Home Business Magazine Online
Technology has seen so many improvements in the past few years. Various enhancements have been made to existing technology to develop better and improved tech. One of the most significant technological advancements is the electric car. The introduction of the electric car to the world marks a milestone in technological advancement.
Electric vehicles are built differently from regular cars and run on electricity rather than the usual petrol or diesel. This leads to differences in the price of the two types of cars. When electric vehicles initially hit the market, they were more expensive than regular cars. However, that is rapidly changing.
Over the years, more companies have been involved in the electric car business, and electric car prices are becoming closer to gas-powered vehicles. Electric cars like the Hyundai Kona SUV have a price range around the same as some gas-powered cars. However, what are the hidden costs involved with electric vehicles?
Costs That Come with Electric Cars
People often think the price tag attached by car companies is the exact amount they must spend. This is very incorrect and can lead to unexpected expenses later on. Traditional electric cars usually have a higher company price tag than gas-powered cars.
However, there are many things to consider other than just the price tag attached by the car company. Someone who owns a gas-powered car will have to pay for maintenance, oil changes, and fuel. Likewise, an electric car owner will also have to incur additional costs apart from the price attached by the company.
An electric vehicle also requires a power source to function. The cost of charging and maintenance must also be considered when buying electric cars. The general costs that are involved with electric vehicles include:
- The price tag that the company attaches;
- Government incentives;
- Electricity costs when charging;
- Maintenance and repair costs; and
- Cost of installing a home charging station.
Company Purchase Cost
Different companies attach different price tags to their electric vehicles. The prices linked to electric cars differ according to their function and the car brand. Some electric cars have their prices on par with well-known luxury vehicles, while some are less expensive, such as the Nissan Leaf.
Electric car companies like Tesla have electric cars costing more than fifty thousand dollars. Some other car companies have electric vehicles that don’t cost more than twenty-eight thousand dollars. The price attached by the company usually depends on the type of materials and parts used to construct the car.
In some countries, the government incentivizes individuals who buy electric cars. You can become eligible for a tax credit of about $7,500 if you buy an electric vehicle in the United States. However, this is only available for the company’s first two hundred thousand cars. Some of the more popular car companies have already met this limit.
The Cost of Charging
Charging cost is something significant to an electric car owner. It is one of the significant costs involved with purchasing an electric car. An electric vehicle can be charged at a public charging station or at a home station. It is hard to track the amount spent on charging the electric car.
The price of electricity in your location determines a lot when it comes to the charging cost of an electric car. Electric car charging stations have different levels, which also have varying prices. The cost of charging at a level 3 DC fast-charging station will be much higher than at a level 2 charging station.
Setting up your own charging station at home usually ranges between $200 and $1000. There will also be additional charges for installation, which further jack up the price. However, a home charging station is more cost-effective over time than a public one.
Different electric cars have varying energy consumption. Some electric vehicles can move 100 miles relying on 21 kWh of electricity, while some require 33 kWh to cover the same distance. Once the energy in the car is depleted, it has to be recharged before it can be used again.
Electric cars are rapidly becoming a regular part of society. Many individuals prefer electric cars to standard gas vehicles. They are friendlier to the environment and easier to maintain than gas cars.
Most electric cars cost as much as luxury cars, while some can be bought at lower prices. Different factors also add and subtract from the total cost of electric vehicles, such as government incentives, charging costs, and maintenance fees.