Why are electric cars so expensive?

Electric cars are becoming increasingly popular, but many are left thinking; why are they so expensive? Today I’m going to explain to you exactly why that is and uncover the true cost of owning an electric car.

Electric cars aren’t, in fact, that expensive. Many believe that owning an electric car is more expensive. In reality, they can be a lot cheaper than running a regular vehicle once you take into account fuel costs and maintenance.

Why do electric cars cost a lot?

There are a few select aspects which contribute towards the high running cost of an electric car. Below I highlight the main reasons.

High initial cost

Electric cars are often expensive to purchase since there is a large amount of highly technical design which goes into producing the vehicle. Even so, this is regarded as a worthy investment since you are not only saving the environment, but you do not have the regular costs of fuel and engine maintenance.

Software

Most electric cars require complex software in order to run. This costs a lot for the car manufacturers to develop, and in turn, they have to charge more for the car.

Road tax

A lot of people think that you don’t have to pay as much road tax by owning an electric car, but a lot of the time, this is far from the truth. Electric cars can cost the same if not more to tax every year.

How much do electric cars really cost?

For the purpose of this guide, I went and asked a few friends of mine who own electric cars. They told me exactly how much it costs them per year to own an electric car.

I’ve put together a simple table to display the information I learned about how much electric cars cost below. All figures are averages of the data I collected.

ItemCost
Car$32,000
Electric$500 per year
Battery replacements$590 per year (replaced every 10 years)
True Costs of Owning an Electric Car

How to save money on electric cars

We all love a good bargain – especially when it comes to cars. Here are a few tips on how to save money on owning an electric car.

Shop around

Don’t just stick with the first car you can find. Try looking around on second-hand car websites – you’ll have to keep your eyes open though – they don’t come up often.

Drive economically

Similarly to driving a regular fuel car, electric cars are cheaper to run if you drive carefully. The main things to take note of are driving with slower acceleration and not travelling too quickly.

Look for government grants

A lot of governments want to help people own an electric car by ensuring they are as affordable as possible. For this reason, a lot of the time you’ll be able to get a large grant towards your electric car.

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