EVs are becoming more and more popular in our country, which is why it becomes imperative to know everything about the ownership experience
This post is dedicated to discovering the hidden expenses pertaining to electric cars. We live in an age where EVs are becoming the new norm. This is true for most parts of the world. In recent times, the EV sales in India have skyrocketed. In addition to a higher willingness by the customers to buy electric cars, carmakers have started offering tons of new models to offer a choice to potential buyers. Moreover, the charging infrastructure is being developed rapidly across the nation. For now, let us see the kind of hidden expenses one can encounter after buying an EV.
Hidden Expenses of Owning Electric Cars
- Charging Costs – We know that EVs are famous for low running costs in comparison to ICE cars. However, many EV buyers don’t realize that carmakers only offer the basic AC charger with the car, which takes hours to charge the battery fully at home. If you wish to have a faster charger, you will need to purchase it separately. Furthermore, if you charge at DC public chargers, the cost per unit of electricity could be 2-3 times higher. Also, installing a home charger can incur new costs, including labour, wiring, and other equipment, depending on the location of the charger.
- Higher Insurance Premiums – EVs can have issues with batteries, especially after long usage. In such cases, if the battery health degrades and one needs to replace the battery outside warranty, it is an exorbitant expense. In essence, the battery of an EV can cost around 30-40% of the total cost of the car. To take this risk into consideration, insurance companies often charge a higher premium in comparison to the ICE cars.
- Depreciation – You know that EVs cost a significant premium over the ICE car of the same size and design. The general idea is that during usage over a few years, the low running costs will offset that amount. However, you must understand that ICE cars can easily be sold even after 6-7 years of ownership at a decent value. In comparison, it will be a challenge to resell an EV after 6-7 years, primarily due to the fear of battery replacement. Hence, the resale value of EVs will be much less.
- Maintenance – This is an interesting aspect. It is clear that EVs have fewer moving parts, which is why they are generally easy and inexpensive to maintain. However, the fact remains that there is a shortage of trained staff to deal with issues pertaining to EVs. Hence, it can take a long time to diagnose an error. Also, if the problem is not resolved at the workshop level, the EV may be sent to another location. Overall, the entire experience can be troublesome.
These are some of the reasons which could incur hidden costs which the EV buyers might not take into account at first. Make sure to do your due diligence while making a purchase decision.
Also Read: Electric Car Catches Fire While in Use – Video
