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Hidden Costs Of Owning An Electric Car

Hidden Costs Of Owning An Electric Car

Everyone is trying to habituate using more electric cars, which has many benefits. The significant advantage of having an electric vehicle is that it controls air pollution. In addition, if we talk about the market for electric cars, we will find that many competitors have continuously engaged themselves in bringing new and innovative features into these cars’ operating systems.

Tesla was the first company to launch an electric car into the market. Observing the trend, many other companies, like Tata, also started manufacturing electric cars. But electric vehicles have both their positive and negative sides, which everyone must know about, like the hidden cost of purchasing a car, which is essential. 

In this article, we will learn all the essential information about electric cars, such as their 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 using computerized functions. It is fully automatic and doesn’t need petrol or diesel to run. Also, these cars don’t have gear functions; you need an accelerator to run the vehicle.

When you press the accelerator button, power is automatically transferred from the battery into the electric motor, which is how your car operates. Every function of electric cars is entirely controlled with the help of a computerized system. The vehicle automatically decelerates whenever you stop, 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. Let’s learn more about them.

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 diesel 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 governments also restrict the use of electric vehicles and do not provide any incentives to electric car users, which is 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 three main types of electric cars: purely electricity-based cars and other vehicles built using new technologies, such as petrol or diesel.

A purely electric car is known as a Pure Electric vehicle (EV), a partially electric car is known as a Hybrid Electric vehicle (HEV), and a 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, see what the significant parts of electric cars are;

  1. The very first component is its charging port.
  2. Inverters help convert an electric ccharger’sDC(Direct Current) to the AC (Alternative Current.) 
  3. Electric traction motors help convert 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. However, everyone must know a few essential things before purchasing a vehicle.

  • The Range of Cars?

This is the first question you should ask before buying the car, as it is wholly based on electricity, and its range and speed have some limitations. However, the current EV range is improving if we compare it with the previous one. Firstly, the car’s range was 100 miles, which has been 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 only have a two-seater facility, which does not fulfill your requirements. So, if you plan to buy an electric car, ensure the vehicle has all the necessary facilities, like a comfortable seating arrangement for you and your family and extra spaces for extra bags, sports equipment, and other child-related gear. 

It is also better to take a test drive of the car 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 primary advantage of using the EV on lease is that users learn about its functions and whether it suits 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 users can choose between 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 vehicle. 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?

Again, this is an essential question to know about. Suppose you have an accident and your car is destroyed. In such a situation, the insurance cost is very high compared to regular vehicles. 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 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 on the state. Charges for registering EVs range from $500 to $200 per year. 

  • Higher Premium:

We already know that EV insurance is higher than that of other gas-powered vehicles. So, the premium for an EV is 25% higher than that of an ordinary car. The main reason behind charging a higher premium is that electric vehicles require 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 it off for an extended duration while using their electric vehicle. They fear whether or not the car battery supports them in the long run. 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 longer 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 a unique feature for your EVs, like a self-driving or acceleration-boosting feature. However, 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 learn about 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 advanced technological features to repair its cars.

  • Temperature Issues:

Temperature plays a vital role for all types of EVs; for instance, if you live in California, where the weather is sunny and 75 degrees daily, your EV battery will not have an issue.

But if you visit any place where the weather is too cold or hot, it consumes 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 charge quickly. However, another cost related to installing the fast-charging equipment arises. The average price of installing the charging station at home is $1,500, and a few additional costs are also included, like the labor cost, permits, and other requirements.

  •  Charging on the Road:

You can see drastic changes in your home’s electric bill after buying an electric vehicle, right? But another costlier surprise is that the cost is even higher if you charge your car using a public station. 

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 that we all have to consider before buying EVs. 

Wrapping Up:

Electric Cars are an entirely new concept introduced by Tesla after the company launched its first-ever electric car into the market. Everyone is more interested in buying an Electric car, as it offers a range of benefits, the foremost being that it is fully automated. 

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.