Electric cars are becoming increasingly popular as gas prices continue to rise. But how much does owning an electric car really cost?
There are many reasons why owning an electric vehicle may make sense financially. In fact, it might even end up costing you less money than buying a traditional gas-powered car.
Especially if you live in a country with high gas costs.
In this article, I want to shed some light on the costs of electric vehicles and if it is actually cheaper to buy an electric car.
Is it cheaper to own an electric car than a gas car?
Most people are turned off by the high cost of electric cars because they think that an electric car has to be expensive. But in fact, most electric cars are actually quite affordable.
New research suggests that when shoppers compare car prices, they’re not doing so correctly. Instead, they should focus on the monthly payment, because most people buy cars by financing them.
If you factor in the monthly expenses associated with owning an electric vehicle, then purchasing an electric vehicle becomes a whole heck of a lotta cheaper than a comparable gas vehicle.
A previous study found that EVs tend to be more expensive up front, but they save owners money in the long run because their lower operating expenses mean they require fewer repairs.
However, according to the Energy Innovation and Technology report, in most states, owning an EV is actually cheaper than driving a comparable gasoline vehicle from day one.
What are the disadvantages of electric cars?
Electric cars are great because they save energy and reduce pollution. But there are also downsides.
For example, how do we charge our batteries? Do we really need to plug them in every night?
There are many advantages to owning an electric car, but there are also drawbacks. In this post, I’ll go over the pros and cons of owning an electric vehicle.
I’ll also share with you my top 3 reasons why you should consider buying an electric car instead of a gas-powered car.
Electric cars have a higher upfront cost
Electric vehicles often cost more than their petrol or diesel counterparts. However, once they’re bought, there are no additional running costs associated with them.
With a 30-minute fast recharge from a dedicated charger at service stations costing around £6, not much more than it would cost for a tank of gas, and in some instances it’ll be free.
An overnight charge from a dedicated charger installed at your home could provide around 100 miles of travel for just £2.
Service costs for an electric car tend to be lower than service costs for a conventional gas-powered car because there are fewer moving parts and no filters to clean or oil to replace.
Batteries for electric cars today tend to be extremely reliable, and are often covered by long warranties or can be rented from the manufacturers.
Looking at long-run ownership rather than the initial cost, electric vehicles can actually be cheaper than petrol or diesel cars.
Electric cars have a smaller range than gas-powered cars
Although battery technology is constantly evolving, these days it is possible to get a vehicle with a range of around 250 miles per charge.
Most modern vehicles come with a range of around 100 miles per charge, meaning they are better suited to city driving than longer trips.
In addition, the average cost of filling up a gas car is about £10, compared to £3 for electricity, so if you live in an urban environment where you only drive short distances, then electric vehicles might make more sense.
However, if you often take longer trips across the country, then a conventional engine may suit your needs better.
Some newer models can achieve a range of up to 400 miles per charge, although this is rare.
Electric vehicles do not require any oil changes, nor do they emit harmful fumes into the atmosphere.
They also offer far greater levels of safety than traditional fuel-powered vehicles.
Electric vehicles are only as green as their power sources
An electric car has a significant environmental benefit if the electricity used to charge its batteries is produced by renewable energy sources, but may be harmful to the environment if the electricity comes from fossil fuels.
Coal-fired electricity generation produces between 810 and 850 gCO2/kWH. Gas-fired electricity production generates between 350 and 400 gCO2/kW.
By using renewable sources of power, like solar panels or turbines, 36 grams of carbon dioxide (CO2) is released per kilowatt hour (kWh).
If the car is recharged using renewable energy, then its negative environmental impact is far lower than if the car is charged using electric power generated by burning coal.
Hidden costs of owning an electric car
Electric cars are becoming increasingly popular as more companies offer incentives to buy these vehicles.
However, many consumers do not realize how expensive buying an electric vehicle can be.
Buying an electric car is a great idea because it will save you money on gas. But, there are hidden costs associated with owning an electric car that most buyers aren’t aware of.
Let’s go over the hidden costs of owning an EV and explain why they matter.
Charging costs outside of your home
You may see your electrical bills increase after you purchase an EV and begin charging it at home.
However, the real shocker might come when you attempt to recharge your car on the road.
Prices can vary greatly depending on where you’re located and what type of charger you choose.
Some states allow prices to be calculated on a per kilowatt hour (kW/h) rate while others only allow rates to be set on a per-minute rate.
Higher premiums on your car’s insurance
EV insurance premiums may be higher than traditional gasoline cars. On average, they’re about 25 percent higher.
One reason is that EVs can be expensive to maintain and replace, which increases insurance premiums.
If you want to get the best deal on EV (electric vehicle) auto insurance, you need to do some research and find the best one for you
Having to replace your battery
With improvements in electric vehicle batteries, drivers can now travel longer distances without recharging their vehicles.
However, you may be able to get away with replacing your EV battery every 8 years or 100,000 miles.
Depending on the cost of replacement batteries, you might spend between $5,600 and 20,000 dollars to have your battery replaced once.
Electric vehicles may come with higher repair costs
Repairs may be more costly because some repairs are usually more costly on an electric vehicle than on a gasoline-powered vehicle.
For example, a Tesla Model S has an annual maintenance cost of $832 compared with $652 for all cars.
The scarcity of spare parts drives up prices when it comes time to replace them.
If there’s any kind of problem with your electric car, you might need to contact the manufacturer for help.
They may have specific guidelines regarding which technicians they want to use.
In conclusion, owning an electric car isn’t necessarily better than driving a gas-powered vehicle.
However, if you live in a state where electricity prices are low, buying an EV may actually save you money over time.
And even if you live somewhere else, buying an EV could still be a smart move.
After all, when you factor in the cost of gasoline, maintenance, repairs, and insurance, EVs might end up being cheaper after all.