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Why Has Electric Vehicle Adoption Accelerated in 2021?

By Matthew Frankel, CFP® - Mar 23, 2021 at 7:11AM

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It's not just saving money on gas that's attracting new buyers to the EV world.

Sure, saving money on fuel costs and doing something good for the environment are well-known perks of switching to electric vehicles, but those aren't the only reason people are getting rid of their gasoline-powered automobiles. In this Fool Live video clip, recorded on March 15, contributor Matt Frankel, CFP, and Industry Focus host Jason Moser discuss some of the reasons why we're seeing such a rapid pace of EV adoption right now.

Matt Frankel: CarPe Foolem says, ''I've owned an EV for years. The acceleration and performance are nice, but it's the nearly complete absence of maintenance that is the hidden gem that will win over the masses, no break repairs, oil changes, transmission leaks, etc. EVs make life easier and save you money.'' I got to say that's a good point.

Jason Moser: I'm all for that. I mean, listen, I grew up playing golf and I've been around a golf course all my life, worked at them for years. I was a club professional for seven years before I started on to other things. Having experience, and I'm not kidding here, having experience working with electric golf carts, there's something to that. I mean, there's a lot to that and I think that's going to make a big difference, not having to worry about that stuff as time goes on. I don't know that it's going to be that difficult to get people to buy into EVs. It's just getting EVs that.

Frankel: The people want to buy.

Moser: That people want to buy.

Frankel: Not just that. A lot of people want the Tesla (TSLA -0.06%) that could do 1.9 seconds 0-60, all that. A lot of people want that. You have to make them accessible to the masses. That's a thing we're starting to see now.

Moser: Yeah, and you need the charging infrastructure, we don't have that yet, but it's coming.

Frankel: You need the charging infrastructure, you need the range to really build out. I mean, it's coming, we're getting there. I was getting my car serviced, and we've mentioned, Jason and I both drive big gas-guzzling Ford (F 0.55%) SUVs. Take that for what it's worth. But I was at the Ford dealership getting mine serviced yesterday actually, and I saw one of the new Ford EVs called the Mustang Mach-E.

Moser: Yeah, I saw the commercial for that.

Frankel: They were in the showroom and it is an impressive car for the price point. It's I think under $50,000, it starts at, and it looks really nice. It's got a lot of capacity, it's fast. They're really rolling out some of these really accessible, appealing cars.

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