With the world slowly transitioning to electric vehicles, we are all becoming more aware of their environmental benefits. But what if you’re thinking of switching over? Are there any hidden costs to consider?
In this article, we dive into the world of electric cars and explore what it really costs to own an electric car and some of the most popular options on the market today.
What is an electric car?
Electric cars are powered by electricity from batteries, and they are becoming increasingly popular as people look for ways to save money on gasoline and reduce their environmental impact.
However, electric cars also have hidden costs that may not be immediately apparent. For example, electric cars require more maintenance than traditional gas-powered cars, and their batteries need to be regularly replaced, which can be costly.
In addition, electric cars typically have a shorter range than gas-powered cars, so you may need to plan your trips more carefully. And finally, electric car charging stations are not yet as widespread as gas stations, so you may need to invest in a home charger or pay for public charging stations.
Despite these hidden costs, many people feel that electric cars are worth the investment because of the long-term savings on fuel and the reduced environmental impact.
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What Are The Most Popular Electric Cars?
There are a few electric cars that are more popular than others. The most popular electric car is the Tesla Model S. This car is popular because it has a range of up to 300 miles, it can go from 0 to 60 mph in 4.2 seconds, and it has a starting price of $69,900.
Other popular electric cars include the BMW i3, the Chevrolet Bolt EV, and the Nissan Leaf. These cars are all popular for different reasons, but they all have one thing in common – they’re much cheaper to operate and maintain than traditional gasoline cars.
What Are Some Of The Hidden Costs Of Owning An Electric Car?
Below are the hidden costs of owning an electric car:
1. Higher purchase price
Electric vehicles are always more expensive to buy than other car models. Even though certain government initiatives offer rewards for owning particular models of electric vehicles, not all of them are covered.
The price of batteries is the primary factor in their high buying price. The majority of well-known electric vehicle manufacturers spend a lot of money to enhance the battery performance of the vehicle, which is reflected in the price. Electric cars cost more because of the added technology.
2. Higher insurance premiums
Electric cars may have greater insurance costs than your normal gas-powered car. The average increase in insurance costs over those for a gas-powered vehicle is roughly 25%. One of the main reasons for this is that electric vehicles can be more expensive to fix and replace, which raises car insurance premiums.
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3. Charging costs
In addition to needing a home charging station installed, most electric vehicles typically cost more to charge at a public charging station. Tesla, for instance, bills 28 cents per kWh when allowed and 13 to 26 cents per minute otherwise.
If you would rather charge your car at home, a home EV charging station typically costs $1,500 to install. Of course, costs vary according to labor rates, licenses, and other specifications.
4. Cost of repairs
An electric car typically costs more to repair than a fuel one. This is due to the fact that electric vehicles, which can generally take longer to maintain, require additional certifications for mechanics to work on them.
For instance, the average annual repair cost for a Tesla is $832 as opposed to $652 for all other automobile types. Electric car parts are often hard to come by, which might increase the cost of parts replacement.
5. Cost of replacing a battery
Despite advances in battery technology and the increased dependability of electric vehicles, battery life is limited. Battery replacement for electric vehicles is usually necessary every eight years or roughly 100,000 kilometers.
The average electric vehicle (EV) battery can cost anywhere from $5,600 to $20,000, which is significantly more than the cost of the typical gas-powered automobile battery.
6. Unlocking add-ons
Many producers of electric vehicles provide extras that can push up the cost of their vehicles’ base models. For instance, Tesla’s fully self-driving feature costs $10,000 to activate.
Some add-ons are available as subscription packs, while others require drivers to spend up to several thousand dollars to access. The heated seats in a BMW, for example, cost $18 a month to operate (though this isn’t exclusive to their electric vehicles).
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7. A low resale value
Compared to gas-powered automobiles, electric vehicles have a substantially lower resale value. While gasoline cars are frequently sold for 50% to 70% of the original cost, they typically have a resale value of under 40%.
Many people worry that the battery in a used electric car is no longer efficient, therefore at least some of this discrepancy can be attributed to the battery of the vehicle.
8. Higher registration fees
To make sure owners pay their fair share of infrastructure taxes, some jurisdictions are raising the registration fees for electric vehicles.
States want EV owners to have something akin to the gas tax that drivers of gas-powered cars pay to help pay for road repairs and other issues. State-to-state variations in fees result in an annual range of $50 to $200.
What Are The Benefits Of Owning An Electric Car?
Even though there are hidden costs associated with owning an electric vehicle, it also has some benefits over traditional vehicles. Below are the benefits of electric vehicles:
Requires maintenance of fewer parts
Electric vehicles don’t require regular oil changes or gasoline filters because they have fewer moving parts. By using the electric motor to slow down, regenerative braking can also increase the brake pads’ lifespan. Fewer maintenance expenses may result from this.
Incentives and rebates
The federal government offers refunds and incentives to owners of electric automobiles. For instance, owners of electric and plug-in hybrid vehicles acquired after 2010 may be eligible for a federal tax credit of up to $7,500. Local utility providers and air districts also provide discounts and incentives to EV owners.
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Decrease in carbon footprint
Compared to gas-powered cars, electric vehicles have a lower carbon impact. Even when energy generation is taken into consideration, an electric car’s full-electric mode results in zero tailpipe emissions, which significantly reduces smog and greenhouse gas emissions.
FAQs
What is the main drawback of owning an electric vehicle?
Although having an electric car has a number of drawbacks, one of the biggest complaints people have about them is their hefty upfront costs.
Some of the most cost-effective versions start at around $40,000, while more expensive EVs can cost up to $80,000 or more. Unfortunately, the vast majority of people cannot afford that.
Do electric cars have a lot of problems?
In general, electric and plug-in hybrid vehicles have more problems than regular cars. According to a JD Power survey, there were generally 180 difficulties for every 100 automobiles, compared to 240 issues for every 100 EVs. Nevertheless, Tesla performed marginally better than its rivals, reporting 226 issues for every 100 vehicles.
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How durable are electric vehicles?
An electric car’s battery pack should last longer than 100,000 miles before its range becomes restricted if properly maintained.
Compared to a gas automobile battery’s lifespan, which is only three to five years, this is a considerably better lifespan. It’s unlikely that you’ll reach the 100,000-mile milestone within a short time, therefore it’s safe to claim that EVs last longer.
When parked, do electric cars lose charge?
Although it is not much, electric automobiles do lose some of their charges when parked. Your car’s battery can last up to three months if it is fully charged if you leave it parked.
What happens if the battery in an electric vehicle dies?
In the event that an electric vehicle you are driving runs out of power, it will simply stop, necessitating the intervention of a roadside assistance agency for a tow to the closest charging station.
However, if your EV battery is dead (that is, it can no longer charge), you will need to pay for a replacement battery.
Conclusion
Owning an electric car can prove to be a great investment, provided that you plan and budget out the hidden costs associated with it. It is important to keep in mind things like charging station installation fees and maintenance of the battery system so that you are not caught off-guard.
Although there may be some additional expenses at first, over time it should pay for itself in fuel savings and help contribute towards reducing your carbon footprint!