Hidden Costs of
Owning An Electric Car
1. Higher Purchase Price
Generally speaking, electric cars are more expensive than their gas-powered counterparts at dealerships.
2. Registration Fees
As electric vehicles don’t use gas, states apply an additional registration fee of around $50 to $200 to EVs.
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.
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.
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.
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.
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.