We can never praise the benefits of the electric car enough. More ecological, it allows you to discover a new way of driving, new sensations. Not to spoil anything, it also allows you to make great savings in terms of energy.
All electric vehicle drivers will tell you: going back is unthinkable. However, it would be unthinkable to rush headlong into the purchase of such a vehicle without giving it serious thought. The electric car is also a lot of costs that we do not necessarily think about.
so here’s 10 hidden costs to know before buying an electric car.
The difference in purchase price
© Canoo
The price is one of the main obstacles to the purchase of electric cars. According to a study by RTE (Electric Transport Network), 73% of French people believe that electric cars are still too expensive compared to thermal cars.
It is true that the purchase cost is higher, the difference with the thermals widening as you go upmarket. A Peugeot e-208, for example, costs nearly 10,000 euros more than its gasoline equivalent. This difference reaches several tens of thousands of euros if we refer to SUV type models for example.
Fortunately, the State offers purchase aids such as the ecological bonus or the conversion bonus. Some regions also make it possible to reduce the bill, but some devices require certain conditions, in particular income.
It should also be noted that the conditions for obtaining these aids change quickly, which causes vehicle prices to vary. Moreover, not all models are eligible for all devices. It is therefore necessary to take all these parameters into consideration before buying.
The options
©Tesla
The purchase cost is even higher when you add options. These cost the eyes of the head on electric models. At Tesla, the call price of the Model 3 is 44,990 euros (excluding ecological bonus) but Autopilot with autonomous driving costs 7,500 euros. Adding this option exceeds the eligibility threshold for the ecological bonus, which increases the overall purchase price by almost 15,000 euros!
It is therefore very important to take into account the cost of the options and to check that they do not increase the bill too much. Even more so if you plan to take advantage of purchase assistance devices.
Note that we are taking the example of Tesla, which is a brand that does not abuse options. With some manufacturers, the final price can go from simple to double depending on the options chosen. Pay attention to the standard equipment.
Paid updates
©Tesla
Highly connected, electric cars update regularly, often while you sleep. This principle invented by Tesla is adopted by its competitors. But more and more, brands are charging for these updates.
Tesla started with its Model 3 by charging for improving the car’s performance. The American also announced that navigation would become chargeable after eight years of use. Mercedes has also done it by offering owners of its electric vehicles to pay to improve performance via an update.
It is therefore very important to be well informed about certain standard equipment that may become chargeable after a few years or about future updates requiring an additional investment.
insurance
© Unsplash / Ravi Roshan
If the legend says that the insurance of an electric car costs less, the reality is quite different. In the facts, the price of your insurance varies according to the model chosen and the type of coverage.
According to a study conducted by Ferrets in 2021, third-party insurance of an electric car costs an average of 405 euros per year compared to 534 euros for a thermal model. In all risks, an electric will cost you 670 euros over the year against 823 euros for a thermal.
But depending on the model chosen, the trend can be reversed. A Peugeot e208, for example, costs much more to insure than a thermal 208: 341 euros against 314 euros for a third party and 673 euros against 568 euros at all risks. Same observation for the Renault ZOE with differences of up to 250 euros per year in all risks compared to a Clio V.
So take the time to contact your insurer. before validating your purchase, it costs nothing.
Home charging
©Tesla
If recharging your electric car at home costs much less than filling a gas tank, it is essential to plan for an installation cost.
There are two ways to charge your vehicle at home: use a reinforced socket or invest in a home charging station. According to Engiethe cost of installation varies from 500 euros (for the reinforced socket) to 2,000 euros for a terminal at home.
As with the purchase of an electric car, aid systems exist for the installation of a charging station in your home. The State first offers a tax credit of 300 euros as well as a VAT reduced to 5.5%. Some regions, departments or cities also offer additional aid. It is therefore important to inform yourself to minimize the invoice linked to this hidden cost.
Charging stations (and subscription cards)
© Lemon squeezer
Whether you recharge your electric car at home or at a station, the cost of recharging is lower than the price of a full tank of gas. However, in 2023, prices at charging stations have increased considerably.
For example, charging 20 to 80% of a model like the Ioniq 5 costs between 30 and 40 euros at the Ionity station. You can travel around 300 km, which brings the cost of recharging for 600 km (i.e. the very low average of a thermal model with the same characteristics) to 80 euros. We are therefore approaching a full tank of gas. And we are not talking about some providers offering monthly or annual subscriptions to access their services or obtain a recharge card.
If you do not have recharging equipment at home and you must recharge your vehicle mainly at a station, it is important to plan for this cost. Because the difference in purchase price compared to a thermal model will take much longer to compensate.
charging time
© Lemon squeezer
Even if fast charging stations are multiplying, the time from 20 to 80% charge is around 20 minutes. No problem when going on vacation but much more restrictive for those traveling several hundred kilometers per week, or even per day (for road professionals).
And since time is money, this parameter should also be taken into account before purchasing. If you have to travel miles as part of your professional activity, you will therefore have to find new working methods to adapt to this charging time.
The repairs
© Peugeot
Attention, we are not talking here about the maintenance of the electric vehicle which is on average 20 to 30% cheaper than a thermal model. We are talking about repairs here, that is to say changing parts in the event of a glitch (after the warranty period) or an accident (if you are at fault and/or insured against third parties).
According to a study conducted by the Dutch insurer Autotrust, an electric car repair costs on average twice as much as a thermal one. This is due to several factors: spare parts are much more expensive and installation is more complex. For example, the repair of the brake booster of a Nissan Leaf is billed at 4,000 euros against 350 euros for a thermal Qashqai.
Above all, the insurer explains that electric car repairers are still few in number. In the absence of competition, they allow themselves to raise the price of repairs sometimes to the point of indecency.
In summary, an electric car breaks down less often than a thermal one, but when it does, the bill is very hefty.
What about the battery?
©BMW
On average an electric battery works optimally for 8 to 10 years. This doesn’t mean it’s dead after that time, but it will be less effective.
By less efficient, understand that it will begin by operating at 80% of its potential. Basically, when it says “100% charged” on your screen, it’s actually only 80% charged. Then over the years its efficiency will drop further.
Moreover, in the event of an accident, changing a battery costs a small fortune. It is estimated that the cost of a kWh is around 140 euros, which brings the price of a small 52 kWh battery (Renault ZOE for example) costs 8,100 euros!
At this price, it is better to have good insurance.
Depreciation
© Unsplash / Lance Asper
With a few exceptions (Tesla, Mini), the discount of an electric car is much greater than that of a thermal car. So be careful if you plan to resell it after a few years. According to second-hand market figures, an electric car loses up to 50% of its value after only three years of use, compared to around 30% for thermal models.
This discount is explained first of all by the share represented by electric vehicles on the second-hand market: only 1% at the end of 2021. The introduction of aid for the purchase of new models does not help either. Electric cars are expensive but aid for the purchase of used models is anecdotal, which tends to push the French to turn to new.
Moreover, buyers are less confident with used models, especially about the battery. Investing several tens of thousands of euros when the battery will no longer provide optimal performance 4 years later is not reassuring.
Above all, the loss in value compared to a thermal model is impressive. For example, an electric city car sells for less on the second-hand market than its thermal equivalent (after as many years and the same distance travelled) when it cost 10,000 euros more to buy new.
If you do not plan to keep your car for more than five years, this element is therefore extremely important when making your purchase.
That’s it, you now know the 10 main hidden costs of an electric car. So, ready to take the plunge?
