http://wealthofgeeks.com/harsh-truth-ev/
By Madison Cates
September 28, 2023
It's hard to ignore the big push for electric vehicles. It's all around us, the talk of the news, and when the government starts offering tax credits, you know they mean business. Electric cars will be our future, whether we like it or not.
If you're considering purchasing an electric vehicle (EV), knowing what you're getting yourself into is essential. With big promises of greener transportation and lower costs, it's easy to walk in blind. So here are 13 things EV owners need to talk about that we all should know.
Range Anxiety Is Real
Your average gas-powered car can drive 300-720 miles on one full gas tank. Your average EV range is significantly lower than this. Combining the low range of an EV with the fact that charging infrastructure is considerably lacking, it's reasonable to worry. Imagine having half a gas tank, only two gas stations within a several-mile radius, and then crossing your fingers that the gas pumps work. I'd be panicking, too.
I get your point, but your example is nothing to panick about. If I am down to my last gallon in my gas tank in your scenario, THEN I might start to get concerned. And yeah, the average range of an EV is significantly lower than a gas-powered vehicle ... according to available data from December of 2022, the average EV has a range of approximately 216 miles.
Charging Time Is So Long
I have two kids, and they panic when I stop to fill up with gas, and that only takes around 8 minutes, max. I can't imagine having to take 30 minutes to recharge an EV every time I need a charge. Who has 30 minutes to dedicate to that in the middle of their day? Not me, that's for sure.
Dang, Madison ... there sure is a lot of unnecessary panicking going on in your family. Calm down, sweetheart.
EVs Cost More Than Gas-Powered Cars
The average new car costs $48,000 in 2023, while the average EV costs $60,000. That extra $12,000 over 60 months of financing is an additional $200, not considering the increase in interest or insurance costs. Yes, there are tax credit options, but also higher maintenance costs, insurance costs, and more.
There's Just Not That Many EV Options Yet
As of March 2023, there were only 40 EV models available on the market in the U.S. Considering there are 232,759,000 licensed drivers in the U.S., it's safe to say that there are not nearly enough EV options for people to choose from. Automakers are announcing new cars every day, but I suspect that it will be several years before we have a variety of EVs to choose from.
Home Charging Installation Is Expensive
Yes, owning an EV is more convenient if you have a home charger in your garage. But have you ever stopped to think about how much hassle it would be to actually have someone install one in your home? According to Fixr, getting a home charger installed can set you back anywhere from $1,000-2,500. That's definitely more than I thought. That would take me several months to ever spend that much on gas.
EV Resale Value Sucks
Everyone knows that new cars lose value as soon as they roll off the lot. But what people may not realize is that EVs lose way more value when they drive off. In fact, EVs lose 52% of their worth after three years, while others lose only 39%. This means that if you ever want to resell your EV, you may not get very much for it.
Yep ... if you own an EV with a battery that is near the point of needing replacement and you want to sell it ... well ... NOW is the time to panic!
EVs Don't Like Finicky Weather
If you live in a piping hot state like Texas, an EV may not be for you. When EVs sit in extremely high or low temperatures, they're not happy about it. Too hot or too cold can reduce battery range by up to 31%. That means your car's 300-mile range is now 200 miles.
You'll Be Hard-Pressed To Find a Used EV
As I mentioned earlier, the resale value of EVs is not that great if you're the seller. If you're the buyer, it doesn't look much better for you. Since EVs are so new, very few are on the second-hand market. This makes it hard to get a bargain on an EV. If you need a cash car, assume you'll get a gas-powered vehicle.
Heck ... do you even want to take a chance on a used one, anyway ... especially if its battery is way past its born on date?!
High Maintenance and Repair Costs
EVs may require less maintenance than gas-powered cars, but when they need a repair, you can bank on paying a lot more than a standard car's repair. That's because EV parts are more expensive and harder to find, and there are very few mechanics that know how to work on EVs.
Public Charging Infrastructure Has a Ways To Go
The Secretary of Energy recently went on a road trip in an EV across the U.S. to show the white house's support of EVs. She found that not only are charging stations far and few between, but the charging ports at the few existing stations are faulty or broken. The Biden administration approved $100 million in funding to fix public charging ports, so we hope to see some improvement in the future.
EV Batteries Are Very Costly and Complicated To Replace
My husband has had to replace several batteries in his Dodge Dart over the years, and the replacement process includes stopping by Auto Zone and picking up a new one for around $75. It's not fun, but it's not a big dent in our pockets. If your EV battery degrades, replacement can be challenging. You can expect to pay anywhere from $4,000-20,000 to replace an EV battery. And for us, that would be more than just a quick stop at the auto parts store.
EVs Aren't All That Environmentally Friendly
One of the most significant advantages of an EV is that they are safer for the environment. But is this true? If you look at the facts, EVs are not zero-emission. They may have zero tailpipe emissions, but they are certainly not pollution-free.
EV batteries require mining materials like lithium and cobalt, which harm the environment. EV batteries are also complicated to recycle and dispose of, and new studies show that EV tires produce 20% more pollution than gas-car tires. None of this screams “save the environment” to me.
The essential American soul is hard, isolate, stoic, and a killer. It has never yet melted. ~ D.H. Lawrence
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