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.
