Motorists in Europe and North America are paying a high price for fuel as geopolitical concerns persist.
Following Russia's invasion of Ukraine, the UK's Department for Business, Energy, and Industrial Strategy announced (opens in new tab) that motorists had the sharpest weekly increase in petrol costs in more than 18 years. Prices for fuel and diesel might rise to as much as £2.50 and £3, respectively.
Similarly, AAA states that the average national price for a gallon of regular gasoline in the United States touched $4.17 earlier in the year, the nation's highest average ever, not factoring in inflation.
This implies that people are seeking more cost-effective methods to move around town, such as carpooling, public transit, electric automobiles, or, you guessed it, e-bikes.
The global bike boom has increased e-bike sales throughout the world, and rising gasoline prices will add fuel to the fire.
While the United States had been sluggish to adopt e-bikes, lagging behind European and Asian markets, we observed a shift in 2020. E-bikes were outselling fully electric automobiles two to one, with over 500,000 new e-bikes hitting US streets.
Furthermore, according to Deloitte, 130 million e-bikes will be sold globally between 2020 and 2023, making e-bikes the world's best-selling electric vehicle.
While sales booms are frequently short-lived, lasting just a few months or a few years, current gasoline costs may extend the e-bike boom.
Perhaps you've been waiting for the right moment to buy an e-bike for full-time or part-time use in order to cut costs and help the environment. Maybe you live in a place where owning and operating a car is highly stressful, if not impossible. Or perhaps the recent increase in petrol costs has prompted you to investigate other, more economical modes of transportation to utilize as needed.
Whichever position you find yourself in, the decision to buy an e-bike to avoid filling up your vehicle might feel daunting. You may be balancing the benefits and drawbacks of an e-bike over a car, considering how you'll park a bike, how to lock it properly, or whether an e-bike is genuinely the most cost-effective option given our present context of scarcity, inflation, and, more lately, a spike in gas costs.
Allow us to assist you in reducing your anxiety and the amount of money you spend on gasoline. We're not here to persuade you one way or another (but we know which choice we're going with!). Instead, let's compare automobiles to electric bikes by looking at the cold hard facts (and pricing! ), which may aid you and your decision-making process.
TRANSPORTATION AND THE AUTOMOTIVE INDUSTRY: ECONOMIC IMPACTS
Backlog of Inventory Due To Shortages in the supply chain
The average price of a new automobile in the United States in 2022 has hit a new high: $47,000. This is due, in part, to continuous supply chain constraints. From semiconductor chips, often known as microchips, to factory seats, shortages in the automobile industry have made new cars challenging to buy. They are selling for far more than the manufacturer's suggested retail price (MSRP) when they are available. So much so that a component backlog and limited new vehicle inventories have pushed up secondhand car prices.
Modern vehicles cannot function without these microchips. Their safety system and high-tech features depend heavily on them to perform. These components are as time-consuming to manufacture as essential to a new vehicle. According to the Semiconductor Industry Association, a typical microchip can take up to 12 weeks to build. More complex ones can take up to 20 weeks. When you factor in mass manufacturing and shipment of final goods, you'll have a lead time of around six months. It is evident that unless car manufacturers can keep up with demand, costs and availability will continue to rise.
Transportation and vehicle maintenance costs are being impacted by inflation.
In 2021, inflation reached 7% and was continuing to rise. As the cost of items rises (for example, new and used vehicles), so will the cost to repair, maintain, and utilize them. It should not be a surprise that autos would require more repair and maintenance than electric bikes. Not to mention how much more expensive it will become.
Although automobiles have a significantly longer driving range, better top speeds, and overall comfort levels, they can demand more significant investment. Let's go through some figures:
Car Payment: The average monthly car payment is $644 for a new vehicle, $488 for a used vehicle, and $531 for a lease.
License/Registration/Taxes: The average yearly cost is roughly $700. However, this can vary based on state and local tax rates and car market prices.
Insurance: Full coverage automobile insurance costs an average of $1,655 per year in the United States.
Repairs and maintenance: Although this varies, the average yearly cost of maintaining and repairing a car is around $1,000.
The predicted yearly average cost of servicing and maintaining a new car in 2022 is, prepare yourselves, $11,083. And this does not include the cost of gas.
Obviously, car payments are pretty costly, so we're helping you make a wallet-friendly choice.
Some Other Reasons to get an e-bike to include:
It'll change the way you commute.
Working from home is convenient, but it is not always feasible (or desirable). For many individuals, public transportation is the most viable method to commute to work, yet keeping a two-meter space between passengers reduces the capacity of buses and trains significantly. That means lengthier commutes, longer delays, and a lot more frustration.
A traditional bike can be a terrific option for long-distance walks. However, they have some significant disadvantages, not the least of which is working up a sweat. Having an electric motor absorb part of the load means you're less likely to need to change your shirt at work.
By replacing the traditional chain transmission with a belt, some electric bikes reduce the possibility of oil streaks on your jeans.
It is more hygienic.
Electric bike rental systems have sprouted up in places worldwide. However, several have suspended operations during the pandemic owing to the difficulties of adequately cleaning handlebars between users. Having your electric bike solves that problem.
It also means no more touching switches, ticket machines, doorknobs, parking meters, or everything else you'd typically have to tap and push on a standard car, bus, or train ride.
It's a great workout.
An electric bike is also a great way to get gentle cardio in, especially if you haven't been very active since the pandemic. Cruising on an e-bike requires far less work than walking, but it may still improve your heart rate.
You can also choose to push yourself harder. Most electric bikes will only increase your speed to about 15 mph, which is a good speed but will not make you the fastest cyclist on the road. If you want to move quicker, go ahead – but you'll have to do all of the work yourself.
You may also turn off the electric motor whenever you choose, just utilizing it when you're weary or need a little additional help getting up a hill.
It makes cycling more accessible.
If you're a little older, have a condition that causes you to tire quickly, or have an accident, an electric bike can help you enjoy cycling again - even if you haven't stepped on a pedal in years.
An e-bike is also an excellent way to go out and enjoy the countryside if you're lucky enough to live within cycling distance of some green space, which can be a great way to reduce stress and enhance general wellbeing. You can travel further, quicker, and appreciate your surroundings more if you use less energy pedaling.
It's more environmentally friendly.
Yes, the power to charge your bike's battery might have come from a fossil fuel power station. However, it will still have a much lower carbon footprint than any automobile – even an electric one – due to its lower power requirements, smaller size, and lighter build. That scenario will only improve if the energy balance shifts more toward renewables.
An electric bike also has less 'embodied energy' (the amount of energy required to produce it) than a car.
It's no surprise that e-bikes are less expensive to operate in the long term when compared to cars and the current gas costs. While we are not here to urge you to dump your automobile and rely only on an e-bike overnight, we highlight how equitable and logical e-bikes maybe during economic difficulty.
So, whether you want to ease into splitting your time between a vehicle and an e-bike or replace one with the other, our objective is to enlighten you on how much money you may save by decreasing your trips to the gas station. That includes not just money but also time spent in your car and traffic away from friends, family, and hobbies!