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EV on Empty: The Hidden Costs of Owning an Electric Vehicle

With fuel prices at their highest level in years, many Americans are increasingly looking to electric vehicles and electric vehicle hybrids to save on transportation expenses. 

However, many are seeing numerous unexpected expenses accompanying their new electric vehicle purchase. So what are the hidden costs of owning an electric vehicle? visit here

Transportation

A growing percentage of electric vehicle owners purchase their vehicles online or from other states. While buying a new car may seem more convenient, the buyer must consider the car transport cost and the substantial down payment required before possession of the vehicle. 

Charging equipment

Charging equipment for electric vehicles is divided into three levels based on power and the time required to charge the battery. Each electric vehicle can accept a different charge level, and the car battery will not allow the charger to deliver too much power. 

Level one

Some vehicle manufacturers include the price of a level one charging station into the car’s sticker price. These introductory chargers plug into a household outlet and deliver around four miles of driving distance for every hour of charging time. Fully charging a car battery with a level one charger takes eight to twelve hours of charging time.

Level two

Most electric vehicle owners purchase level two chargers at their homes or places of business for $300 to $1200. These chargers are considerably more powerful than a level one charger and deliver a driving distance of eight to twelve miles per hour and a total charging time of four to six hours.

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Level two chargers are not compatible with a household outlet. These chargers require the installation of a dedicated supply line directly from the electric breaker box. 

Level three

Level three chargers are the most impressive chargers currently available and deliver between three and 20 miles of driving distance per minute. However, since most residential power supplies do not have the necessary voltage, level three chargers are found in public places, and installation costs start at $50,000. 

Insurance costs

Electric vehicles cost around 15% more to insure than gas-powered vehicles. This fact is partly due to the increased cost of the car and increased costs of equipment repair. Generally, the more expensive the car, the more the car will cost to insure, but the amount will vary based on location and the owner’s driving record.

Battery costs

Electric vehicle batteries degrade over time in a calendar aging process, which ages the battery based on irreversible changes occurring with usage. As a result, owners can expect to spend between $3000 and $20,000 if paying for a new battery out of pocket. 

When the new electric vehicle is purchased, the manufacturer will warranty the battery for around eight years or 100,000 miles, and if the battery fails during this time, they will replace it at no cost to the car owner. 

Wrap up

Upgrading to a new electric vehicle is an attractive proposition to many drivers but be sure to do your homework beforehand to avoid expensive surprises with the hidden costs of ownership. 

 

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