The Hidden Costs Of Electric Cars No One Is Telling You About Update

In previous articles, we’ve discussed the hidden costs many first-time EV owners learn about the hard way when they discover that buying that EV model might not have been such a great money-saving decision after all.

However, that was then, and now is now, and things have changed. Or has it?!

Owning an EV Today

Suppose you are wondering more about the personal cost of owning an EV. In that case, a recent Car Help Corner YouTube channel episode reveals the most recent reasons why owning an EV does not necessarily mean that you will see significant savings overall compared to buying an internal combustion engine (ICE) vehicle―at least not immediately.

“It is widely accepted that electric cars can save you money in certain ways over the equivalent gas-powered cars. But there are also a number of significant costs that many consumers might not think of or might not even be aware of that make owning an electric car a lot more expensive than you might think. And I am going to break down every single one of those costs in this video,” states the host of the video.

So, what are some of the costs of owning an EV you can expect that might not be obvious while shopping at a dealership? Find out in the video posted below.

However, if you do not have the time or just want a quick look at the reasons, a summary of those hidden EV costs gleaned from the video is provided below the video for your convenience.

EXPOSED! The Hidden Costs Of Electric Cars No One Is Telling You About Update

HIDDEN EV COST SUMMARY

1. The Cost of Charging: Depending on where you live, the fuel cost savings for an EV can be anywhere from 50-90 percent less than what you would pay for an ICE vehicle. However, if you depend on primarily using public charging rather than at home, those savings significantly dwindle to the point of breaking even in fuel cost.
2. The Cost of Buying and Installing an EV Charger: Charging your EV at a home outlet is prohibitively slow, meaning you must have an EV charger installed to avoid the inconvenience of waiting forever for it to charge. The hidden cost, however, is not so much the price of an EV charger and having it installed. Rather, it is the added cost of hiring an electrician to install an upgraded electrical panel, which can easily add anywhere between $2,000 and $5,000, depending on your home’s electrical system.
3. Out-of-Warranty Maintenance and Repairs: While less is spent on EV maintenance compared to ICE vehicles, due to their added weight from the EV battery and increased torque from the motors, EV tires wear out remarkably fast meaning new tire replacement more often than you were used to with your ICE vehicle. When it comes to repairs, you can expect repairs on your EV not found in ICE vehicles that can prove to be expensive and even difficult to find a garage or service center trained to do the repair. Once past the EV warranty period, you may find repairs exceed those of an ICE vehicle.

Related article: Everything You Need to Know About Electric Car Tires to Avoid Being Scammed

Related article: A Collapsible Spare Tire Solution for EVs Without Spare Tires

4. The Cost of the EV Battery: If the EV battery has to be replaced, expect to pay anywhere between $10,000 and $50,000. This was a real problem for older EV models. However, newer models with improved battery life are expected to last 10-15 years before needing replacement unless road damage or some other accident damages the battery.

5. Insurance: EVs typically have higher insurance premiums than ICE vehicles. While this depends on multiple factors such as model, region, and background check, it is a consideration if you are choosing an EV solely to save money. If you have an accident with your EV, expect a significant increase in your premium payments.

6. Depreciation: ICE vehicles and EVs are not an investment. However, a hidden cost many owners do not realize until too late is that the depreciation of an EV is much faster than it is with most ICE vehicles―which can be as much as 50% in the first year of ownership.

Does This Mean I Should Not Buy an EV?

A final piece of advice from the video is that despite these barriers to saving money on an EV, the costs have improved over the years and are expected to improve further. But for now, the recommended advice is that you can avoid most of these hidden costs by leasing an EV instead of buying one. Or go hybrid instead, which has proven to be the best option between ICE and EV ownership.

For additional EV-related articles, be sure to check out these selected two:

Timothy Boyer, an automotive reporter based in Cincinnati, researches and works on restoring older vehicles with engine modifications for improved performance. He also reports on modern cars (including EVs), focusing on DIY mechanics, buying and using tools, and other related topical automotive news. Follow Tim on Twitter at @TimBoyerWrites for daily news and topics related to new and used vehicles, as well as on Facebook and his automotive blog, “Zen and the Art of DIY Car Repair.”

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