Buy an electric vehicle, they say, save money they say… but what they don’t say is that it takes at least ten years to start saving money, and even then, maybe not.
Folks, the truth is, you’ll never start saving money on an EV, but according to the Daily Mail, it takes at least a decade to break even on buying an EV — meaning you absolutely do NOT start saving money as soon as you drive it home.
Per the Daily Mail:
Electric cars are much more expensive to buy, but usually cheaper to run – as maintenance and fuel costs can fall substantially with an eco car.
However, experts are warning that it takes an average of six years to break even on a purchase – and it can take up to a decade for the premium to pay off.
Customers are also taking to social media to express their regret at their EV purchase, with difficulties tracking down charging spots and unexpected costs. So how long does it really take to save money on an electric car – and is it worth the price?
The Mail reported a long list of data about the costs of EVs including things like the fact that EVs are much higher taxes and much higher registration fees for EVs, the costs of charging, operating and repair costs, etc.
But here two things they DON’T tell you.
Number one, your car will be useless on the used market. So, you won’t be able to get rid of the thing when you’re done with it. EV battery packs only last about 15 or 20 years, so no one is going to want to buy a used EV and then face paying between $5,000 and $20,000 to replace them.
And number two, even low-speed crashes pretty much total an electric vehicle. That is because these battery packs are very delicate and any amount of damage makes them useless. That is why insurance rates for EVs is soaring. It is because insurance companies are realizing that even tiny accidents force them to total an EV because it’ll cost too much to repair.
Folks, if you buy an EV you are signing up to get ripped off.