What Are Hidden Costs of Owning an Electric Car?

One of the biggest advantages of having an electric vehicle is that you’re no longer at the mercy of fluctuating gas prices. That said, there is a considerable upfront cost when preparing your garage for your EV: getting your home charging set-up running. This can run you up to $9000 in some cases, but it’s largely case-to-case. 

Luckily, figuring out the specifics is quite straightforward. Here’s everything you need to take into consideration when evaluating how much it’s all going to cost:

• The type of charger you want: There are two kinds of chargers commonly found in EV owners’ homes: the Level 1 and Level 2 charger. Level 1 chargers are slower and cheaper but suit cars with smaller-capacity batteries. For most, however, Level 2 chargers are what you want since they can get your EV up to full charge overnight – but at the cost of thousands of dollars more. 
• Your existing electrical grid: Whether you decide to install a permanent Level 2 charger or prefer a smaller, portable version with the same power, you’ll need a power grid that can support 240V. Most, if not all, modern houses are outfitted for it but the lines don’t typically run into the garage. Have an electrician evaluate your power grid to find out how much an upgrade would cost you. 
• Technician cost: On top of preparing your home and garage with the necessary power and hardware, you’ll need to hire a technician with a deep understanding of EV charging, especially if you’re opting for a Level 2 charger. Depending on the area and their expertise, hiring a technician can cost you a pretty penny. 

With all of this said, there may be incentives for installing a home charger. We recommend checking with local government agencies to find out if you qualify. 

Particularly in the early days of EV usage, the cost of replacing batteries in electric cars is a significant financial consideration for folks wanting to upgrade from their old-school gas guzzlers. While manufacturers have taken steps to improve battery longevity, you’ll still have to replace it down the road – usually costing tens of thousands of dollars. 

However, this may not be an immediate concern for many, as modern EV batteries can still function well long after they’ve degraded past the point of holding 100% charge. For many EV owners, however, this lower battery capacity may cause a bit of “range anxiety” about their charges not holding up long enough to brave long-haul journeys without any public charging stations along the way. 

Electric cars are technological marvels that contain tons of proprietary hardware and complex electrical structures that keep them running. As a result, they’re fundamentally very different from traditional gasoline-powered cars and need special care from well-trained technicians – meaning your regular car checkups can cost more than you’re used to. 

There are a few reasons this is the case: 

• EV manufacturers tend to be quite cagey with maintenance information because their cars contain lots of specialized technology. Third-party service providers may be unable to troubleshoot issues and even if they do, this choice could end up voiding your warranty. 
• Tires wear down faster compared to traditional vehicles because EVs typically weigh more and can hit higher speeds faster than other cars. As a result, you’ll need to replace them more often. 
• Your car’s parts may be difficult to source, depending on your location. In some cases, you may have to wait weeks or months for technicians to order the replacement parts you require. 

Every car owner knows how important car insurance is, especially when you’re driving an expensive electric car. However, insurance premiums are beginning to skyrocket (just like everything else), and EV owners may be in for a rude awakening if they don’t first research how much it’ll cost them. Here are a few reasons insurance providers tend to value EVs at higher rates than gasoline-fueled vehicles:

• They’re worth more: Electric cars cost a lot compared to gasoline-fueled vehicles, even on the secondary market. As such, insurance companies need to value your premiums at a higher rate to cover the potential cost to them. 
• Battery replacement costs: As we mentioned earlier, replacing your electric car’s battery can skyrocket into the tens of thousands of dollars – prompting companies to bump up payments to offset their liability. 
• Specialized maintenance: Many service centers lack staff trained in EV-related issues, and it can be expensive to findindividuals who already have this specialized skill set. In addition to this, basic costs for parts and long man hours can balloon even the most basic of checkups.