Electric cars have gradually risen in popularity, with many drivers opting to make the switch from combustion engines to batteries. Despite this increasing adoption, electric vehicles are costly, due to the cars themselves and how our world is adapting to them.
So, why are electric cars so expensive? In this guide, we will examine this question and break down what is influencing the price of electric vehicles. If you own an electric car, take a look at our range of replacement charging cables and use our part picker to find the correct cable for your vehicle.
Technology
The battery technology used to power our electric cars is in its infancy. Rather than using traditional zinc-carbon batteries, those in electric vehicles are li-ion and rechargeable. This type of battery is expensive to upscale for large vehicles, compared to the much smaller ones found in mobile phones. Li-ion batteries have been in use for many years, but the technology to build them on this scale, and cheaply, can be a challenge for manufacturers.
Despite this, getting li-ion batteries into cars remains a focus because of the huge environmental benefits. These batteries produce no harmful fumes or waste as they work, making them a viable long-term replacement for petrol and diesel engines.
Materials
It is not just the technology that makes electric vehicles expensive. Constructing these rechargeable batteries requires materials that cost a high price, due to the demand for them in the automotive industry and how they are currently valued. This has resulted in electric car manufacturers needing to charge considerably more to recoup the construction costs.
As cheaper alternative parts begin to be added into electric cars, the price of them has the potential to drop.
Supply & Demand
Demand for electric cars is also outpacing supply. This is not just demand from consumers, but from manufacturers who can’t get access to the materials needed to build them.
The price of oil, combined with the considerable reduction in harmful emissions from electric vehicles, has driven consumer demand up and slowed down the supply chain to get more electric cars on the road.
Repairs
Repairing electric cars can be as much of an obstacle as building them. Maintenance on the li-ion batteries and other components is expensive, due to the cost and availability of replacement parts. This has subsequently raised the price of insuring an electric car, given the risks involved if one breaks down and can’t be repaired.
However, the rise in popularity of electric vehicles can make getting one insured much easier compared to a decade ago, as demand for them increases. Electric cars also have fewer moving parts, reducing the amount of overall maintenance required.
Recharging The Car
Whilst electric cars ditch the need to refuel at pumps, they still require charging. According to research by Which, an electric car should always be a cheaper alternative to owning a diesel or petrol vehicle, meaning that whilst charging at home may increase your energy bill, it is a more cost-effective form of travel in the long-term, compared to what you might pay at petrol stations throughout the year.
Purchasing an electric car can be an investment, so to help answer any further questions you have, take a look at our guide on other factors to consider when buying an electric vehicle.