Due to the Russia-Ukraine war in Eastern Europe, gas prices soared to all-time highs in early March, with an average selling price of about $4.33 per gallon. Although prices have already decreased, stock market experts warn that steady demands of oil and rising oil costs could cause gas prices to increase once more in the near future. The price of owning and maintaining an electric vehicle will be explored in this article. Here we will see about True Cost of Owning Electric Vehicles
Electric car manufacturers promote their vehicles with the promise that buying an EV will save you money. Do they truly save you money? Stated below is the true cost of owning an electric vehicles Owning and operating an electric car will definitely cost you a bit more money than owning a gas car. They are priced between $60,000 and $70,00.
Comparison between electric cars and other car
When compared to a regular gas-powered car, electric cars are around $30,000 higher. An electric vehicle has many electronic parts and batteries, which are very expensive to replace or repair if they malfunction, and this explains the fact that it is more expensive. The cost of a small electric vehicle will still be higher on average when compared to a gas-powered vehicle, even if electric car makers are starting to lower the price on some of their smaller electronic vehicle versions to make them more affordable.
Even with the high cost of replacing an EV car battery, it is uncertain how frequently you will need to do so. Each battery costs about $10,000 to replace due to the high cost of rechargeable batteries. For gasoline-powered automobiles, however, you only need to replace your batteries once every five years, and they only cost $300 each.
One benefit of EVs over gasoline-powered cars is that you’ll spend less money on repairs over time because you won’t have to worry as much about things like oil changes and tune-ups. Insurance is another factor that drives up the price of owning an electric vehicle. Electric vehicle insurance is expensive.
True cost Of owning maintaining electric vehicles
Because they have fewer moving parts, produce less heat, and don’t need motor oil like gasoline-powered cars, electric vehicles are much less expensive to maintain than their gasoline-powered counterparts.In place of a conventional brake pedal, an electric vehicle can utilize its electric motor to slow itself down. Thus, there is no need for expensive brake and brake oil maintenance. This gives an electric vehicle’s brake pads and rotors a longer lifespan, something that gas-powered vehicles cannot do.
Electric vehicles will definitely need some form of maintenance, such as tire change, windshield repair, and wiper blade replacement. However, overall maintenance expenses for an electric car are often low. For example, the annual maintenance costs for a Tesla car will be under $300, whereas those for a BMW will be around $970.
Charging Your Electric Vehicles at Home: Cost
Charging your EV at the convenience of your home is less expensive than charging out. 90% of electric vehicle owners prefer to charge overnight at their homes since it is also more convenient. Because it can be frustrating to wait outside for your car to charge because EVs take so long to charge to full, charging at home is also much more convenient. A charging station for your house typically costs around $800 to install.
Charging Costs of Electric Vehicles at Public Places
The price to charge at a station varies, and some public stations—which are run by nonprofit organizations—even allow free charging. Depending on whether you are a member or not, electric charging station networks like Electrify America provide varied charging fees. Without a membership, charging costs an average of 43 cents per kWh every minute, whereas members only pay 31 cents.
Electric Vehicle: What The Future Holds?
Expert assessments predict that 58% of passenger vehicle sales worldwide in 2040 will come from electric vehicles. According to the analysis, this will happen as a result of gas costs rising and electric and gas-powered automobiles being equal in prices.
The absence of publicly accessible charging stations, according to the report, will prevent the United States from adopting electric vehicles as quickly as some other nations. Some American homes, though, have already incorporated charging stations into their interiors.
Conclusion
Electric Vehicles can be expensive to buy but in the long run you get to save a lot of money on maintenance. There is a method, nevertheless, to get an electric car for yourself for a reduced price. Some financial institutions, such as banks and credit unions, provide special financing discounts and incentives to clients who opt for fuel-efficient cars to reduce pollution for a greener Earth. For the purchase of eligible electric vehicles, some of these institutions provide a rate discount of up to 0.5 %.
Frequently Asked Questions
- How many public car charging outlets are in the US?
The United States of America has in total, about 30 Electric vehicle charging outlets.
