The shocking discovery of the cost of replacing an electric vehicle (EV) battery has left many potential EV owners rethinking their purchase decisions. One BC EV owner, Kyle Sue, found himself in a nightmare scenario when he was quoted over $61,000 to replace his damaged EV battery, which was more than the value of his car brand new.
Auto journalists Zach and Andrea Spencer were stunned by Kyle’s story and decided to investigate further. They found that the cost of replacing an EV battery can range from $8,000 to $35,000, depending on the manufacturer. This eye-opening revelation led them to share their findings with Consumer Matters in hopes of helping future EV owners avoid similar pitfalls.
Kyle’s ordeal began when he ran over something while on a road trip in his 2022 Hyundai Ioniq 5 EV. The damage to his battery cooling system was not covered under warranty, and ICBC ended up writing off his vehicle. Hyundai Canada later clarified that the battery replacement cost quoted to Kyle was due to a system error in calculating retail prices, and they have since remedied the issue.
This cautionary tale serves as a reminder for consumers to ask important questions before purchasing an EV, such as how battery damage is assessed and what processes are in place for repairs. Zach and Andrea recommend considering gap insurance or replacement insurance to protect against unforeseen costs.
The entire industry, including manufacturers and insurance companies, must do better in supporting EV owners post-purchase. ICBC offers optional collision insurance and new vehicle replacement Plus Insurance to help cover repair costs and guarantee a new vehicle in the event of a total loss. It’s essential for consumers to speak to a broker about their options and ensure they are adequately protected.
If you have a consumer issue or story to share, you can contact Consumer Matters at globalnews.ca. Stay informed and empowered when making decisions about purchasing an EV to avoid unexpected costs and challenges down the road.
