Should you get an EV because of how expensive gas is? Sticker prices are higher on average (for now) and the cost to insure and repair an EV outruns its gasoline-guzzling cousins.
Pain at the pump is behind a surge in interest for electric vehicles, even though their sticker prices, insurance and repairs still mostly top those of comparable fossil fuel-burning cars, trucks and SUVs.
“‘Every time gas prices spike, searches for more efficient vehicles follow immediately and their prices rise in short order as supply diminishes. The opposite happens when gas prices are low.’” Some consumers feel the same. New Jersey resident and Amazon package deliverer Danny Reyes, who leases a Kia 000270, -0.99% Sorrento, just paid more than $60 for a fill-up. That hit to his wallet has prompted at least an EV search especially as his lease is nearly over, he told MarketWatch’s Andrew Keshner.
“High fuel prices make it a great time to own a hybrid or EV, but unfortunately it’s never a great time to buy one [if that decision is based solely on cost], even when there isn’t already an inventory shortage,” he added. “That’s because supply shrinks, prices rise and the value of your trade-in has also dropped — in relation to how much gas it guzzles.”
That’s because insurance premiums are built on damage and repair histories, which for EVs is small, yet expanding. EVs are, in many ways, more simply built, with less components, than traditional cars. But the experts allocated to fix them are still getting up to speed. And parts — semiconductor chips, for starters — can be hard to source right now.
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