Higher Upfront Costs: EVs come with a $12,000 higher upfront price compared to traditional cars, even after factoring in a $7,500 federal tax credit.
Limited Model Variety: With only 40 EV models available as of March 2023, consumers face limited choices, potentially compromising preferences and affordability.
Costly Charging Infrastructure: Home charger installation costs, ranging from $500 to $1300, add to the overall expense of owning an EV, especially as public charging stations remain scarce.
Long Charging Times: Recharging an EV can take up to 8 hours, significantly longer than the 8 minutes it takes to fill up a gas car, potentially impacting convenience.
Battery Replacement Costs: EV battery replacement costs between $4,000 and $20,000, and their gradual power loss over time poses an additional financial concern.
Limited Secondhand Market: The scarcity of used EVs on the market makes finding cost-effective options challenging, with available ones likely featuring outdated technology.
Maintenance and Repair Costs: While EVs have fewer parts, repairs can be costly due to a lack of trained mechanics and expensive components.
Costly Insurance Premiums: Higher insurance premiums for EVs stem from their initial cost, expensive parts, and a shortage of trained mechanics, increasing overall ownership expenses.