Planning for EV? How to Budget for Repair Costs

Planning for EV? How to Budget for Repair Costs

Did you finally break down and buy an EV or electric vehicle? As such, now is the perfect time to begin budgeting for repair costs. For instance, you might want to start looking into getting the best extended car warranty. After all, some jobs can get pretty expensive. Once your warranty expires, it will cost you around $5,000 to replace the battery in your electric vehicle. 

EV problems also typically take longer to diagnose than those of gas-fueled cars. In fact, a 2021 study by Kelley Blue Book revealed that technicians spent nearly twice as many hours working on electric vehicles than they did on gas-fueled cars. As such, electric vehicle repairs costs typically run higher at local shops and dealerships. 

Invest in a Car Warranty

One thing you can do to ease the financial burden of EV auto repairs is to purchase an extended car warranty available. There are certainly plenty of warranty products on the market today, and you shouldn’t have trouble looking for warranty providers as well. For instance, you can read CarShield reviews to see what others are saying about the company. Then, you’ll be able to see if these warranty plans fit your needs.

The prices of warranties vary, and there are a number of different factors that can impact them. Consumers can easily spend more than $1,000 on these guarantees. However, they must only cover deductibles when services are needed after that initial investment. For instance, if the deductible is $150, that’s what you’ll pay in case of repair or replacement; the warranty company will cover the rest of the repair bill. 

Fixed deductibles make it a cinch to budget for repair costs. Deductible amounts typically vary among warranty providers.

Save for Auto Repairs

It is easy enough to research the costs of repairs for particular car parts these days. You can always use a search engine like Yahoo, Bing, or Google so you can set expectations of how much repairs would cost for certain makes and models of EVs. But, keep in mind not all EV issues will revolve around electrical components or batteries. In some cases, you’ll need to replace the hood’s struts or even the HEPA filter to keep your vehicle running as smoothly as possible.

That’s because these cars still have many of the same systems as other vehicles. For example, the A/C systems of gas-powered and electric vehicles are strikingly similar. Thus, the air conditioning compressor of an EV can go out and need to be replaced, much like with any other car. According to current repair estimates, the job will cost between $1,520 and $1,590 on a Nissan Leaf.
So, learn how much various repairs will run you. Then, begin setting aside an appropriate amount of money when you can. Keep that up, and you’ll have cash saved for repairs and replacement in the blink of an eye. 

Create a Car Maintenance Fund

One of the simplest ways to budget for EV repair costs is to prevent issues from arising in the first place. Sometimes, that can be achieved via preventative maintenance. That’s why as an electric car owner, you need to stay on top of things in this regard. Refer to your owner’s manual to learn when particular tasks need to be completed. The manual should contain this and other helpful information on maintenance procedures for your car.

By knowing the mileage of when oil changes, coolant flushes, tire rotations, and more are necessary, you’ll be able to create a car maintenance fund and save up for these procedures. Having those funds saved up can ensure you don’t face financial challenges later on when these services are actually needed.

But, of course, if something happens after the preventative maintenance anyway, you could always pull money from the maintenance fund to cover the price of the fix. Thus, this alternative can help you budget for more than just repairs for your electric vehicle.

Do DIY Repairs

Many people turn to do-it-yourself auto repairs to save money. DIY repairs can be especially helpful for EV owners in the first three months of ownership, when these vehicles are reportedly more than twice as expensive to service.

As such, DIY procedures could be a good solution for how to budget for your EV repairs. In handling projects alone, you will only need to buy parts. Keep in mind, though, that the prices of EV spare parts significantly depend on their purpose. 

What’s great is that you shouldn’t have trouble looking for spare parts for popular electric vehicles, like the Chevrolet Bolt, Tesla models, and the Nissan Leaf. In such cases, what’s important is that you get reliable replacement parts for your car. You don’t want to waste money on cheap parts you’ll have to replace again soon.

With the money you’ll save on DIY repairs, it’s a good idea to start putting aside funds for spare parts for your EV. Remember, though, that certain repairs will require you to bring in your car for service.

The Last Word

Budgeting for EV auto repairs doesn’t have to be difficult, but it can be if you don’t plan sufficiently for repair costs. Instead, use ideas like those mentioned above to budget for auto repairs and make sure you never get in a bind. Having a fund set aside for car repairs and spare parts can save you a lot of grief and headaches in the long run. 

I am a full-time professional blogger from India. I like reading various tech magazines and several other blogs on the internet.

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