I Bought an EV: 5 Expenses I Wasn't Prepared For
GOBankingRates spoke to Marcus Griswold, founder of Calm Waters Group, who has been driving a Volkswagen ID.4 for two years now. He shared the expenses he wasn't prepared for after purchasing an EV. While he's still happy with his purchase, he has learned firsthand that going electric doesn't mean no expenses.
Check Out:
Read Next:
Electric vehicles are way heavier than gas-powered cars due to their battery packs. This puts more pressure on the tires, wearing them out faster. Additionally, the instant torque delivery that makes EVs so fun to drive can be harsh on rubber.
'The one that hit me was the tires,' Griswold said. 'Before I replaced my front tires, they were starting to flake chunks of rubber within 17,000 miles.'
This accelerated wear means EV owners need to replace tires more frequently, translating to hundreds of extra dollars in tire costs yearly.
See More:
You might think charging an electric car is cheaper than buying gas, but public charging costs can cost just as much and sometimes more, depending on where you are.
'In California, the cost to fill up a tank of gas is about the same cost I see to 'fill up' my battery,' Griswold noted.
While Griswold didn't install a home charger, it's worth noting that many EV owners do, and it's not cheap. Installation can cost hundreds or even thousands of dollars. However, some utility companies are developing programs that support reduced costs for EV charger installation.
'I was offered either three free years of charging or a charger installation discount from VW,' said Griswold.
EVs tend to be more expensive upfront, and insurance companies typically charge more premiums based on the vehicle value.
'Even though I received the rebate, my insurance and registration costs are higher,' Griswold said.
While most EV batteries are built to last eight or more years, replacing one outside warranty can cost thousands of dollars.
'Fortunately I have not had to change my battery, but that's also looming in the background,' said Griswold.
This burden affects many EV owners who find themselves constantly monitoring battery health and range, knowing that a major expense could be waiting down the road.
More From GOBankingRates
Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard
Here's the Minimum Salary Required To Be Considered Upper Class in 2025
4 Affordable Car Brands You Won't Regret Buying in 2025
This article originally appeared on GOBankingRates.com: I Bought an EV: 5 Expenses I Wasn't Prepared For
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
Rivian reports mixed Q2 results, widens 2025 loss projection as tariffs & loss of EV tax credit bite
Rivian (RIVN) reported mixed second quarter earnings after the bell on Tuesday, and did not report a gross profit as policy changes like tariffs blunted its performance. The company also widened its full-year loss projection as trade wars and the loss of EV tax credits blunt Rivian's path towards profitability. Rivian said recent policy actions are expected to "continue to have an impact on its results and cash flows of its business," and because of some of the recent changes associated with regulatory credits and its second quarter performance, the company is increasing its adjusted 2025 full-year EBITDA (earnings before interest, taxes, depreciation, and amortization) before interest loss range to $2.0 billion to $2.25 billion, from $1.7 billion to $1.9 billion previously. Recent policy changes include the Trump administration phasing out the EV tax credit, set to expire on September 30, as well as sector tariffs of 25% on autos and auto parts. Rivian stock was lower in after-hours trading. For the quarter, Rivian reported revenue of $1.303 billion vs $1.28 billion per Bloomberg consensus estimates, higher than the $1.158 billion reported a year ago. The company posted an EPS loss of $0.97 vs $0.77, with an adjusted EBITDA loss of $667 million vs. $493 million expected. Rivian also did not post gross profit for the quarter, which it had done the last two prior quarters. On the positive front, Rivian said development of its upcoming R2 midsize SUV is progressing. 'This quarter we made significant progress in R2 development and testing. We also substantially completed the expansion of our Normal, Illinois facility and have begun installing manufacturing equipment in preparation for our start of production," CEO RJ Scaringe said in a statement. Rivian said it expects to commission the new R2 line in the third quarter of this year and start validating the equipment and production processes. The R2 is slated for production in 2026. The company said in early July that it produced 5,979 vehicles at its factory in Normal, Ill., and delivered 10,661 vehicles during the second quarter, slightly below analysts' consensus of 10,800. Production was limited during the quarter in preparation for model year 2026 vehicles, expected to launch later this month, the company said. Read more: Live coverage of corporate earnings Rivian reaffirmed its 2025 delivery guidance range of 40,000 to 46,000 vehicles, but it will shut down its factory for three weeks in September for R2 preparations, and in order to increase manufacturing capacity to 215,000 units. "On the call, we'll be looking for further detail on Rivian's progress with its Volkswagen Joint Venture (total deal size of ~$5.8B), and on the company's progress towards autonomy, and towards commercializing its R2 line, which is slated for SOP [start of production] in 1H26," Cantor Fitzgerald analyst Andres Sheppard wrote. Deutsche Bank's Edison Yu added that R2 prototypes have been seen in the wild, further suggesting that 2026 production is in the cards, but there are still headwinds for the business overall. "Heading into 2H, we worry that EV policy headwinds could keep a lid on the stock," he wrote in late July. "Moreover, the company is expected to experience some downtime related to R2, hurting overhead absorption." Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16 minutes ago
- Yahoo
Lucid cuts annual production forecast as global trade tensions sting
(Reuters) - Lucid lowered its annual production forecast and missed Wall Street estimates for quarterly revenue on Tuesday, at a time when U.S. trade tensions have cast a dark cloud over some automakers as consumers rein in big spending budgets. Shares of the company dropped over 10% in extended trading. Despite seeing a rise in deliveries for its luxury electric vehicles, Lucid is navigating an uncertain time for the industry as U.S. import tariffs threaten to upend supply chains and raise the costs of vehicles by thousands of dollars. The company has been aggressively striking deals with North American companies in order to domestically source critical minerals used in EV manufacturing amid a push by the Trump administration to reshore production and strengthen American manufacturing. Lucid's fortunes rely heavily on the success of its newly launched Gravity SUV and the upcoming mid-size car, which targets a $50,000 price point, as the company looks to expand its consumer base. Competition in the U.S. EV market is also stiff, with industry giant Tesla pushing sales of its revamped Model Y, and Rivian marketing its refreshed versions of the R1T truck and R1S SUV. Lucid now expects to make between 18,000 and 20,000 vehicles this year, compared to its previous forecast of 20,000 vehicles. In order to diversify revenue streams, Lucid signed a deal with Uber last month, whereby over six years, starting in 2026, the ride-hailing platform will acquire and deploy over 20,000 Lucid Gravity SUVs that will be equipped with autonomous vehicle technology from startup Nuro. As part of the deal, Uber will invest $300 million in Lucid as the firms look to establish a foothold in the robotaxi market. Lucid reported revenue of $259.4 million in the second quarter, missing estimates of $279.9 million, according to data compiled by LSEG. On an adjusted basis, the company lost 24 cents per share, compared with estimates of a loss of 21 cents per share.
Yahoo
16 minutes ago
- Yahoo
Lucid Q2 results miss on both top and bottom lines; trims production forecast to 18K-20K EVs in 2025
Pure-play EV maker Lucid (LCID) missed on second quarter results after the bell on Tuesday and trimmed its production forecast. The report comes as the company ramps up production of its Gravity SUV and hopes to assuage investors' fears over a lack of profitability. Lucid reported Q2 revenue of $259.4 million vs $262.4 million expected (Bloomberg consensus), but higher than the $200.6 million reported a year ago. Lucid post an adjusted EPS loss of $0.24 vs $0.22, with an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss of $632.1 million vs $603.6 million expected. The company ended the quarter with $4.86 billion in total liquidity, an important figure given Lucid's cash burn. In terms of guidance, Lucid said that it expects 2025 production to be in a range of 18,000 to 20,000 EVs, trimming its 20,000 target. Lucid stock fell 5% in after-hours trading. The company has had a busy 2025 so far, including the start of low-volume production of the Gravity SUV. Early last month, Lucid said it produced 3,863 vehicles and delivered 3,309 vehicles in the second quarter, with its total for the first half of the year hitting 6,075 vehicles produced and 6,418 vehicle deliveries. Lucid said previously that second half production would likely be more Gravity SUVs than Air sedans, with Air production staying around current levels. Read more: Live coverage of corporate earnings Lucid announced in July that it would partner with Uber (UBER) to create a robotaxi service run by the ride-hailing company, which will purchase 20,000 Lucid EVs over the next five years. The company also added access to the Tesla (TSLA) Supercharger network for its vehicles, unlocking more than 23,000 new chargers for use. Lucid also initiated plans to perform a 10-to-one reverse stock split, which won't occur until later this year. Profitability is the big question mark for the company. Given its production and loss figures, Lucid posted an approximate adjusted EBITDA loss figure of around $161,000 per car produced. On the earnings call, analysts likely will be asking management about how the company intends to bridge itself to profitability in the near future. Rivian (RIVN), for example, has achieved gross profit in its operations. The expected loss of the $7,500 federal tax credit on Sept. 30 is also likely to put a dent in Lucid's sales. Lucid is able to receive the credit for all of its vehicles via a lease loophole known as the "commercial clean vehicle credit." Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
