as their primary fuel or use electricity along with a conventional engine to improve efficiency (plug-in hybrid vehicles). Drivers are purchasing the vehicles for all kinds of reasons. Many decide to buy when they hear about the savings. Drivers see around $700 in savings a year in gasoline expenses when they drive an average of 12,000 miles. They also can realize substantial tax credits that encourage low-emission and emissions-free driving. Additional benefits include environmental improvements because of reduced vehicle emissions, energy independence by way of using locally-generated electricity and high quality driving performance. With the influx of electric vehicles comes a need for charging infrastructure. Throughout the country, businesses, governments and utilities have been installing electric vehicle charging stations. According to the U.S. Department of Energy’s Alternative Fuels Data Center, there are over tens of thousands of vehicle charging outlets across the country.
This trend toward electric vehicles is expected to continue, especially with the billions of dollars that auto manufacturers are investing in these new vehicles. The list of manufacturer support is long with almost every large automobile manufacturer currently developing or selling an electric vehicle.