How much does an electric car cost?

The true cost of owning an EV

As the demand for electric vehicles (EVs) continues to grow, many drivers wonder about the true cost of owning an EV. While upfront prices and other costs for EVs can be intimidating, understanding the complete financial picture reveals a lot of savings compared to traditional gas vehicles. So, how much does an electric car cost? From charging costs to battery replacement and charger installation, keep reading with Kia of Irvine in Irvine, CA, to break down what it costs to drive an electric car and why it’s a financially smart choice. 

Electric car cost to charge

One of the most significant differences in cost between gas and electric cars is in fuel. Charging an electric vehicle at home or a public station can be far cheaper than regularly filling up at the pump. 

• Home charging costs: Charging your EV at home typically costs between $0.10 to $0.30 per kilowatt-hour (kWh), depending on your local electricity rates. With EVs averaging around 3 to 4 miles per kWh, this translates to about $6 to $12 to fully charge a vehicle with a range of 200-300 miles. Comparatively, filling up a gas car could cost upwards of $50 or more, especially if fuel prices are high.
• Public charging costs: Public charging stations vary in price, but many offer competitive rates. Some stations charge by the hour, others per session, while others still use per-kWh pricing. Expect to pay around $10 to $20 for a full charge at a fast-charging station, depending on your EV’s battery size. Many EV owners report that even frequent use of public chargers still results in significant savings over gas.

Cost of electric car batteries

While EV batteries are built to last, they do eventually wear down and may need replacement if your car is kept long-term. This is a major expense but is worth keeping in perspective: 

• Average battery replacement cost: Replacing an EV battery can cost $5,000 or more, depending on the model and size of the battery. Some luxury EVs may cost more, while others, like popular compact EVs, may be on the lower end of this range.
• Battery longevity: Fortunately, most EV batteries are designed to last 10 to 20 years, with many warranties covering battery replacement for 8 years or 100,000 miles. This long lifespan means that, for many drivers, a battery replacement may never be needed. And with advancements in EV technology, batteries are becoming more affordable to replace as they improve in quality and lifespan.

Electric car charger installation cost

For maximum convenience and savings, most EV owners install a Level 2 home charger. This allows for faster charging compared to a standard wall outlet and helps maximize overnight charging efficiency. 

• Installation cost: A Level 2 charger costs around $500 to $1,000 for the equipment itself. Installation costs vary depending on your home’s electrical system and can range from $300 to $1,000 or more if you need electrical upgrades.
• Incentives: Many states and utility companies offer rebates or incentives to offset installation costs, making it even more affordable. Check with your local provider to see what’s available.

Saving on electric vehicle maintenance costs

Electric vehicles require less routine maintenance than gas-powered cars. Here’s a quick look at how EV maintenance costs compare: 

• No oil changes: Unlike gas engines, electric motors don’t need regular oil changes. This alone can save EV owners around $100 to $200 annually.
• Fewer moving parts: EVs have fewer mechanical parts, meaning fewer parts to repair and replace over time. Components like spark plugs, exhaust systems, and timing belts aren’t needed in EVs, resulting in lower long-term maintenance costs.
• Brake Wear: Regenerative braking in EVs helps reduce brake wear, allowing brake pads to last longer compared to traditional vehicles.
• Battery longevity: Gas vehicles need battery replacements far more frequently, and EV owners may never need a new battery.