Automotive influencer Zach Chin joined Cheddar News to break down the costs of owning and maintaining electric vehicles, specifically battery replacement, electric motors, tires and general software.

Automotive influencer Zach Chin joined Cheddar News to break down the costs of owning and maintaining electric vehicles, specifically battery replacement, electric motors, tires and general software. “Statistically speaking, tires last about 20% less, or have a 20% shorter lifespan, than on an electric vehicle than a standard internal combustion sedan," he explained.

Automotive Influencer Zach Chin on Costs of Maintaining Electric Vehicles

And we are trying to answer some of your biggest questions concerning electric vehicles throughout this week and our special series E. V. S the road ahead right here on closing bell. So today we want to discuss the costs of maintaining an electric vehicle. E. V. S are known to have a higher price point than gas powered cars with an average initial price of $65,000. Enthusiasts say they're cheaper to fuel, thus less expensive over the long term. But is that really true joining me now to break down the cost of owning and maintaining an electric vehicle is automotive influencers action as Zach, thanks so much for coming on this show. Hello? So let's start with the batteries as since they're the main component of an electric vehicle, What's the average battery life for an electric vehicle? And how much does it cost to replace one of these? Yeah, So batteries can vary depending on which car comes in. Um, typically on the cheaper end, batteries will last less long. Um, like a Chevy bolt for example, will only last around 3 to 8000 or cost about 3 to 8000 to replace. But with that said, they only last about 100,000 miles or eight years versus Tesla, which you can run 300 to 400,000 miles. Um, but obviously the battery replacement cost is going to be higher around 12 to 15,000 just for the battery. Right? So do batteries fall under a manufacturer's warranty? Uh, it depends. Typically, I would say yes if it breaks within a certain time period, but after a while, after cars get older, I don't believe so, there was a story that broke out not too long ago of a Chevy volt. Um, that was, had a market value of around $10,000 and it was quoted nearly $30,000 to have the battery replaced. And that was just due to the fact that the car itself was older. But as all cars go on, they're gonna get older, which could lead to more further issues down the road to maintain these. So, certainly you have to have a battery to fuel the car. What are some signs zack that the battery might be on its last legs? So, you aren't left stranded without means to get somewhere. Uh, it depends on the company. Like Tesla has a system integrated into their cars where they can, uh, let you know through the infotainment system, essentially saying that your battery is about to die. But there's also some other warning signs. Uh, like, uh, you can't hold a charge or the vehicle loses its range inside the distance wise? How do you price compare across brands as zack? If you are looking to get a battery, you're looking to make one of these purchases. Do we know which brands might be more expensive and others less expensive when it comes to the battery? Uh, it can vary. It depends, it's kind of like purchasing a nicer car versus a normal internal combustion car versus, uh, purchasing like a cheaper internal combustion car. Uh, so the higher up you go, for example, like Tesla, um, a rivian, any of those companies, the batteries are obviously going to be better, but those cars are going to be way more expensive and out of like an average person like myself is price range, but if you go lower down, like, let's say a Nissan Leaf or like a Chevy bolt for example, they're going to be a lot cheaper and the batteries to replace them are also going to be a lot cheaper. What are the hidden costs zack when it comes to owning an electric vehicle that consumers should know about? So that they can fully budget for a purchase. Um, one of the main hidden costs would probably be battery replacements because, uh, like a Tivo, well, um, maintained motor can last upwards of like 500,000 miles. And sometimes I've even seen semi trucks go up to a million miles. Um, and the shorter range of shorter lifespan of an electric motor, uh, definitely can, uh, mess you up in a sense, uh, for battery life, which will you have to incorporate for a new battery cost, uh, stuff like new, um, electric motors as well as, um, just like general software, like in the infotainment screen, If something breaks in there that could be quite pricey, could run you around 1000 or $2000 possibly to replace a full, like Tesla screen for example. So let's talk about tires because it's my understanding zack that electric vehicles are a little bit heavier than gas powered vehicles. What does that mean for the tires? Is there more wear and tear on them? And what should consumers know? Um, well tires can, uh, it's been like kind of a running issue with, especially electric vehicles, but this has always been a problem with like trucks. Um, as they are heavier vehicles. Uh, but I believe it's continental that is coming out with a new set of tires, Uh, that are designed to withstand more weight. But statistically speaking, tires last about 20% less or 20 have a 20% shorter lifespan than on an electric vehicle than a standard internal combustion sedan. All right. All very good things to know Zach as people try to form their budgets and consider making the move to an E. V. That's automotive influencers, action. And in case you didn't know every electric car on the market this year does use a lithium ion battery. But these batteries, they do degrade over time. So even lose about 5 to 10% of their battery life in the first five years of ownership. A little bit of a fun fact there from Kelley blue book and certainly something to consider, well the E. V. Conversation continues tomorrow. We'll break down what you need to know about the E. V. Tax credits from the government. Sounds like a perk to switch into an e. V, but it's not that simple E V. S throat ahead, continuing tomorrow right here on closing Bell 3:40 p.m. Eastern on Cheddar News.