As I sit here typing away on my laptop, I can’t help but think about how electric vehicles have truly transformed the way we think about transportation. The shift towards EVs has been monumental, with almost every automaker now embracing the transition to electric power. It’s hard to believe that just a decade ago, there were only a handful of EV options available, and now, there are over 100 different models to choose from.
I’ve been driving electric for over 10 years, and during that time, I’ve seen firsthand the incredible cost savings that come with owning an EV. From saving over $5,200 in gas in just one year to the long-term benefits of lower maintenance costs, driving electric has truly been a game-changer for me.
But, as with any major change, there are hidden expenses that come with owning an EV that many people may not consider. One of the biggest surprises for me has been the increase in state EV registration fees. States have started to add a “gas tax” fee to EV registration costs, ranging from $50 to over $200 a year. In Georgia, where I live, we pay the highest EV fees in the country at over $200 a year. And, unfortunately, these fees are only expected to rise in the coming years.
Another unexpected expense has been tires. EVs are heavier than comparable gas cars and have 100% of torque available instantly, causing tires to wear out much sooner than you might expect. I’ve had to replace tires on my EVs much more frequently than I ever did with my gas cars, costing me between $200 to $300 per tire.
Charging costs can also add up, especially if you’re not careful. While the cost to charge at home is relatively low, there are additional expenses to consider, such as purchasing charging cables and installing a home charging station. And, if you’re not mindful of how long you leave your car plugged in at a public charging station, you could end up paying extra in idle fees.
Insurance premiums for EVs are also higher than for comparable gas cars, due to the advanced technology and high-capacity batteries that EVs have. On average, the Tesla Model 3 costs $600 more per year to insure than a comparable sedan.
Despite these hidden expenses, the overall cost savings of owning an EV still outweigh the drawbacks. The long-term benefits of lower maintenance costs, reduced fuel expenses, and potential resale value make driving electric a smart financial decision in the long run.
As the EV market continues to grow and evolve, it’s important for consumers to be aware of the hidden costs that come with owning an EV. By understanding these expenses and planning accordingly, you can make the most of the cost savings and environmental benefits that come with driving electric. So, if you’re considering making the switch to an EV, be sure to do your research and prepare for the unexpected expenses that may arise.
