The Costs of Owning An Electric-Powered Vehicle in 2021: What you Need to Know

The past year might have given you the time to consider making life choices that positively affect nature and its environs. Maybe you have decided to tackle climate change by reducing the carbon footprint left by your actions. Purchasing electric vehicles may help prevent climate change by reducing the daily emission of dangerous gases into the atmosphere.

 Recently, many companies have ventured into manufacturing Electric Vehicles(EVs); this has proven a wise choice for a variety of reasons. One such reason is that EVs have an advantage over fossil-fuel-powered vehicles in that they cost less for their lifetime. Environmental benefits are realised from transitioning to Electric vehicles that are widely substantial, thus making EVs a better option than fuel-powered vehicles.

These vehicles also have more storage room due to the eliminated space that a fuel vehicle would require for its power system. However, the Electric vehicle is not without flaw, and this article aims to uncover some of these flaws to prepare you for when you decide to purchase an EV.

The Initial Cost of Purchase

Buying a vehicle is a sure way of losing a substantial amount of money at a single point in time. Though not a hidden cost, it is important to note that not a majority of the population realise the financial difference incurred while purchasing an EV compared to a fuel-powered one. Vehicle models with Electric options show this gap in the amount of money used for the initial purchase.

According to their website, Porsche retail the Porsche Cayenne with a starting price of  $67,500, while the Cayenne E-Hybrid will set you back not less than $81,800. Even though they cost less over their lifetime in some areas of the world, it is not just to ignore the amount of money the vehicle will set you back during purchase.

Buying these vehicles will also incur transportation costs since not all EV brands have dealerships.

Electric Car Charging Costs

Like with fuel-powered vehicles, the cost of charging EVs is dependent on where and who you charge with; the quicker the chargers, the higher the price of charging. The payment scheme also varies for EVs. They may decide to offer pay-as-you-go charging services or include regular subscriptions targeted at regular customers of public charging stations.

 Installing charging stations may cost up to $4500 depending on which one you choose; this shows that either way, the charging costs will financially hurt you, especially if you are not well prepared.

Higher Insurance Cost

EVs are less in number than fossil-fuel vehicles, making it more expensive to insure electric vehicles. The reason for this may directly be dependent on how expensive it would be to source replacement parts for these machines. 

Ensure you request and get a quote before buying the vehicle. 

Vehicle Servicing

It’s not a hidden expense, but electric car maintenance isn’t as easy to come by as it is for a gasoline or diesel vehicle. Car dealerships may offer these services but are only limited to their brands. However, it does not mean that all car dealerships offer car servicing for EVs, which means that you might have to travel a distance to acquire servicing for your vehicle.

EV brands like Tesla do not have traditional dealerships, meaning that the vehicle would have to be returned to the company in cases where it needs the services of a mechanic. The bodywork for EVs might vary depending on the car brand and RYD Tooling requirements for the vehicle. For some brands, these services are left for you to follow.

The only advantage of servicing is that EVs do not require as much work as fuel-powered vehicles. 

Leasing Battery Schemes

Some manufacturers prefer offering battery leasing services to reduce the cost of purchase for their vehicles, which is common for brands such as the Nissan Leaf. Initially, the purpose of these schemes was to cater for battery degradation worries among customers. 

Car companies are implementing these schemes by issuing services such as battery replacement if it is not charging correctly. 

The Economic Barrier Extra Charge

In areas where the economy is not as stable, buying Electric vehicles can be a nightmare, from electric charging home installation to extra vehicle parts. The fact that car dealers do not reside within these countries. 

In a third world country, for example, the cost of purchasing an electric vehicle will be high, as well as the maintenance costs, since these car brands may not have targeted that market in their financial plans.

Solar Charging System 

The solar charging system will come in handy in areas where public stations are not as important. Installation of the system will require solar panels, a battery for storing electricity. The extra storage comes in handy since solar panels produce 4 kWh, whereas the engines usually consume around 3.6 kWh to get enough charging for the day.


The Electric vehicle is of huge benefit since it does not enhance climate change by not emitting gases into the atmosphere. The vehicle also costs less in their cumulative lifetime fees than fuel-powered vehicles that accumulate maintenance costs over time. Electric vehicles are fuel-efficient as they are designed without an internal combustion engine.

Before choosing to buy an electric vehicle, it is important to consider both short-term costs and long-term costs. A consideration that will ensure you remain within budget, have a return for your money, and live happily in a life of luxury.