When you are standing at the gas pump watching your purchase price for fuel tick upward, the thought of buying an electric can sound appealing. After all, an electric car may not use any gas at all, and you may instantly think about the incredible savings that you can enjoy on a monthly basis as a result. Some people are also inclined to buy an electric car because of their desire to be green. These cars have less emissions and use less fossil fuels than their gas-guzzling counterparts. However, there are some costs of electric cars that you should be aware of before you rush over to your dealership to trade in your current vehicle for an electric model.
The Cost of Electricity
Electric cars do not run without expense to their owners. These cars require you to regularly charge them, and this is typically done through a special charging station installed in your home. They use electric energy that can inflate your home energy bill. If you drive a considerable distance each week, this increase in your energy bill can be dramatic. Energy rates vary by location, and they also vary based on the hour of the day in most cases. Most providers have special rates for peak hours. This often includes evenings and weekends, and these may be hours when you are more likely to be at home and charging your car. With this in mind, you may actually pay a small fortune to run your electric car.
The Auto Insurance Expense
Many people who purchase electric cars are surprised to see their auto insurance premium increase rather significantly. Auto insurance rates are based on both the repair and the replacement costs of the vehicle. Electric cars are typically more expensive to replace than their gas-consuming counterparts. They also have specialized components that make them more expensive to repair. Insurance rates reflect this, so you should be prepared to take on a higher auto insurance premium when buying an electric car.
A Word About Repairs and Maintenance
There are both pros and cons associated with electric car maintenance. For example, because of the type of engine in the car, you will not have to pay for regular oil changes. This is a common and recurring expense that you may pay for every quarter with your current car, and it can be eliminated from your budget. However, tire rotations and other routine maintenance tasks are still required. In addition, the components in electric cars may be much more expensive to replace when a repair issue develops.
When You Are in an Accident
Car accidents can and do happen to even the safest and most defensive drivers on the road. You may think that you would respond to a car accident in an electric car in the same way as you would respond if your current car was in an accident. You will initially call the police and take proper steps to file an insurance claim. However, the other party may not have coverage, and the accident may have been their fault. It can be costly to repair a damaged electric vehicle out-of-pocket, and you may wonder what you can do. An accident attorney can review the specific details of your case and can inform you about legal options available. For example, you can sue the uninsured party for damages to get funds to pay for your vehicle repairs. Your attorney can represent you throughout the court case and fight for your rights under the law.
While it may seem completely affordable to purchase an electric car, you can see that there are some real expenses that should be considered and analyzed before you make your purchase. Many people may still decide to purchase an electric vehicle and to take advantage of its benefits. Now that you are more aware of real expenses that you may incur as a result of your possible purchase, you can make a more educating vehicle buying decision.
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