11 Hidden Costs of Owning an Electric Car

11 Hidden Costs of Hidden Costs of Owning An Electric Car Owning An Electric Car

1. Higher Purchase Price 1. Higher Purchase Price Generally speaking, electric cars are more expensive than their gas-powered counterparts at dealerships. Generally speaking, electric cars are more expensive than their gas-powered counterparts at dealerships.

2. Registration Fees 2. Registration Fees As electric vehicles don’t use gas, states apply an additional registration fee of around $50 to $200 to EVs. As electric vehicles don’t use gas, states apply an additional registration fee of around $50 to $200 to EVs.

3. Insurance Premiums 3. Insurance Premiums Most car insurance companies charge higher rates for electric cars because they’re more expensive to repair and replace, and fewer repair shops have EV-trained staff. Most car insurance companies charge higher rates for electric cars because they’re more expensive to repair and replace, and fewer repair shops have EV-trained staff.

4. Road Charging 4. Road Charging Public charging facilities differ markedly in pricing, with some demanding payment for minutes spent charging and others going by the kWh of electricity used. Public charging facilities differ markedly in pricing, with some demanding payment for minutes spent charging and others going by the kWh of electricity used.

5. Home Charging 5. Home Charging Electric car charger costs are typically around $2,500 for both the charger and the installation service , and EV chargers have a lifespan of about 10 years. Electric car charger costs are typically around $2,500 for both the charger and the installation service , and EV chargers have a lifespan of about 10 years.

6. Battery Replacement 6. Battery Replacement They’re good for 100,000 miles but come with a hefty price tag of $10,000 to $20,000, so expect to reinvest some of your gas savings into purchasing a new battery down the line. They’re good for 100,000 miles but come with a hefty price tag of $10,000 to $20,000, so expect to reinvest some of your gas savings into purchasing a new battery down the line.

7. Depreciation 7. Depreciation New electric cars come with a tax credit. Once that tax credit is voided, a car’s value can plummet by as much as 60 percent when a three-year lease expires, for example. New electric cars come with a tax credit. Once that tax credit is voided, a car’s value can plummet by as much as 60 percent when a three-year lease expires, for example.

8. Range Loss 8. Range Loss EV batteries degrade over time, so as your car ages, expect a fully charged battery to take you a shorter distance than it once did. EV batteries degrade over time, so as your car ages, expect a fully charged battery to take you a shorter distance than it once did.

9. Repair Bills 9. Repair Bills A recent analysis of insurance claims by CCC Intelligent Solutions Inc. revealed that owners of luxury-brand mid-size electric SUVs could expect to pay more than 50 percent more for repairs than they would for gas vehicles. A recent analysis of insurance claims by CCC Intelligent Solutions Inc. revealed that owners of luxury-brand mid-size electric SUVs could expect to pay more than 50 percent more for repairs than they would for gas vehicles.

10. Charging Time 10. Charging Time For many people who rely on their cars to get to and from work, time spent charging is less time spent working. For many people who rely on their cars to get to and from work, time spent charging is less time spent working.

11. Add-ons 11. Add-ons Tesla boasts about its self-driving option, which costs an additional $15,000 circa 2022, and the company’s acceleration boost feature costs around $2,000. Tesla boasts about its self-driving option, which costs an additional $15,000 circa 2022, and the company’s acceleration boost feature costs around $2,000.

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