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Costs to consider before deciding to buy an electric car

Electric vehicles are the future development direction of most car manufacturers (Image: GM).

In recent years, consumers have begun to pay more attention to electric vehicles, and there are also many homes car manufacturing get involved in this new field. In particular, with the success, popularity of Tesla’s “leader” and the high price of gasoline, many people have become more open to electric cars.

The transition from internal combustion engine vehicles to electric vehicles seems inevitable, with the consensus of car manufacturers and governments around the world. However, electric vehicles may not be the right choice for every family and every budget. Besides the initial cost, there are many other costs to consider, such as insurance, batteries, repair, charging, …

Let’s try to calculate specifically some “hidden” costs of owning and using electric vehicles in the US, a market with an already well-developed electric vehicle infrastructure system. This cost can be much greater in undeveloped countries in terms of both the level of technology and infrastructure for electric vehicles.

Initial car ownership cost

The fact is that electric cars are not cheaper than gas cars. According to data from a market research company car American famous Kelley Blue Book, the average price of electric vehicles is more than 56,000 USD, more expensive than about 46,000 USD of general cars (including gasoline cars and electric cars). That is to say, in terms of price, an affordable electric car costs the same as a luxury gasoline sedan. Today, many electric cars are even more expensive than Lamborghini supercars.

However, the true price of electric vehicles is not just about the higher initial car purchase cost. In order to facilitate use and prolong the life of expensive battery packs for electric vehicles, many car owners have chosen to purchase and install a two-level charging system at home. This charger typically has a minimum installation cost of $2,000. Another option is a fast charging system, which can cost up to $100,000. While it saves time and makes the battery last longer, that cost could put many consumers off buying an electric vehicle. Of course, electric vehicle owners can still choose to use a regular electrical outlet at home, but will have to accept an increased charging time from 8 hours to 40 hours for the battery to be fully charged.

Another cost to consider is insurance. In the US, the premiums of electric vehicles are about 10-40% higher than those of traditional internal combustion engines.

“Hidden” costs

If you’ve gotten over the initial cost “shock” of owning an electric vehicle, from the higher price of the car to the cost of installing a charger at home, let’s move on to looking at some of the costs along the way. vehicle, such as the cost of renting the battery, the cost of charging, repairing, and even the extent of the vehicle’s depreciation.

Many automakers don’t actually factor the entire price of the battery into the price of the vehicle. In order to reduce the initial cost to attract buyers, they choose the battery rental solution. Monthly battery rental costs are usually limited by the number of kilometers the vehicle has driven and can go up to $150/month in the US, depending on usage.

Another cost worth noting is the charging fee. In the US, public charging stations charge up to 40 cents/kWh for fast charging and about 30 cents for standard charging. Thus, the cost of charging the battery of an electric vehicle will fall to about $2,000 per year, depending on the vehicle. Although this cost is much cheaper than gasoline, it is quite expensive compared to the cost of electricity – about 18 cents/kWh.

Another problem that can arise in the process of using electric vehicles (especially new models) is the lack of a team of skilled and experienced mechanics to handle problems related to electric vehicles. This will lead to greatly increased cost of spare parts, labor and waiting time when a failure occurs.

Finally, the level of devaluation of electric vehicles is much higher than that of traditional internal combustion engine vehicles. In the US, electric and hybrid vehicles have an average resale price of 40% less than their new purchase price (recommended retail price), while the resale price of an internal combustion engine vehicle is around 50-70%. The reason is that buyers are often afraid that the battery quality of used electric vehicles is no longer good.

In general, electric cars have a lot of pluses, but before deciding to spend money to buy a car, please carefully refer to the “hidden” costs to avoid being disillusioned, even shocked.

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