Nov 24, 2022
mercedes eqs in blue

We talk a lot about how much money you can save by switching to an electric vehicle. They require less routine maintenance and zero gasoline. The cost to charge them is roughly one third of the price you pay per mile to fuel a gas-powered engine. But what are the hidden costs, if any, of owning an electric car? Are these costs significant enough to outweigh the money saved on gas, oil, and other maintenance? Let’s find out. 

Secret Costs of Owning an Electric Vehicle

1. Higher Upfront Cost

EV’s tend to cost about $10,000 more, on average, than their gas-powered counterparts. This extra cost can generally be attributed to both the increased demand for electric cars as well as the advanced technology needed to operate them. 

Let’s see how quickly we might recoup that cost in gas savings alone. The average American drives at least 1000 miles per month. The average cost of gas in Colorado is around $3.25. Let’s say you drive a car that gets a pretty good mileage of 25 mpg and you have a ten gallon tank. One tank of gas will get you 250 miles, so you will need to fill up roughly four times in one month. 

This means you will spend $3.25 x 10 gallons x 4, which equals $130 in gas per month. Multiply that by 12 months in a year, and that is $1560 in gas. Assuming every variable stays the same, you will spend about $10,000 in gas in about 6 and a half years. That’s not bad, considering most cars get nowhere near 25 mpg and have varying tank sizes and additional mileage in some cases. 

2. Additional Registration Fees

Another hidden cost of owning an electric car may be in the form of registration fees. In the past, state governments have used taxes from gasoline sales to fund certain projects, like infrastructure repairs. Since EVs do not use gas, they are often subject to a fee to make sure electric car drivers are contributing their fair share. In Colorado, the EV fee is $50 annually. This may seem steep, but more than half of it goes directly to highway maintenance-something that benefits all drivers and will prevent unnecessary damage to your vehicle. 

3. Varying Charge Prices

While gas prices are fairly standard within city limits, charging prices can vary widely from station to station. The metric used for charging can also change, adding further unpredictability. Some stations charge a flat rate per kWh, while others charge per minute. This uncertainty can add a fair amount of stress for individuals trying to budget for a road trip in an electric car.

Luckily, many public charging stations are free to the public. Mercedes Benz, for example, has partnered with Electrify America to supply owners of an EQ vehicle with two free years of fast charging and qualifying stations. 

4. Add Ons

You may be drawn initially to an electric car by grand promises of self-driving, auto-parking, or other futuristic tech only to discover they cost extra. This can quickly add up, especially if we are talking about features like self-drive. Tesla’s full self driving feature, for example, requires a $10,000 upgrade. 

5. Potentially Higher Insurance Rates

Insurance for EVs is often higher. Although they typically require less maintenance, it is often more expensive when it is needed. This can translate into higher premiums on your car insurance. You will want to compare rates with various companies to find the best coverage at the fairest price.

So, Is An EV Worth It?

Although you will encounter some hidden costs associated with an electric car, keep in mind that saving money is not the only reason for buying one. You will most definitely save money in the long run on fuel, oil, and other maintenance. But you will also be contributing to the fight against climate change, which is one of the most important reasons for going electric. This knowledge can certainly help offset any surprise costs that might keep you from buying an electric car. 

Of course, the fact that driving these cars is incredibly fun doesn’t hurt, either. But don’t take our word for it. Stop by the Mercedes Benz of Littleton Dealership to test drive one of our EQ models, like the zippy EQS 450 or a spacious EQS SUV