One of the main concerns when it comes to purchasing an electric vehicle is the cost. However, it's important to keep in mind that owning an EV involves more than just the initial price tag. Let's break down some of the costs associated with owning and operating an EV.
The battery is an essential component of an EV, and it's important to consider the cost of replacing it. On average, EV battery replacement costs range from $5,000 to $16,000 depending on the model and size of the battery.
In addition to charging your EV at home, you may also need to use public charging stations when traveling longer distances. The cost of using these stations can vary, ranging from $0.13 to $0.31 per kWh. EV battery capacity varies widely among the different models, but the midrange is around 70 kWh, meaning the cost to recharge an EV with that battery capacity would range from $9.10 to $21.70 at these stations.
Installing a charging station at home is highly recommended for convenience and cost-saving purposes. The cost of installation can range from $600 to $1,700 depending on the type of charger and any necessary electrical upgrades.
Charging your EV at home is generally more cost-effective than using public charging stations. The average cost to fully charge an EV at home can range from $5 to $15, depending on your electricity rate and the size of your battery.
In case of a breakdown, it's important to consider the cost of towing your EV. On average, the cost can range from $100 to $200, but it may be higher for larger or heavier models.