What Are the Hidden Costs of Owning an EV?
Whenever you buy a vehicle, it’s best to work out your budget and consider the purchase price, annual servicing cost, insurance, tires, etc. When you calculate carefully, you should be able to avoid any surprises later.
But if you’re thinking about buying an EV, this may be new territory for you. What are some of the hidden costs associated with a vehicle like this?
Charging on the Road
One of the reasons an electric vehicle is so attractive is that it does not guzzle gas. You can avoid visiting the petrol station and save money that way, but you need to figure out the costs of charging. These costs can vary if you choose a public charging station, and you can base them on kWhs of electricity used. You’ll need to factor these charges into your running costs and do some research to locate the best deals.
Charging at Home
If you want to charge your vehicle at home, you need to buy the equipment and may need to get a permit from your local authority to install it. According to one source, these home chargers can range between $300 and $1000, but you may be able to get a deal. For example, VinFast will give you a level II home charger when you order a VF9 or VF8 model (for a limited time).
Car batteries are becoming very efficient, taking you much further on one charge, which should alleviate range anxiety. However, you need to consider maintenance and replacement. Again, you may be able to get a deal that should take a lot of the uncertainty away here.
VinFast operates a battery subscription program that's innovative in the marketplace. You’ll buy the battery separately, but the company will be responsible for repairs, maintenance, and replacement costs. This should take a lot of the guesswork away and help with your budgeting.
Higher Registration Fees
Some states will charge you more to register your electric vehicle. This accounts for a reduction in the gas tax income, and the regulators are trying to achieve parity when it comes to their tax revenues. Here is a handy guide to see the state-by-state fees for yourself.
Have you been figuring out the cost of EV ownership? How does it compare with the cost of owning a conventional vehicle? Join the conversation in the comments below.
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