Electric vehicles are expensive in comparison with fossil fuel vehicles. The cost of purchasing electric vehicles is relatively high. Apart from the fact that the cost of maintenance of electric vehicles is the relatively low. The cheapest electric vehicles available still cost £10,000-20,000 more than any cheapest petrol, diesel, or gas vehicles. What’s more, with the ease and comfort of electric vehicles, the cost is also higher.
The high price of electric vehicles is the main reason for declining EV users worldwide. However, it is predicted that EVs will become more convenient over time, and electric vehicles available at the lowest prices. The main reason electric vehicles are getting cheaper is that they are becoming more and more popular. As EVs become more popular & affordable, production costs go down. And manufacturers will produce more EVs; Thus, manufacturers will be competing each other and able to reduce the cost of electric vehicles for consumers.
But why are EVs expensive?
Caution is required. Most people ask the question: What features make electric vehicles more expensive? Why are electric vehicles so expensive? Several reasons and facts make electric vehicles expensive. Reasons behind why electric cars are getting expensive are:
New Technology
The reason electric vehicles are expensive is that they use the latest technology. Electric vehicles are 90 to 100 years old. Still, over the past two decades, the technology used for electric vehicles has been exceptional and, above all, new. Every design is created using the latest technology, from tires to glass.
The electric vehicle infrastructure is currently using new and cutting-edge tools. The vehicle’s long-range, regenerative braking modes, PHEV, EVSE driving modes, and power factor function are based on the latest and greatest technology.
The new technology is cost-effective and has a high price. In addition, the latest technologies use new and innovative tools, which is expensive. All the latest technology and new features make electric vehicles expensive. We can also say that electric vehicles are so expensive mainly because of bringing new technologies to market production costs. This cost of producing with the latest technology will be passed on to the consumer in the form of higher car prices.
Expensive batteries
Electric vehicles run on batteries and are built using advanced smart technologies. Electric vehicle batteries must be powerful enough to allow around two-ton electric vehicles to cover hundreds of kilometers on the road. For this reason, the battery must be substantial and extended.
Electric vehicle batteries must charge quickly, have an extended lifespan, and be recyclable for an electric vehicle to have an extended lifespan. Batteries for electric vehicles are considered the most expensive part. Batteries are the backbone of electric vehicles. Due to the cost of the battery, the overall cost of electric vehicles is high. Today’s estimated average price of an electric vehicle battery is around $7,350.
Lithium-Ion Batteries
Lithium-ion batteries are one of the most expensive parts of EVs. Tesla Model S electric vehicles lithium-ion batteries take $30,000 off the cost of a car. Another factor that makes lithium-ion batteries expensive is the precious metals only obtained through mining. In addition, some of the metals used in lithium-ion batteries are unique and rare. In other words, the cobalt used in batteries is only found in some areas of Africa and can only be obtained through mining.
Batteries are expensive and take up a lot of space for electric vehicles. With that in mind, with the help of Panasonic, Elon Musk set up a Gigafactory to produce more EV batteries. However, the tariffs are still too high to compensate. However, the cost of batteries is expected to decline in the coming years. According to BloombergNEF, the price of batteries for electric vehicles has fallen by 87% over the past decade. High cost of batteries the main reason in Why are electric vehicles expensive?
The cost of EV batteries is deterring some automakers from producing EVs. However, the cost of batteries will decrease in the coming years as manufacturers continuously make and test new batteries using intelligent skills and technologies. With lower battery costs, the overall cost of electric vehicles will be reduced for sure.
Range of electric vehicles
The main thing to consider when buying electric vehicles is their range on a single charge. The longer the range of electric vehicles, the heavier the battery will be. With a heavy battery, electric vehicles are expensive. Each company lists several vehicles with a coded price. Short-range electric vehicles are cheap, and long-range electric vehicles are expensive.
When using electric cars in the city, it is recommended to use short-range electric vehicles, and however, if you use electric vehicles for long trips and out of town, it is recommended to use electric vehicles with a long-range and a heavy battery. The company focuses users on the mileage of an electric vehicle on a single charge. They also show you that the choice of your electric car depends on how you use it.
Installing a 240V socket
Most electrical networks in different countries are 120V. In these countries, EV users must install 240V outlets in their garages. Charging electric vehicles at 140V will not give you outstanding results. Some EVs have less range when set to 140V and more range when charged to 240V. At 240V, EVs charge quickly and last for a long time. Installation of a 240V outlet will increase the overall cost of an electric vehicle. One of the secondary reasons electric cars can cost you more is installing a 240V outlet.
The electric vehicle charging cost
If you use an electric vehicle, you need to charge it after a while. Using household electricity for charging instead of a power station or other charging point can cost you dearly. Since home electricity comes at a high price, setting up electric vehicles will add to your bills. Some companies allow users of their electric vehicles to charge at charging stations for free. So put, Tesla offers its pioneers free electric vehicle charging at their stations. Still, they have now pulled the offer because there are a lot of electric vehicle users, which could result in additional electricity bills.