As the industry expands and electric vehicle sales rise, the cost of owning an electric car will fall even more, especially if you are willing to pay for the battery pack that is often required.
The cost of battery packs is falling.
The prices of battery chargers are dropping.
The costs of inverters and inverter components are falling.
And the price of battery pack batteries are rising.
The bottom line is that you are not going to pay much more for an electric automobile than you do for an alternative car, according to a recent report from Morgan Stanley.
That report, which found that the average new car costs about $18,000 more to own than it does to purchase, says it all.
The report, by Morgan Stanley analyst Michael J. Morgan, said the average car purchased in 2016 cost $20,000 to own compared with $20 a decade ago.
The report said the electric vehicle market is expected to reach $1.4 trillion by 2040, which is the year of the Tesla Model 3, which will be available for the average person to buy for $35,000.
In 2020, the average electric vehicle will cost $35 a month, according the report.
“The trend toward electric vehicles continues to show signs of life,” Morgan Stanley wrote.
“The cost of the battery and battery pack has declined significantly in recent years.
The average price of a vehicle has dropped by more than half in five years.”
Tesla, for its part, has said it plans to make the Model 3 “much more affordable,” although the price has not been finalized.
The trend towards electric vehicles is in part driven by consumer acceptance.
According to a report from Kelley Blue Book, about 20 percent of the people who bought electric cars in 2017 reported buying them because they liked the price, the number of miles they drove and the convenience of charging and using their car.
The same report said about 10 percent of those who drove electric cars said they purchased them because the cost was affordable and that they did not like to pay extra for the car’s gasoline.
The other side of the story is that people are buying the vehicles for the technology.
The electric car market is forecast to grow to $5 trillion by 2021, according Morgan Stanley, which includes sales of plug-in electric vehicles.
The industry is projected to be worth $6 trillion by 2022, Morgan Stanley said.
That would add about $7 trillion in value to the economy.