The Electric Car is in discussion nowadays, and the focus is usually on savings, from saving money because of high petrol prices to reducing CO2 emissions. That is partly true. A report from Consumer Reports shows that an electric car is less expensive than a gas vehicle in the long run. But that’s only part of the story.
Five Points That You Overlook When Buying An Electric Car
There are several costs associated with buying and maintaining an electric car. You must be well aware of this before you take the big leap. These five are the most common.
1: High Purchase Price
We start with predictable costs. Electric vehicles are a lot more expensive than vehicles that run on petrol or diesel. EVs have more complex technology that costs more to produce. As per the National Resources Defense Council, the average electric car in 2021 will cost about $10,000 more than the industry average.
The government does offer some tax breaks for people who purchase EVs. But even considering this, you need a lot of money to purchase an electric vehicle. All of these factors make EVs prohibitively expensive for some people.
2: Repair Costs
Electric cars do not require an oil change or other traditional maintenance. Yet an EV does have parts that need to be replaced now and then, such as the battery. These parts can be very expensive. JD Power found that EV repairs are 1.6 to 2.3 times higher than their traditional fuel counterparts. There is also good news. Electric cars cost half as much to maintain as petrol vehicles in the long run. Still, you should expect repairs to cost more money.
3: Charging Station Costs
Electric car owners need a charging station in their homes to power their vehicles. And they are certainly costly. The cheapest charging stations can cost up to 2,300 euros. And more powerful chargers that work faster can cost up to 2,700 euros. If you are in doubt about purchasing an EV, you must take this into account. After all, you can only drive far with your new EV with a charging station.
4: Insurance premiums
Because electric cars are more expensive, repair costs are also higher. It is partly due to their expensive components and fewer technicians being trained for these repairs. Mechanics who can repair an EV, therefore, usually charge high costs. Of course, auto insurance companies consider this, so the premiums are quite high.
5. Range Anxiety
A cost item that is often overlooked is range anxiety. It is the fear that your car won’t have enough range to get you where you need to go. Range anxiety can cause you to spend more time charging than needed. Some people even buy an extra vehicle in case they need to drive further than their EV allows.
To avoid this pitfall, you must research the range of your electric car. Then see how many kilometers you will drive in a day and how long you will charge afterward. Then you don’t have to charge more than necessary as a precaution.
