Hidden Costs of Owning an Electric Car

It’s official; the automotive industry is going green. Many automakers are diligently working towards achieving carbon neutrality in the coming years, which means electric vehicles (EVs) are entering dealerships worldwide, one right after another. As expected, people are buying into the eco-friendly initiative and embracing the future. And why wouldn’t they?

EVs promise many ecological benefits, plus they are cheaper to own and operate than traditional vehicles. However, there are some hidden costs associated with owning an electric car that many don’t realize or think about before purchasing. In this article, we will go over the top six costs you may want to consider before going electric.

Purchase Price

Starting on the lot, the purchase price of EVs can be pretty significant compared to gasoline-fueled vehicles. Currently, the average purchase price for a new EV is around $56,437, roughly $10,000 more expensive than the overall industry average. However, most electric vehicles are eligible for tax credits, totaling about $12,500. So, while the initial purchase price can be a bit steep, it may be worth it when looking at the future benefit of ownership.

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