As the economy in the United States continues to decline steadily, more and more people can no longer afford car insurance. Since those individuals still require a means of commuting to work, many are making a switch to either mopeds or electric motorcycles or even motorized kick scooters. These vehicles don’t require insurance coverage or gas as they aren’t constructed with a gas propulsion system. This means more money in pocket for the commuter who can then invest that money into other necessary things, such as basic utility bills.
Are Electric Motorcycles the Answer?
With more and more companies pushing for clean air technology to reduce carbon emissions and other pollutants, electric motorcycles are anticipated to make a huge jump in the next few years. Part of that reason is because those that have employment are making commutes close to home and it saves money for the consumer in the long run since there is no insurance requirement, no high gas rates (because it runs on a battery), and an electric motorcycle 40-50 miles without a recharge. The more expensive long-range electric motorcycles can travel up to 114 miles before needing a recharge on the battery.
Why are People Making the Switch?
Ideally the investment into an electric motorcycle is best for congested city streets where cars and trucks often sit for long periods with mile-long traffic, however even suburban residents can benefit from these environmentally friendly bikes.
1. Cost Efficiency
All each state requires is for an electric motorcycle is for it to be registered with the DMV. There is no title required. Some minor fees are associated with the registration process but overall the money saved adds up well into the thousands over time. For example, say a local commute costs $60 per month in gas in combination with monthly insurance at say a low rate of $150 per month. That’s $2520 per year saved from switching to an electric motorcycle from a traditional car or pick-up truck. Everyone could benefit from freeing up that much extra money! So it’s no surprise that those who can afford to buy an electric motorcycle are making the switch.
2. Innovative Designs
Another reason more people are investing in electric motorcycles are for the newer designed models. Old mopeds (motorized bikes with foot pedals) were made with a thin frame and were fairly easy for thieves to steal. Now newer models are designed to be much wider and heavier making it more difficult for electric motorcycles to be stolen.
The market will play a key role in the determination of the future of the electric motorcycle. Several OEMs are beginning to enter into the market forcing the prices on batteries to decrease. This will further increase sales. Are electric motorcycles the future? It would certainly seem so although nothing is truly certain. However, wise investors would do well to research new and emerging companies that manufacture clean air technology and the creators of the different designed electric motorcycles. Even if riding one is not high on the list, the extra income from growing stocks would be an investment worth making as this form of transportation begins to take off in popularity in the next few years.