The hidden cost of owning electric cars

The hidden cost of owning electric cars | The Truth!

What’s up you guys welcome back to the channel today we’re going to be going through a video together because I definitely have some comments that I want to share I think that news stations as well as so many other places are just spreading misinformation in regards to

Electric vehicles I have a Tesla so I am specifically talking about Tesla but also I think that this applies to electric vehicles in general so without further Ado let’s go ahead and hop into the video and get rolling electric vehicles All the Rage very popular here in the valley California has a requiring

Electric only car sales by 2035 so about 10 years away those EVS are well known for saving money on gas but ad’s now investigator Kyle Payne here with more on some hidden costs Kyle kirston David we spoke with more than a few Tesla owners and by and large they love their

Cars so much so a lot of them might not realize how much it’s actually I want to hit a quick uh pause real quick and just kind of hop in and say that uh if you’ve seen some of my other videos you’ll know that I did not buy my Tesla because I

Thought I was saving the planet I didn’t buy my Tesla because I thought I was saving a bunch of money I bought the Tesla because they’re fun the technology is um very Advanced obviously compared to at least the F-150 that I was driving previously and just on top of that I

Think they look really cool so not every EV owner is buying an electric car because they’re looking to save money so I just want to go ahead and throw that in first like costing them I’m a fan a huge fan Craig is a huge fan of his Tesla all

Four of them actually the owner of a collision repair shop in California Mo stopped at the Premium Outlets downtown for lunch and to fill up his electric sedan with enough juice to get him through another 400 miles or so and he can’t say enough good things about it

There’s no maintenance there’s no oil changes no fan belts no filters no uh smog no exhaust I mean you just drive them it’s like a glorified golf cart but even though MO loves his glorified golf carts and says he has no problem uring his Teslas through State Farm his

Experience might not be the norm the eight news now investigators asked Carl cook of cook Insurance Group in Las Vegas to run some numbers and as cook predicted when we sat down together so I’ll go ahead and pause again and I’ll tell you that I can’t say for certain

But what I will say is that whenever I went to go find insurance for my Tesla it was more costly than the vehicle I was driving but something I think you have to uh take into account is that the price of your vehicle also has to do

With the cost of your insurance so if you went from driving a $10,000 Honda Civic and you’re moving into a $40,000 $50,000 Tesla then it makes sense that the cost associated with that would be higher so again just getting back to that Common Thread that not everyone

Who’s driving a Tesla is driving it because they’re looking to save money a lot of people just like the idea of electric and char charging and not having to deal with gas and all that type of stuff we’ll go ahead and continue on in his office the Tesla insurance is

Far more expensive than other top automakers can you tell me something that the insurance people have said to you that does not bode well for the Tesla owner yeah it’s going to be expensive to insure at our request cook quoted insurance rates for a number of popular vehicles on the road today and

At $747 for the year the 2023 Tesla Model X is $1,100 more expensive than number two on his list okay so this is a perfect example right here we’re talking about a 2023 model X uh sorry I had something in the way model X guaranteed that’s

Probably a 60 let’s just let’s just go ahead and pull that up for fun in fact uh Tesla Model X all right so the cost of a Tesla Model X is listed at uh 6859 and that’s including the tax credit so add another uh $7500 to it versus they’re comparing it to a

2023 Ford Escape All right so how much does a 2023 Ford Escape cost uh build and price 20 $28,000 okay so just right off the bat this is not an Apples to Apples comparison you’re comparing a $70,000 vehicle to a $28,000 vehicle anyway we’ll continue on the 2023 Ford Escape but two other

Popular sedans at the bottom of the list are pause again a Camry and an Ultima yet again let’s just do a quick Google 2023 Camry it’s not Apples to Apples it’s just not um that’s a brochure $225,000 for a Camry and then the other one was an Ultima 2023 Ultima

$22,000 again this is not this is not a fair compar in it all thousands lest both pricing out at just over 4,400 bucks some insurers won’t even look at electric vehicles without requiring pre-approval or a two weeks waiting period beforehand cook says it’s for good reason and a lot of

Folks in the market for an electric vehicle like a Tesla might not have done the math on these hidden costs the hidden cost with owning any EV would be that of insurance repairs and God forbid there’s any damage and in this town you’re going to have some damage cook

Says the dam got to pause it again in this town there’s going to be some damage what does that even mean you’re you for sure exclusively house reckless drivers in your community like that’s that’s absolutely ridiculous if you by the way the reason I feel so

Passionately about this is I just did a one-year cost of ownership video check it out in the links below if you haven’t seen it um and my Allin insurance cost so I’m paying 8 $8 per month for full-on coverage this is not some you know like Collision only coverage this is full

Bumper-to-bumper coverage I pay $88 a month you can check out that video you can see the specifics of what that policy provides in terms of my gas meaning my my charging cost for the entire year I spent $500 I drove 177,000 miles and it cost me $500 and he was talking about repairs

Being just astronomical I have a 2016 this is not even new so it is it is expected that these these uh uh repair that I would have some repairs basically my all-in cost for the whole year was right around $500 and $200 of that was technically unnecessary because an

Airbag light came on and I just don’t like having lights on I could have driven with the airbag light on um but I don’t like to do that so 500 bucks for the whole year uh for my repairs $500 for my electric charging and then

Another um $88 per month I just got my policy renewal my my entire policy went up by $200 for the whole six-month period so now we’re up to what like $100 uh per month for my bu my full bumper-to-bumper coverage we’ll go ahead and hop back into this on an electric

Vehicle can be considerably more substantial because of all the computers and sensors bells and whistles in on and around the entire car that don’t exist on your father’s oldmobile I have to pause again of course they don’t of course it does not apply to your father’s olds mobile we’re

Talking about a tech heavy vehicle again not an Apples to Apples comparison this is they might as well be comparing a uh Honda Civic a 2005 Honda Civic to the latest Mercedes as well that’s it’s still it’s not even close you can’t do that and while some garages will fix

Your EV a lot won’t or can’t and Tesla itself only has one official shop here in Las Vegas cook says some of the big insurance companies won’t even write policies for cars like Tesla basically a luxury car that is very easy to Total because of the cost to fix one it’s not

Just like if a if a frame is bent that okay we can’t replace it the cards got to be total in this particular case there’s a lot of liability on the insurance companies still data from this digital Insurance Agency in shufi says half of all car buyers are considering

An electric vehicle which is up from 38% in 2023 with 33 new EVS launched last year and 50 new or updated EVS slated to enter the US Marketplace this year but even insurify who makes a commission on insurance policies bought through its website acknowledges some hurdles in buying an electric vehicle saying

Dealers aren’t prepared to stock their showrooms with them it costs a lot just to replace a battery that the cars themselves cost a pretty penny all right so we’ll just pause on those three talking points uh again they are more expensive we’re also talking about people typically interested in buying newer Vehicles

Meaning they’re they’re probably looking at a model 3 or a model y those are sitting somewhere around $35,000 so yeah we’re talking about again just more expensive Vehicles the nature of the Beast of life is that everything continues to get more expensive I mean if you’re paying the

Same amount that you’ve been paying for your all of your stuff for the past 10 years first of all congratulations but that’s not how it works the cost of things goes up as technology not just in Teslas not just in electric cars but in all of the vehicles as that costs go up

Yes they become more safe but yes there’s more um items that can break in them and so the cost of our insurance is going to continue getting more and more expensive it’s just the nature of the Beast the last thing I wanted to mention real quick the cost to replace a

Battery again they’re consistently referencing brand new vehicles in this in this particular news article which means they’re all going to be covered under warranty so in that instance who gives a crap and then as far as I’m concerned I have a 2016 I’m the type of person who should be concerned about the

Cost to replace a battery but they’re also just not well informed on the statistics of EV batteries they’ll go two 300,000 miles which is just like your your car your car will go 200,000 miles pretty certainly and then the engine will blow or something and you’ll

End up totaling it and you’ll move on to the next car car just like it does just like it works currently and even though most of the folks we spoke with around town and of the charging stations love their Teslas and the Uber drivers say they save

Hundreds of dollars a week on gas the insurance agent Carl cook is having none of it I’m not sure I’d let my son drive a Tesla I mean he’s a great driver I love him to death but even a rinky ding accident in a high school parking lot

You’re talking a lot of money to get that replaced and that would not be the case if he was driving um um an older car no no if you’re driving that old truck you’re driving that old truck to the again this is ridiculous we’re we’re okay we’re talking about an old truck

Now yeah of course also you can dent a Tesla and just leave it dented just like you can drive in that old truck and no you probably shouldn’t get your high school student a Tesla the same way you wouldn’t buy them a brand new anything else like that’s

Ridiculous danger is probably on the other person’s that other person like Tesla owner Craig Mo who loves everything about his electric vehicles what’s your favorite part of actually driving it the performance is insane really yeah the new one the new Tesla plaid that I have I will say I have a

Buddy that has a Tesla Model S uh plaid 1.9 seconds is if you haven’t tried it if you’re just watching this because you had interest in Teslas or whatever uh go rent yourself a Tesla just hop on turot T rent a Tesla and tell me you don’t smile driving it whether you have

Interest in buying one or not I think everyone should just rent one and and have have fun for it uh and you know have a day of fun 0 to 60 and 1.9 seconds you ever make that happen yeah recent data on the tires on Teslas show they wear out faster than the

Average vehicle about 20% faster part of the reason is they go so fast so quickly the torque takes its toll just on the real quick on the tire side of things um yeah like yes you do go through tires faster on a Tesla um I still factor that

Into my one-year cost of ownership video again take a peek at it if you have interest um I think I ended up calculating in an additional $300 per year because I go through tires about every three years instead of every six years or whatever um it’s not groundbreaking we’re talking about

Spreading these costs out over a long period of time um I don’t know what else to say and Teslas are actually heavier than other cars David interesting stuff Kyle well we also did some checking on that $7,500 tax break when you buy an electric vehicle turns out the Biden Administration passed some legislation

Actually making it harder got to hop in on this because it’s some misinformation uh there they’re talking about how now the vehicles are not qualifying for uh the $7,500 tax credit yes that is true that they currently do not um but but uh there are plenty of Teslas that do still

Qualify of which you probably have interest in and there are plenty of other electric vehicles that also qualify for the tax credit yes the list is much smaller now but also you should not buy a uh EV exclusively for the tax credit I did not get a tax credit when I

Bought mine and I’m just as happy as can be so that’s the end of the video I promise what I’m saying about the kind of retorts here is factual if you have if you want to question anything that I said Put it Down in the comments below take a peek at my other

Videos on my channel I have tons of of videos covering the actual cost that I’m actually paying instead of just being a random bystander that’s just blanketly saying oh the but the cost of the battery is $20,000 and you got to replace those every 100,000 miles and oh

If the door handles on your Tesla Model S break it’s $500 to repair I have the actual data to back it up that those statements aren’t true so um if you like this feel feel free to subscribe consider liking it in fact I would love if you would like and just comment below

Great video or something like that so that we can push this in the algorithm this it’s blowing my mind that this is this video is getting so many views um because they’re just spreading misinformation everywhere so with that have a great rest of the day and I’ll

Let you guys get back to it thanks

I cant believe the level of misinformation that is being spread about electric cars. Not to mention the fact that the news anchors on this segment are not comparing true apples to apples comparisons. It is time to get the facts straight.

Here is the original video https://www.youtube.com/watch?v=T7fGDw7U2Wg&t=208s

In this video I talk about the total 1 year cost of ownership for a Tesla Model S

#tesla #automobile #electriccar

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