Hidden Costs Of Owning An Electric Car

Hidden Costs Of Owning An Electric Car

Everyone is trying to habituate to using more electric cars, which have many benefits. The significant advantage of having an electric car is that it controls air pollution. Not only that, but if we talk about the market of electric cars, then we will find that many competitors have continuously engaged themselves to bring new and innovative features into these cars’ operating systems.

Tesla is the first company to launch a first-ever electric car into the market. then, by observing the trend of electric cars, many other companies like Tata also started manufacturing electric cars. But the thing is that electric cars have both their positive and negative sides too, which everyone must know about, like the hidden cost of purchasing a car, which is essential. 

So, in this article, we will learn all the essential information about electric cars, such as pros and cons, types, hidden costs, and much more.

Everything You Need to Know About Electric Cars:

An electric car is a type of electric vehicle that operates with the help of computerized functions. The cars are fully automatic; they don’t need petrol or diesel to run the car. Also, these cars don’t have gear functions; you need an accelerator to run the car.

When you press the accelerator button, power is automatically transferred from the battery into its electric motor, which is how your car operates. Every function of electric cars is entirely controlled by taking the help of a computerized system. The car automatically decelerates whenever you stop your car, and the motor becomes an alternator, generating power. Again, the power is then sent back to the battery. 

These are only a few functions of electric cars. So, let’s move ahead to know more about it.

Advantages and Disadvantages of Electric Cars:

Advantages of Electric Cars:

  1. No gas is required for electric cars.
  2. It is straightforward to operate.
  3. Electric cars do not require petrol or disease to run the car, so it is a cost-saving too.
  4. The most significant advantage of an electric car is that it controls air pollution.
  5. Users are shifting their needs toward electric cars, so EV demands are rapidly increasing.
  6. People find more safety functions in electric vehicles.
  7. It has a minimal maintenance cost.
  8. The EVs have good battery life.

Disadvantages of Electric Cars:

  1. The biggest drawback of electric cars is that the recharge station is underdeveloped, so people have to find a place where the recharge station is available.
  2. Over usage of electricity.
  3. The driving range and speed are comparatively slow.
  4. Charging a vehicle takes 4-6 hours, which is hugely time- and electricity-consuming.
  5. Another drawback of electric cars is that most electric vehicles have two-seater facilities.
  6. The car is not meant for those cities where the electricity shortage is the main problem.
  7. Some government also restricts the use of electric vehicles, and they are also not providing any incentives to electric car users, so again, it’s a significant drawback of buying an automated car. 

So, these are a few pros and cons of electric cars, which everyone should know before buying one.

Types of Electric Cars:

There are mainly three types of Electric cars, i.e., purely electricity-based cars and other those types of cars, which are built by taking the help of new technologies but operate with the help of petrol or diesel.

A purely electric car is known as Pure Electric Vehicles (EV), a partially electric car is known as Hybrid Electric Vehicles (HEV), and Plug-In Hybrid Vehicle (PHEV).

Critical Components of an Electric Car:

Before buying an electric vehicle, it is essential to know its few components. So, let’s see what the significant parts of electric cars are;

  1. The very first component is its charging port.
  2. Inverters help convert an electric charger’s DC(Direct Current) to the AC (Alternative Current.) 
  3. Electric traction motors help to convert the AC power into Mechanical energy.
  4. Electric Powertrain, this component includes an engine part of the vehicle, transmission, and the drivetrain.
  5. Traction Battery Pack, which helps to store energy while charging the car.

Questions to Ask Yourself Before Buying an Electric Car:

I completely agree that people are shifting their needs toward buying an electric car. But there are a few essential things that everyone must know about before purchasing a car.

  • The Range of Cars?

This is the first question you should know about before buying the car, as it is wholly based on electricity, and the range and speed of the car have some limitations. But if we compare the current EV range with the previous, it is improving. Firstly, the range of the car was 100 miles, and now it enhanced to 200 miles. But, then, too, if you are planning to use EVs for long distances, the car is not appropriate for your use.

  • Is the Electric Car Meets your Needs?

As we previously discussed, most electric vehicles have only a two-seater facility, which is not fulfilling your requirements. So, if you are planning to buy an electric car, then make sure that the car has all the facilities you need. Like a comfortable seating arrangement for you and your family, extra spaces for extra bags, sports equipment, and other child-related gear, etc. 

Not only that, but it is better to take the test drive of the car which you are considering purchasing.

  • Should I Lease or Purchase an EV?

According to one research report, it is better to lease an electric car, and about 80% of people prefer it, as it has many benefits. The major benefit of using the EV on lease is that users learn about its functions and whether it is suitable for their needs. 

  • Where and How Will you Charge your Vehicle?

This is an essential question to ask yourself before purchasing an electric car. As we have discussed earlier, car charging stations are still under development. So, the users can go through a level-1 or level-2 charging option. In level 1, user can connect their car to a standard 110-volt wall, but the thing is that it takes 24 hours to charge the car. In level 2, buyers can install a charging point of 240 volts in their garage, which takes less time to charge the car.

  • Does Insurance Provide any Benefits to EVs?

This is again an essential question to know about; suppose you met with an accident, and your car is destroyed. Then, in such a situation, the insurance cost is very high compared to regular cars. Not only that, but only a few insurance companies offer EV insurance.

So, these are a few essential questions you must ask yourself before buying an electric car. 

Top 10 Hidden Costs for Buying an Electric Car:

Everyone knows the actual cost of owning an electric car, right? But what about the additional or hidden cost of an EV? First of all, there are only a few people who know the hidden cost of buying a car. 

So, here in this article, we will discuss the top 10 hidden costs of owning an electric car:

  • Its Higher Purchasing Price:

According to the Kelley Blue Book reports, the actual price of EVs was $56,437 in November 2021. That is about $10,000 or more than the $46,329. The main reason behind increasing the price is its on-going demands, and continuously having innovative features.

  • Charging Time:

We all know that time is money, and definitely, this is a fact that an electric car takes a long time to charge, around 8 to 12 hours if the users don’t have fast charging. Also, the cost of installing the charging equipment is high.

  • Charges a Higher Registration Fee:

Different states have various tax payment structures. So, the registration fees for EVs depend upon the state. Charges for registering EVs range from $500 to $200 per year. 

  • Higher Premium:

We already know that EV insurance is higher than other gas-powered vehicles. So, the premium of the EV is 25% higher than that of ordinary cars. The main reason behind charging a higher premium is that electric vehicles take more repair and replacement costs.

  • Battery Replacement:

Another hidden cost of an electric vehicle is related to its in-built battery replacement procedure. Firstly, users fear the car’s battery function, as they have to cut off an extended duration using their electric car. They have a fear of whether the car battery supports them in the long run or not. But here we have good news regarding the car’s battery system. Companies continuously focus on enhancing the battery’s life span so that the user can drive it for a more extended period.

Yet, the user has to replace their battery every eight years or after crossing 1,00,000 miles. The average battery replacement cost is from $5,600 to $20,000.

  • Unlocking Add-ons:

Unlocking add-ons means unlocking the unique feature for your EVs, like a self-driving or acceleration-boosting feature. But, to unlock such a feature, users must pay extra charges of up to several thousand dollars. For instance, Tesla’s full self-driving feature costs up to $10,000.

  • Higher Repairing Cost:

Let’s look at an example to know the higher repair cost.

For example, Tesla’s annual repair cost is $832 compared to all the other car models, whose repair charges are $652. This is because Tesla uses all the advanced technological features to repair their cars.

  • Temperature Issues:

Temperature plays a vital role for all types of EVs; for instance, if you live in a place like California, where the weather is sunny and 75 degrees daily, there is no issue with your EV battery.

But if you visit any place where the weather is too cold or hot, it starts consuming the battery. So to prevent the ability of battery, the user has to spend more money on their EVs.

  • Home Charging Station:

As previously discussed, fast charging helps your vehicle to charge quickly. But another cost related to installing the fast charging equipment arises. The average cost of installing the charging station at home is $1,500, and other than this; a few additional costs are also included, like the labor cost, permits, and other requirements cost, etc.

  •  Charging on the Road:

You can see drastic changes in your home’s electric bill after buying an electric vehicle, right? But then another costlier surprise for you is that if you will charge your vehicle by taking the help of any public station, then the cost is even higher. 

Moreover, the cost of on-road charging depends on where you will get charged. For instance, Tesla charges 28 cents per kWh and between 13 and 26 cents per minute.

So, these are some of the hidden costs which we all have to consider before buying EVs. 

Wrapping Up:

Electric Car is an entirely new concept brought by Tesla company after they launched their first-ever electric car into the market. Everyone is more indulged in buying an Electric car, as it gives a range of benefits to them, and the major one is that it is a fully automated vehicle. 

In this article, we have provided all the essential information regarding EVs, their pros and cons, their types, and hidden costs, which their users rarely know. 

Leave a Comment