Budget For These Expenses
You’ll still have to maintain the systems that are the same for an EV as for a gas vehicle. For example, your shocks and suspension are susceptible to the same wear and tear, while your tires may even wear out faster because they are carrying heavier weight and are exposed to more rapid torque.
A regular service will also be necessary to monitor the performance of electronics (software, switches, and sensors), HVAC, and power steering.
Contrary to popular belief, battery maintenance and replacement is not the critical factor EV skeptics claim. An EV battery lasts longer and degrades slower than most people think. An EV battery will typically retain working capacity for 10 years and fulfill 1,500 to 2,000 charge cycles. That’s a longer lifetime than the standard 8-year or 100,000-mile lifetime covered under a warranty. You will, however, have to budget for the following battery-related expenses:
Admittedly, a battery pack replacement is expensive if required. Costs can range from $5,000 to $20,000 depending on the model, but it’s rarely necessary to replace the entire battery pack.
Hidden costs of EVs
Although it’s not strictly a maintenance cost, it’s worth noting that the upfront cost of an EV tends to be higher, even if the gap is narrowing. Kelley Blue Book puts the average cost of an EV compared to a gas-powered vehicle at $61,488 vs. $48,681.
Bear in mind too that repair costs in case of an accident will be (as much as two times) higher. EVs tend to have a more complex supply chain for sourcing new parts and may need specialized technicians to carry out repairs. Both come at a premium.
Regular maintenance, on the other hand, may work out cheaper. Whereas the annual checkup is customary for ICE vehicles, EVs often stretch to a 2-year servicing interval to take reduced wear and tear into account. Some brands, most notably Tesla, simply alert the driver when it’s time for a tune-up rather than sticking to scheduled maintenance.
Insurance is also higher (marginally) but this will vary according to your vehicle model, location, and driving history.