July 30, 2024
The Hidden Costs of EV's
Lyle Hancock Sr.
In most discussions about EV's we hear plenty about the cost of electricity v. gasoline, and how EV's only cost a little more to purchase but are cheaper to run. I would prefer that they look at the total cost of ownership, which includes operating and maintenance costs. When I'm looking at buying a car, I want to know what it is going to cost me to keep it.
For example, my Camry Hybrid is 17 years old. The traction (drive) battery failed at round 126,000 miles. I was able to purchase the individual cells for the battery and rebuilt the battery myself at minimum cost (around $270). However, if I didn't have those skills, it would have cost around $4,500 to replace the battery or around $1,500 for a refurbished battery with a warranty. My Land Rover is 21 years old and still running strong. It has been a very reliable vehicle, requiring only periodic maintenance.
Now, let's look at a Tesla Model 3 (not the long distance version). The battery warranty is eight years. The trigger for warranty replacement is a 30% loss of capacity. If the car is routinely charged on a high capacity charger, battery lifespan will be shorter. The cost of replacing the battery out of warranty is around $20,000. The resale value of any EV that is more than a few years old drops like a lead brick.
If my Camry and LR were EV's, they would be end of life and facing very high expenses if I wanted to keep them on the road. Though, that is not the case with my Camry and LR. I'm not facing a major expense to keep them.
In most discussions about EV's we hear plenty about the cost of electricity v. gasoline, and how EV's only cost a little more to purchase but are cheaper to run. I would prefer that they look at the total cost of ownership, which includes operating and maintenance costs. When I'm looking at buying a car, I want to know what it is going to cost me to keep it.
For example, my Camry Hybrid is 17 years old. The traction (drive) battery failed at round 126,000 miles. I was able to purchase the individual cells for the battery and rebuilt the battery myself at minimum cost (around $270). However, if I didn't have those skills, it would have cost around $4,500 to replace the battery or around $1,500 for a refurbished battery with a warranty. My Land Rover is 21 years old and still running strong. It has been a very reliable vehicle, requiring only periodic maintenance.
Now, let's look at a Tesla Model 3 (not the long distance version). The battery warranty is eight years. The trigger for warranty replacement is a 30% loss of capacity. If the car is routinely charged on a high capacity charger, battery lifespan will be shorter. The cost of replacing the battery out of warranty is around $20,000. The resale value of any EV that is more than a few years old drops like a lead brick.
If my Camry and LR were EV's, they would be end of life and facing very high expenses if I wanted to keep them on the road. Though, that is not the case with my Camry and LR. I'm not facing a major expense to keep them.
Posted by: Timothy Birdnow at
09:09 AM
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I would greatly imagine that EVs are more costly to insure also, due to the increased risk of fires. I've read of them bursting into flame in owners' garages. And when involved in accidents, they are much more apt to catch fire and the fires are much harder to extinguish. So auto and homeowner insurance costs should be higher.
In a couple evenings my wife and I will be dining with our insurance agent (always a pleasant experience) and I intend to ask him about this.
In a couple evenings my wife and I will be dining with our insurance agent (always a pleasant experience) and I intend to ask him about this.
Posted by: Dana Mathewson at August 02, 2024 12:43 AM (5O9A0)
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Posted by: at November 06, 2024 11:00 AM (4p7MR)
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