The Expert Podcast

• Before buying an electric vehicle (EV), there are three very important things you need to know:
  • Future expense of replacing the battery
  • Availability and access to charging stations
  • What happens to your vehicle and battery at the end of its life
• Battery Replacement Costs:
  • Every EV or plug-in hybrid has a battery that will eventually need replacement, whether the vehicle is new or used.
  • Typical battery life is about 10 years or 100,000 miles, but this can shorten with frequent fast charging or extreme weather conditions (hot or cold climates).
  • Over time, battery capacity declines, especially with heavy use or poor maintenance.
  • Unlike phone or laptop batteries, EV batteries cannot be easily swapped out once degraded.
  • Battery replacement costs have risen significantly—from around $10,000 in 2016 to $20,000-$25,000 today.
  • Consider if it’s worth buying a vehicle that might need a costly battery replacement in the future.
  • Gasoline engines typically last beyond 100,000 miles, often up to 200,000, with major repairs costing less than EV battery replacements.
• Charging Station Availability:
  • There is a major difference between regular charging and fast charging.
  • Fast charging can refill a battery in under an hour, but there are only about 6,000 fast charging stations across the U.S. (~100 per state).
  • In contrast, there are about 150,000 gas stations nationwide.
  • Unlike gas stations, EV charging stations need to be spaced out to allow recharging between stops, so availability is crucial for trip planning.
  • Understanding where and how you will charge your EV is essential before purchasing.
• End-of-Life Battery and Vehicle Disposal:
  • EV batteries won’t last forever, and manufacturers like Toyota are implementing systems for battery collection, testing, and recycling.
  • Just like bottle deposits and automotive battery recycling fees, regulations will increasingly require recycling of EV batteries.
  • The environmental impact and recycling costs are being factored into vehicle manufacturing and price.
  • Buyers should be aware that purchasing an EV includes future costs related to battery recycling and disposal.
• This episode helps you weigh the true costs and practicalities of owning an electric vehicle compared to a gasoline-powered one.