Do electric cars age well
How Long Should An Electric Cars Battery Last?
Its the vehicles most critical and expensive component. Fortunately, it should be able to go the distance.
In many ways an electric car is mechanically simpler than a conventionally powered vehicle. There are far less moving parts in an electric motor than a gasoline engine, an electric car uses only a single-speed transmission, and EVs avoid over two-dozen common automotive components that will eventually fail and need replacing.
Yet one area of concern that keeps coming up in consumer surveys regards an electric cars battery life. In a recent study conducted by Cox Automotive, 46 percent of those considering an electric car fear the battery pack would only last for 65,000 miles or less. To be sure, replacing an electric vehicles battery is an expensive proposition. For example, a new battery pack for a Chevrolet Bolt EV is reportedly priced well in excess of $15,000, and thats not including the cost of labor.
However, while an electric cars battery pack will eventually lose its ability to hold a full charge, rest assured that its not likely to fail altogether, but rather lose its capacity gradually over time. At that, weve yet to see reports of older battery-driven vehicles headed to the junkyard because their power cells were depleted. Nissan reports having to swap out only a relative handful of batteries in its Leaf EV, despite selling many thousands of units over the last eight years in production.
Battery Basics
The lithium-ion battery packs used in electric cars are similar to those used in cell phones and laptop computers, only theyre much larger. Theyre far different than the heavy lead-acid batteries used in conventional cars and have a higher energy density than rechargeable nickel-metal hydride batteries. Theyre also less prone than other battery types to lose their charge when not being used. EV battery packs generally contain a series of connected individual cells, perhaps several hundred of them depending on the model, instead of a single massive unit.
An electric cars battery capacity is expressed in terms of kilowatt-hours, which is abbreviated as kWh. More is better here. Choosing an EV with a higher kWh rating is like buying a car that comes with a larger gas tank in that youll be able to drive for more miles before needing a fill up. At that, be aware that an electric cars management system prevents the battery from either becoming 100 percent fully charged or 100 percent discharged to preserve its efficiency and extend its usable life.
The Environmental Protection Agency rates electric cars according to their energy efficiency and estimates each models average operating range on a full charge. However, as they say, your mileage may vary. If you own an electric car and find that youre not getting anywhere near the estimated range, that doesnt necessarily mean the cars battery pack is becoming seriously depleted.
For starters, driving at higher sustained speeds will tend to use more battery power than will stop-and-go around town use. Thats counter-intuitive for many people as its the opposite of how a gas-engine car works, which uses less fuel while cruising at highway speeds than in traffic. Also, it takes more power to propel a car thats a full load of passengers and cargo than one thats occupied by only the driver.
Importantly, extreme temperatures, especially bitter cold, can hamper both a batterys performance and its ability to accept a charge. Using the heater or air conditioning also draws battery power at a greater than average clip. A study conducted by the AAA found that when the ambient temperature dips to or below 20F and the vehicles heater is in use, the average electric cars operating range drops by 41 percent. When the mercury hits 95F and air conditioning is in use, an owner can expect the range to fall by an average of 17 percent.
Battery Longevity
Though some electric car buyers take out extended warranties to salve any fears of excess battery depletion, its not particularly necessary. At that, the batteries in all electric cars sold in the U.S. are covered under warranty for at least 8 years or 100,000 miles. Kia covers the battery packs in its electric cars for 10 years/100,000 miles, while Hyundai goes a step further by bumping it up to lifetime coverage.
Be aware, however, that some automakers only cover the battery pack against a complete loss of its ability to hold a charge, which would be extremely rare. Others, including BMW, Chevrolet, Nissan, Tesla (Model 3) and Volkswagen will replace the pack if it falls to a specified capacity percentage while under warranty, which is usually 60-70 percent.
But how long would it be before an electric car loses its ability to hold a full charge? As mentioned above, while an electric vehicles battery pack will tend to degrade slightly with each charge and discharge cycle, its an extremely gradual process. For example, according to data compiled by the organization Plug In America, the battery pack in a Tesla Model S will only lose around five percent of its original capacity over the first 50,000 miles, with the rate of depletion actually slowing down from there. In a recent Tesla discussion thread on Reddit, most of those owning a Model S reported losing only a few percentage points of the cars initial battery capacity after several years of use.
On the downside, electric cars kept in the hottest climates can be expected to lose battery capacity a bit quicker than those living in more temperate areas. Extreme heat is the enemy of lithium-ion chemistry, which is why many electric cars come with liquid-cooled battery packs. Also, older electric cars having relatively short operating ranges may suffer quicker deterioration. Thats because draining most or all of a batterys charge on a regular basis tends to cut into its capacity more quickly over time. Thats far less of an issue with todays longer-range models that are typically driven for a fraction of their available capacity on a daily basis and are merely topped off at night.
Excessive use of public Level 3 DC Fast Charging stations (they can bring an EV up to 80 percent of its capacity in as little as 30 minutes) can also take a toll on a batterys long-term performance. Thats because the faster an electric car is charged, the hotter it becomes and, again, thats not battery friendly. However, a study conducted by the Idaho National Laboratory concluded that the effect isnt particularly pronounced. The INL tested two pairs of identical 2012 Nissan Leaf models, with one set using 240-volt Level 2 home charging and the other exclusively relying on DC Fast Charging public units. After each was driven 50,000 miles, the difference between the Level 2 and Level 3 vehicles diminished battery capacities amounted to just four percent.
The bottom line here is that if its properly cared for, an electric cars battery pack should last for well in excess of 100,000 miles before its range becomes restricted. Consumer Reports estimates the average EV battery packs lifespan to be at around 200,000 miles, which is nearly 17 years of use if driven 12,000 miles per year.
Looking forward, Tesla says its working on technology that would enable its electric car batteries to last for as many as one million miles, which is likely more than the rest of the car might hold up. Now thats a lifetime-of-the-vehicle component.
Battery life
The battery makes the greatest difference on your EV lifespan. The lithium-ion battery that charges your EV has a higher energy density than options like lead-acid, so it takes up less space. But its a bit misleading to use the term battery at allin truth, your EV does not have one massive unit but rather includes battery pack with hundreds of individual cells. Like the lithium-ion battery in your phone, EV battery degradation happens over time. That deterioration decreases the number of miles available through recharging. The fewer the number of kilowatt-hours your EV haswhich corresponds roughly with the rangethe greater the impact of battery decline.
Manufacturers actually add spare capacity to batteries that drivers cant access. As the battery degrades, that battery capacity gets used to keep thevehicle rangethe same over the batterys life. You can ensure the battery lasts as long as possible by understanding the charging process and following best practices for recharging.
Charging
The greatest stress you can put on lithium-ion batteries is to deplete them and then recharge to 100 percent. Batteries can handle this type of intense cycling only about 500 times without serious battery degradation that decreases the charge the battery can hold, according toForbes. Thats fine for phones, because brands want you to buy a new one every year or two.
But fortunately, EV manufacturers have built-in protections to avoid short lifespans in a car thats expected to last at least a decade. For example, the EVs management system keeps the vehicle from fully charging or discharging to maintain the battery health and efficiency.
Cooling systems help improve the performance of batteries when the temperature outside is hot or cold. If its cold, the range and performance may drop, but the lifespan wont. If its hot, the battery may degrade more quickly. In addition, juicing up at Level 3 fast-charging stations can affect long-term performance and battery longevity, according to CarFax. Rapid charging to more than 80% in 3 minutes can overheat the battery and, again, cause deterioration.
Best practices for charging
You can best care for your battery health and ensure a long and productive life by following the tips below:
- Keep your battery at 20% to 80% charge and never let it die completely. A permanent home charging station like theEnel X Way JuiceBoxprovides WiFi connectivity that lets you schedule charging when rates are the lowest.
- Charge your battery only when necessary to avoid stressing it.
- Charge your battery to between 25% and 75% if youll be away, rather than leaving it empty or full.
Replacement and warranties
If you do ever need to replace an EV battery, know that the price continues to drop. Between 2010 and 2016, the cost of battery replacement fell about 80%, from $1000 to $227/kW, according toMcKinsey. Estimates say cost may drop to below $100/kWh by 2030, according toFast Company.
But price is a factor only after your battery warranty runs out. Every EV sold in the United States comes with a warranty that covers the battery for at least 8 years and 100,000 miles. Kia and Hyundai go a step farther, with 10-year, 100,000-mile warranties. And many brands, including BMW, Tesla, and Nissan will cover battery packs if capacity drops below about 60 to 70 percent.
An EV should ultimately provide you with many years and thousands of miles of environmentally friendly driving pleasure. With the right charging option, like theJuiceBoxsmart charger, you can automatically power up your EV when your utility can supply clean energy with the least impact on grid resources. So, youll not only protect the most valuable component and increase the lifespan of your EV, but youll save money and conserve scarce resources as well.
Electric car depreciation: do they hold their value?
How much money will an electric car lose over the first three years of its life, and what are the best and worst electric cars for depreciation?
Electric cars are quite different to normal petrol or diesel cars in a lot of ways, so its natural to wonder about issues such as depreciation when it comes to this new type of vehicle.
The short answer to the question in the title of this article is yes electric vehicles (EVs) depreciate. Thats not the whole story, though, so read on to find out all you need to know about the subject, starting with the most important bit what exactly is depreciation?
What is depreciation?
Depreciation is a term used to refer to the drop in value that an asset like a car goes through as it goes from being a new product into a second-hand one.
While some assets, like houses, watches or even some rare or classic cars, go up in value over time due to rarity or other factors, most cars lose a percentage of their value over time.
In the car industry, its usually measured with a residual value, which is the percentage of its new price that is lost. For owners, a low residual value isnt a good sign as their asset has quickly lost a lot of value.
For example, a car that loses 60% of its value in three years or 36,000 miles (this is the most common time and mileage youll see in relation to depreciation) then it will have a residual value or RV of 40%.
Be careful not to confuse the two percentages, as youll also see depreciation referred to as the percentage lost (see our top and bottom five, below). In that case, a lower percentage is better for the owner, who has a car with strong residual values.
Figures from industry data compilers suggest that on average, cars retain 40% of their new value after three years or 36,000 miles. Thats about 60% of the new price lost in that time.
If you buy a car for 30,000 in 2021 that follows this trend then it will be worth 12,000 in 2024, though a chunk of this depreciation happens as soon as your name appears on the logbook and the car becomes used.
Of course, theres another side to depreciation, which is that its great for used buyers. If you buy a car thats three years old, its usually shed a large percentage of its value and your asset will then lose money less quickly from then on.
How quickly do electric cars depreciate versus petrol, diesel and hybrid cars?
The industry is seeing strong residual values for electric cars at the moment because there is so much demand. Interest has been steadily growing as we get closer to the 2035 ban on new petrol and diesel car sales, but research suggests that the recent spike in fuel prices has accelerated EV demand.
On top of that, sales of new cars have been hit by the recent chip shortage that has affected production, pushing more buyers to the used market and driving up prices across all fuel types.
The latest figures show that electric cars retain about 49% of their value after three years or 36,000 miles, meaning they depreciate slower than the industry average.
Petrol and diesel cars depreciate more over the same time period, but the difference between the two is marginal. Although buyers are flocking away from new diesel car purchases, larger diesels remain in demand on the used market because of their impressive long-distance fuel economy.
What factors contribute to electric car depreciation?
The main factors to be aware of with regards to the depreciation of a car are its age and mileage. The older a car is, the less it tends to be worth (though once it becomes old enough to be a classic car, after decades, it may start to gain value with collectors).
There are other smaller factors to consider, such as keeping the interior clean and smoke-free, keeping the bodywork tidy with no scratches and no kerbed wheels. Regular servicing with proof kept in a file will help the car retain more value as well.
Electric cars are fairly new, and while early EVs were a very niche product so didnt hold their value well, the current set are perhaps even more desirable than an equivalent petrol or diesel car so residual values are strong due to the changing world around us as well as the quality of the cars.
Government incentives, congestion charging, clean air zones and changing attitudes to emissions are all helping EVs hold their value well at the moment.
When it comes to electric cars another aspect to consider is the condition of the battery. Studies have shown that EV battery degradation isnt a big deal so shouldnt have a big impact on range, but if a battery has lost a lot of its capacity it could negatively impact a used cars price.
How long will an electric car battery last?
You might be wondering why the battery would lose capacity. Youve probably noticed that over time, your smartphone battery charge doesnt seem to last as long as it used to and you end up having to charge up more often.
This is because the lithium-ion batteries degrade over time, and its the same with electric car batteries. However, this shouldnt put you off at all, because the National Grid says most EV batteries will have a life of 15 to 20 years, often outliving the vehicle itself to be reused for other deployments such as solar energy storage.
This means electric cars will likely be able to outlast an equivalent petrol or diesel car, which is another part of why residual values are strong.
Most manufacturers offer separate battery warranties that are longer than the one that covers the rest of the car. For example, the Hyundai Kona Electric has an eight-year/125,000-mile battery warranty, which is representative across the industry as a whole.
These warranties cover any issues with the battery, with many promising a minimum capacity during the warranty period. This is typically about 70% of the original amount, and if the capacity drops below this threshold the manufacturer will repair or replace it.
In 2021 a new EV battery replacement cost about 87 per kWh. This would put the average electric cars out of warranty battery replacement at just over 5,600, with long range models such as the Tesla Model S closer to 9,000.
If you own an EV, avoid regular rapid charging, dont store the car at 100% charge for long periods, and run the battery right down occasionally to keep it in good health.
Does the brand of an electric car matter?
The manufacturer of a car is another factor that can affect depreciation, with certain companies seeing better residual values than others.
For example, manufacturers with a strong record for reliability will often see their cars lose less value than those that dont, with a similar story for companies that tend to make cars with low running costs.
Desirability is key, too. Companies with strong badge appeal making in-demand cars will hold strong residual values, as will those that make popular body styles such as SUVs. As is the case with petrol and diesel cars.
Top five EVs that hold their value
If youre looking to buy a new electric car, you probably want one that has very strong residual values. Below youll find the top five EVs that hold their value, with the percentage value lost after three years or 36,000 miles in brackets.
Porsche Taycan (37.10%)
The Porsche Taycan is currently the electric car with the slowest depreciation, as its predicted to lost just 37.1% of its value in three years. The Taycan is a sporty EV with a range of up to 270 miles in 4S Plus form and can go from 0-62mph in just four seconds or 3.2 seconds in Turbo form.
Tesla Model 3 (40.40%)
Tesla cars hold their value very well and at the moment the Model 3 is the best in the brands range for depreciation. The Model 3 Long Range can drive for 285 miles on a single charge, and the Performance version goes from 0-62mph in just 3.3 seconds. The Model 3 is also the most affordable car on this top five.
Tesla Model X (41.30%)
The Tesla Model X is a large SUV that sits at the top of Teslas current range, and its another slow depreciator. The Long Range model has an all-electric range of 295 miles, and thanks to the seven-seater interior layout its a roomy family car. However, its also close to 100,000 when new.
Polestar 2 (41.80%)
Polestar is a brand closely linked to Volvo, but that only produces electric cars. The brands only stand-alone car at the moment is the Polestar 2, which is a smart-looking EV with a range of 245 miles, so its clear why it holds its value so well. Its clear that upmarket electric cars like this are depreciating slowly.
Tesla Model S (43.00%)
The Model S was Teslas original success story so its pleasing to see its still depreciating slowly. With a range of 390 miles on a single charge its easy to see why its so popular. Its a large saloon with lots of room inside, a big boot and plenty of performance thanks to the punchy electric motors.
Top five EVs that depreciate quickly
Now, lets look at the electric cars that depreciate the quickest. Again, the figures in brackets are the percentage of the new value thats lost after three years or 36,000 miles.
These models dont make the best new purchase as a result, but quickly dropping values are great news for those looking to buy a used electric car.
Smart Fortwo Coupe (58.30%)
The Smart EQ Fortwo Coupe is a tiny city car with a range of just 60 miles. It only makes sense for those who live in a big city with access to charging points, which limits its wider appeal and leads to fast depreciation. Its expensive new but makes a good used buy for a small number of buyers.
MG MG5 (59.10%)
The MG5 is the newest electric SUV in the Chinese-owned British brands range. It has a 175-mile range and a very affordable price tag given that its a large and practical car. Thanks to the heavy depreciation it makes more sense to buy one second-hand.
Nissan E-NV200 (60.20%)
The Nissan E-NV200 is an electric van first and foremost, but there is also a version with windows and seats, turning it into a large MPV. This version is called the E-NV200 Combi, and since it only has a 115-mile range its not all that useful for family trips, so its appeal is limited and depreciation is swift.
Fiat 500 (62.20%)
The new version of the Fiat 500 is now an electric car called the 500e. It has a range of 135 miles (or 90 miles in the lesser version), which isnt bad considering its meant for local trips and that mileage should be fine for most peoples commute. As the electric version is so new its hard to tell what its residual values will be for now, so its possible the electric version wont follow this prediction.
Smart Fortwo Cabrio (63.80%)
If the Smart Fortwo Coupe is niche, then the convertible version is well and truly in its own corner. It has the same 60-mile range as the hard-top version but of course comes with the soft-top roof and as it costs more to buy new, it also sheds more value after three years.
Change cars online with carwow
Whether youre looking to buy a new or used car, you can find the latest deals from a network of trusted dealers on carwow.
You can spec a new model to your liking and wait for dealers to bring their best offers to you, or browse an extensive stock of used cars available for immediate delivery.
And if you need to sell your car first, you can do that through carwow too. Just upload a few photos, submit some details and wait for the offers to roll in.
