Don’t ignore these hidden costs of electric vehicles

Image for article titled Don't Ignore These Hidden EV Costs

photo: Virrage images (Shutterstock)

During last year’s stretch of record high gas prices, many People thought about how and when they used their car, and consider alternative options. Not everyone can walk to work and run errands, and outside of the big cities, there isn’t much public transportation in the US. So, of course, some people thought about getting electric vehicles.

While the idea of ​​saving money on gas mileage is certainly enticing, this is only one financial aspect of car ownership. In fact, owning an electric vehicle comes with several hidden costs. Here’s what you should know.

The hidden costs of owning an electric vehicle

First, we should point out that while EVs can have hidden operating costs that consumers may not factor in, overall they tend to be less expensive over time. A Report 2020 by Consumer Reports found that the lifetime operating costs of the latest generation of electric vehicles were on average between $6,000 and $10,000 lower than their gas-powered counterparts.

However, here are some costs of owning electric vehicles that you should not overlook:

  • Higher initial investment: In 2021, new electric cars will cost around $10,000 more than the industry average, according to the National Resource Defense Council.
  • Expensive repairs: On average repairs for electric vehicles were 1.6 to 2.3 times higher than the corresponding gas-powered car, thanks to the higher cost of parts and laborafter JD Power.
  • Higher insurance premiums: Auto insurance premiums are 15% higher on average for EVs, per MoneyGeek.
  • Additional registration fee: Currently, 31 states have a special registration fee for plug-in electric vehicles (18 states also have a fee for plug-in hybrid vehicles). National Council of State Legislators.


Hey, I am Sakib Hossain Sojib, an entrepreneur known as an SEO Specialist, Digital Marketer, Blogger, and Content Creator. I have a team of researchers who guide and review products for our audience to help them by providing valuable information to help our audience makes the best decisions for their needs. I love to take care of my cars. So, I like and enjoy car maintenance and automotive research. The provided content is based on my learning, research, and understanding of the topic and its concept. Our extensive experience in the industry allows us to offer unique insights and perspectives on the latest trends and products. We aim to educate and empower our readers by providing them with the knowledge they need to make informed decisions about their needs.

Adblock Detected!

Please consider supporting us by disabling your ad blocker

Refresh Page