Electric Vehicle Ownership: Total Costs | You.Car

Are you considering switching to an electric vehicle in the future – for the tax benefits, the environmental benefits, the money saved on gas, or because you believe that’s where the auto is inevitably headed – and have a few questions before you take the plunge? That’s what we’re here for. Let’s answer six of the most common questions prospective EV owners have.

How much does maintenance cost for an electric vehicle?

According to AAA, you’ll save on maintenance costs when you opt for an electric vehicle over a gas car – approximately $330 per year. EVs have a more straightforward structure than their gas counterparts, they have fewer fluids, and they don’t need oil changes or replacements for things like air filters, so you’ll spend less time and money at the shop.

On average, assuming you follow the recommendations of the automakers, maintaining an EV will cost $949 per year (compared to $1279 for a gas-powered vehicle). You’ll accrue these costs maintaining things like brakes, tires, windshield wiper blades, and wiper fluid. Beyond those regular maintenance items, your electric vehicle might need repairs to the power steering, cabin air filters, or suspension system as it gets older, just like a gas vehicle.

Of course, the most obvious place an electric vehicle could fail is the battery – but don’t worry about it too much. Trouble with this crucial car part is less common with EVs. On the off chance your battery does fail, most manufacturers offer a battery warranty of between eight and ten years..

What other costs are associated with electric vehicle ownership?

The most glaring cost associated with an electric vehicle is the price of the actual vehicle, which is currently higher than a gas car on average. Beyond that, you might face a few hidden costs, like higher registration fees in some states (that are trying to recoup the money lost from gas prices) and a 25% bump in insurance premiums.

Other costs are voluntary: want to install a fast charging station in your home (instead of just using a standard outlet, which you can do)? That will run you about $1500. Want to trick out your electric vehicle with features like self-driving capability? Just like a gas-powered vehicle, these features usually come at an added cost – but these extras aren’t required to enjoy an EV.

How does charging an electric vehicle work? Where can I find EV charging stations?

The most common concern people have about electric vehicles is how to charge them. Putting gas in our cars is part of everyday life, and most of us can find a gas station on every corner – so it’s understandable that shifting away from that and toward charging would feel a little uncomfortable at first.

While not as plentiful as Chevron or Shell stations, America’s charging infrastructure is on the rise as the community works to meet the demand. With major car manufacturers pledging to go all-electric in the coming years, cities and states will have to invest money in making charging stations more readily available for all.

If you live or work near a metropolitan area, you’ll find that many office buildings, apartment complexes, and businesses offer charging stations as a perk. If you’re in a more rural local without public chargers available, you still have options. You can charge your EV using a standard, 120-volt outlet or a 208-240-volt outlet (the kind you plug a dryer into) at home. These will charge slower than the 480-volt fast chargers, but they still do the trick.

Concerned about charging when you’re not at home? Use a PlugShare app to find charging near you on the go. Though not all chargers match all EVs, adapters remedy that problem. Until charging stations become as plentiful as gas stations, it’s always a good idea to have an idea of the charging landscape in your area.

Find a charging station now: ​​https://www.plugshare.com/

What’s the average range for an electric vehicle?

The average range for an electric vehicle on a single charge varies by model, but it’s typically between 100 and 520 miles, with most in the 200 to 400 range. This is comparable to a gas-powered vehicle, which averages 250 to 400 miles on a full tank, depending on the vehicle.

Range anxiety is a very common concern for prospective EV owners, but you shouldn’t worry too much. As stated above, you can charge your EV with any standard outlet, so you’ll always have an option even if you can’t find a charging station near you.

How much will it cost to charge my electric vehicle?

One of the most obvious benefits of an electric vehicle is that you aren’t beholden to the sometimes hefty prices for gas. Charging your EV is much cheaper than filling your gas tank. Depending on the model of your electric vehicle, you can expect between $9 and $19 for a full charge (when was the last time you filled your tank for $9?). If you’re charging at home, you can expect your electric bill to increase by about $50 per month, depending on how much you drive/how often you charge your car.

Are the tax credits for electric vehicle ownership worth it?

We think so. Much like everything else, this question does depend on the model of electric vehicle you choose, but you can expect about $7500 in tax credits for most new EVs right now and $4000 for many used EVs. We have a whole blog dedicated to the tax benefits of owning an EV – check it out.

Once you decide to switch to an electric vehicle, consider becoming a driver for You.Car. Not only will you make some extra cash, but you can use our car payment payoff program to make micropayments on your car loan every month. Let’s change the world together!