In recent years, electric cars have surged in popularity. Though they may once have been seen as a futuristic novelty, more and more drivers seem to be recognizing the environmental and financial benefits of electric vehicles. But how much do electric cars cost, really? In this article, we’ll explore how much electric cars cost and what goes into the total cost of ownership of an electric vehicle.
Basic Cost of an Electric Vehicle
The cost of an electric vehicle (EV) depends on the make and model that you choose. Generally, electric cars tend to cost more initially than their gasoline-powered counterparts due to the larger battery and associated powertrain costs. Prices can range from $20,000 or less for older or low-end models to over $100,000 for luxury and performance electrified vehicles. It’s safe to assume that the total cost of ownership of an EV is significantly higher than of an average gasoline vehicle.
Cost of Charging an Electric Vehicle
Perhaps the most significant cost of ownership for an electric vehicle is the cost of charging. The cost can vary significantly depending on where you’re charging, but generally it’s much cheaper than the price of gasoline. The cost of fully charging an electric vehicle can range from $3-$15, depending on battery size and type of charger. Public charging stations are typically much less expensive than wall-mounted chargers but may require extra time to charge your vehicle.
Factors that Affect Electric Vehicle Cost
There are several factors that can affect the cost of an electric vehicle, such as the size of the battery, the range of the vehicle, and the type of charging hardware.
Large Battery
Electric vehicles typically come with a large battery pack that can affect the overall cost. Large battery packs mean more range and more power, but at a higher cost.
Range
The range of an electric vehicle can have a big impact on cost. Vehicles with longer ranges tend to cost more but also provide more freedom and convenience.
Type of Charging Hardware
The type of charging hardware you use can also affect the cost of charging your vehicle. Wall-mounted chargers tend to be more expensive than public charging stations, but they may be more convenient and quicker to charge your vehicle.
Incentives and Tax Breaks
When you purchase an electric vehicle, you may qualify for incentives and tax breaks. These incentives vary from state to state and can significantly reduce the cost of ownership of an electric vehicle.
Maintenance Costs of an Electric Vehicle
Electric vehicles also have some advantages when it comes to maintenance costs. Because there is no gasoline engine, there are fewer moving parts that need regular maintenance and the vehicles tend to be quieter and more efficient. Additionally, most electric vehicles have regenerative braking, which reduces the wear and tear on brakes, meaning fewer brake jobs.
Expected Maintenance Costs
Though electric vehicles have fewer maintenance costs than gasoline vehicles, they still need to be maintained. Generally, the expected costs include:
Tire replacement: $50-200
Wiper blades: $10-20
Brake job: $75-200
Battery replacement: $1,500-3,000
Fluid changes: $50-100
The cost of an electric vehicle can vary, but the total cost of ownership is generally more than that of a gasoline vehicle. The cost of charging your electric vehicle depends on the type ofcharging hardware used, and some states offer incentives and tax breaks that can make electric cars more affordable. Maintenance costs for electric vehicles are generally cheaper than gasoline cars, but they still need regular maintenance such as tire replacements and fluid changes.
