Why Do Electric Vehicles Cost So Much?

Last Updated on December 9, 2022 by

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In present times, electric vehicles are very much the trend. They are giving very good competition to the fuel-powered or gas-powered vehicles.

Once a person buys an electric vehicle, their pockets are relieved of the expenses. Electric cars are charged by batteries and thus save a lot of rising fuel prices.

There are of course some downsides as well to using electric vehicles like the lack of charging stations and high initial costs. Still, owing to fewer mechanical components, electric vehicles are not very expensive to maintain.

However, the initial cost or the cost of buying electric vehicles can cost you a lot of money. So, why do electric vehicles cost so much? Let us find out.

Read this article below and do check out the frequently asked questions on why electric vehicles are so expensive.

Electric cars too expensive for middle class

Electric cars come with high initial costs. These costs are a bit out of range from the pockets of the middle class. The components used in the electric vehicles are quite expensive.

Additionally, the insurance and the premium are high too. These all together make the electric cars too expensive for the middle classes to afford.

Why electric vehicles are too expensive?

Electric vehicles are made with complex and expensive materials or components like lithium-ion batteries and electric motors, among other well-equipped components.

In case of any repairs, their components may cost a lot. Thus, in this case, the premium for car insurance is also very high when one wants to get their eco-friendly vehicle insured.

Also, materials and metals like nickel, lithium, cobalt, and manganese are used in these cars and the cost of electric vehicles is much higher.

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Cost savings of electric vehicles

Electric vehicles run on electric-driven technologies to give a boost to their vehicle efficiency by means of a regenerative braking system.

Since these vehicles run on batteries, they need no fuel or gas. Therefore, the costs of running these vehicles reduce to a greater extent.

Charging costs for an electric vehicle is less than a fuelling a similar size of a fuel car, i.e., petrol or diesel running car. Therefore, one can save around 70 percent on fuel costs if one has an electric vehicle.

 Are electric cars really worth the money?

If you are planning to buy an electric car, then maybe they are worth your money. While the initial costs of buying an electric car are quite high, these vehicles will significantly reduce your travel costs on daily basis, in the long run.

The maintenance cost of these electric vehicles is also very less as compared to the fuel-powered cars. Additionally, they emit fewer pollutants in the air as they are battery-powered.

Most expensive part of electric car

A varying combination of parts is required for electric cars. The components and metal parts make electric vehicles quite expensive.

These metal components are made of cobalt, nickel, manganese, and lithium, all of which are highly-priced metals. However, the most expensive part of an electric car is the battery pack.

Since electric vehicles run on batteries, which is the primary source of their power, the entire battery pack is very valuable and the most expensive.

Why can’t people afford electric cars?

It is very natural to have questions regarding the affordability of electric vehicles. Firstly, electric vehicles, though worth the purchase, are very expensive to buy.

However, even though many people may afford these vehicles monetary wise, they fear that the battery of their electric vehicle will run out of charge.

They fear that they may never be able to reach the battery charging station or their desired destination. Also, they are quite slow in pace and do not give good mileage on highways.

Therefore, most people cannot afford to buy these electric vehicles owing to the above-mentioned reasons.

Electric car getting charged

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How much does it cost to manufacture an electric car

Electric cars are expensive but not so expensive that only the rich can afford them. With time, several options have been made available under the electric vehicles.

This has increased the demand for electric vehicles across the world. It is true that electric vehicles have very less components as compared to fuel-powered cars, but these are still very expensive.

The size and type of electric vehicle also determine its manufacturing costs. However, the average cost to make electric vehicles could be around $15,000 to $20,000.

This price may differ from country to country and company to company (here companies refer to car brands).

Why do electric cars cost more than gas cars?

We all know that electric cars run on batteries, and components are pretty expensive. These components are made of some expensive metals like cobalt, nickel, manganese, lithium, etc.

These are the materials that are required in the cathodes to pack and reserve more energy.  So, the initial cost of manufacturing the electric cars can get very high.

This is one primary reason why electric cars are more expensive than the gas cars.    

Electric vehicles getting cheaper

It is a fact that with increased demand for a product, its prices decrease. Therefore, as the demand for electric vehicles increases, there is a high chance of these vehicles getting cheaper. 

Also, since the world is becoming more sincere toward environmental concerns, an increase in the number of electric vehicles is inevitable. this in turn will make these vehicles cheaper.

What is the lifespan of an electric car?

At present, the electric vehicles sold have a warranty of at least eight years and around 100,000 miles. Different car models have different lifespans.

For example, Tesla cars come with an eight-year battery warranty. It also ensures courage of 100,000 to 150,000 miles. These cars may live for up to ten to twenty years on average.

To know more, watch the video below.

Why are electric cars more expensive than petrol cars?

Generally speaking, the cost of electric cars is far higher than a car that is powered by a petrol engine.

This is simply because of the advanced technology, electric motors, and the complex battery components of the electric vehicles.

The metals used in the battery components are quite expensive, and this also adds to the higher costs of an electric vehicle. Further, some electric cars also come with exceptional driver-assistance features.

Why are electric cars better?

The preference for electric cars or other fuel-powered cars depends on the people making that decision. There are some amazing benefits of buying electric cars.

Mentioned below are some reasons why electric cars are better.

  • They need low maintenance owing to the operation of an electric motor.
  • They are environment-friendly as they do not emit any gases or pollutants.
  • They result in better performance
  • Since no fuel is needed to run the battery-operated car, you get to save a lot on fuel or gas costs.
  • They give good mileage for short-distance travel.

How much do ev cars cost?

Keeping all battery and component costs in mind, the electric vehicles come with an average cost of $15,000 to $20,000.

Though these costs may vary from one to another, however, this range usually fits the average cost of electric vehicles around the world.

White electric car getting charged

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FAQ relating to Why do electric vehicles cost so much?

There is a range of questions that surround the electric vehicles, ranging from their performance to their costs. Here are some frequently asked questions about the high costs of the electric vehicles.

How long do electric cars last?

Most electric cars come with a warranty of five to eight years on their battery. However, it will not be wrong to say that electric cars can last from around 10 to 20 years before their battery may need to be replaced.

What are the downsides to electric cars?

Here are some disadvantages of electric cars.

  • Lack of charging stations
  • Initial costs can be high
  • You cannot do a long journey in an electric vehicle
  • Their battery requires some expensive metals like nickel, manganese, cobalt, etc.
  • They don’t give good mileage on highways or long drives

Are electric cars affected by cold weather?

Cold temperatures have an impact on the electric vehicles because it steals away some of their battery and some range. This range loss may differ in different electric cars.

If someone already uses a heater inside the car in cold temperatures, the most battery will be used to make that heater work. Therefore, we can clearly state that electric cars do get affected by cold weather and low temperatures.

Can you plug an electric car into a regular outlet?

Yes, it is absolutely possible to plug an electric car into a regular outlet. However, the charging time may increase as compared to charging from an electric vehicle charging station.

Key Takeaways

  • Electric vehicles run on electric-driven technologies to give a boost to their vehicle efficiency.
  • They are environment-friendly as they do not emit any gases or pollutants.
  • Electric cars run on batteries, and components are pretty expensive. 
  • The metal components in an electric vehicle are made of cobalt, nickel, manganese, and lithium, all of which are highly-priced metals. 
  • They need low maintenance owing to the operation of an electric motor.
  • They don’t give good mileage on highways or long drives.
  • Most electric vehicles have a warranty of at least eight years.
Derek Bruce
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