The shift towards sustainability has led to many changes. One of the biggest trends brought on by the sustainability movement is the growing demand for electric vehicles.
The market for electric vehicles has exploded over the past decade. The International Energy Agency has found that over 120,000 electric cars are sold around the world every week. That is more than the number that were sold in all of 2012.
There are a lot of compelling reasons that people invest in electric vehicles. Unfortunately, some people are not prepared to maintain them.
Electric Vehicle Owners Must Cope with Maintenance Issues
The biggest reason that people are investing more in electric vehicles is that they seem to be better for the planet. Many people also say EVs or electric vehicles are easier to maintain than conventional gas and engine models. After all, there are fewer moving parts to contend with in an electric car. But if you believe that your innovative electric vehicle is immune to the occasional vehicle breakdown, think again.
According to Endurance warranty reviews, even the most expensive luxury EVs like Tesla, Audi E-Tron, Mercedes Benz EQS, or BMW EV require costly maintenance every now and then. If your original factory warranty is expired and you don’t have an extended car warranty to cover unexpected expenses, you will be stuck in a bind.
For this reason, you need an emergency fund to cover your expensive electric car maintenance costs. Take a look at the potential maintenance expenses you could encounter in your pricey EV and a few hacks on how you can prepare your wallet to handle them.
The Big EV Battery Issue
All EVs, whether fully electric or hybrid, have expensive, advanced batteries under the hood. These batteries come with a finite number of charging cycles or the number of times you can charge the battery after discharge. If you’re unsure about your electric car’s battery life cycle, you can check your manual or ask your dealer.
In general, these batteries are supposed to last for the expected lifetime of the car, usually 100,000 miles or eight years. But some factors can influence battery lifespan, as seen in your smartphones. In time, these batteries will wear out.
Unfortunately, manufacturers withhold publishing prices for replacement batteries. If your EV’s battery malfunctions outside the car warranty, you must be prepared to fork out money. A battery is a significant expense that makes your eclectic car run. For this reason, you must have an emergency fund to cover the cost of a new battery so your routine won’t get affected if your car battery fails.
The Higher Cost of Owning an EV
You’re now the proud owner of an electric car, and you’re well on your way to reducing your carbon emissions and doing your part for Mother Earth. Congratulations! You’ve now joined an elite group of car owners who enjoy advanced automobile engineering. However, this also means you must prepare for the higher costs of owning and maintaining an EV.
Apart from the electric car’s purchase price, you can expect to pay higher insurance rates and bring the car in for more maintenance services. Electric cars have higher insurance than traditional vehicles because they have a heftier price tag. On top of that, EVs contain more complicated machinery and equipment, which costs more to repair or replace if you get in an accident. This usually means you also have to pay a bigger deductible.
For these reasons, you must have an emergency fund for your eclectic car. Set aside money specifically for unexpected repairs that could inevitably crop up. When you have the funds, you’re not forced to take out high-interest loans or charge the fixes to your credit card, which also has a higher interest charge.
Expect Regular Maintenance and Repairs
When you invest in a higher-priced electric vehicle, you expect it to last long. But remember, maintenance and repairs are a facet of vehicle ownership. All vehicles, including electric cars, need routine maintenance to stay in optimal working conditions.
If you want to enjoy a vehicle’s longevity, follow the recommended maintenance schedule and replacements. Even with the original manufacturer warranty, your plan may not cover some parts. Thus, you need the money to replace parts and pay for labor. Doing this means you mitigate more complex and pricey repairs down the road.
Even if you own an EV, you still need to fork out money for regular tune-ups. You must save money and time resources to do the following:
- Check the batteries and other vehicle systems
- Have the brakes inspected
- Evaluate tire pressure and tire tread
- Inspect the chassis, steering, and suspension
All these maintenance works minimize wear and tear. These measures ensure that your EV stays in good condition, with all the systems running smoothly. Most importantly, they make sure you’re safe on the road.
Avoid Financial Stress in an Emergency
You cannot predict the future, so it’s best to be prepared today. Emergencies can happen at any given time. Even if you’re a careful driver, you could get into an accident because of another driver’s reckless behavior or pedestrian negligence. At the same time, unexpected repairs can crop up.
To illustrate, if you get into a minor crash, you can avoid the financial stress that typically comes with it when you have an emergency fund. When you have money, you can pay for the repairs and have your car running again in no time. It won’t disrupt your schedule, and you won’t have to worry about commuting to work.
In contrast, you have to finance the repair work if you don’t have funds ready. This can cost you a lot of money in the long run as you pay interest arrears, not to mention that there’s more stress you face when you think of ways to find the money. Having money set aside to cover unexpected costs gives you peace of mind.
Protect Your EV Investment With an Emergency Fund
Buying an electric car costs more, so you’re making a significant investment. Hence, it’s essential to protect your new asset with an emergency fund. Ensure that this fund is easily accessible to you. Keep it separate from your savings and put it in a high-yield account you can withdraw from when needed.
The amount you keep should be sufficient enough to cover the cost of replacements and repairs if you don’t have insurance or a warranty. If you have the latter, make sure your fund can cover any deductibles, which you must pay before the car policies kick in.
Having an emergency fund that you can readily access provides security and stability. You know that in case something happens, you can readily cover these unexpected expenses. Remember, repairs and maintenance works are part and parcel of owning a vehicle. As an electric car owner, don’t overlook this when buying your automobile.
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