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My wife and I typically buy new and hold the vehicles for ten years. Due to the great electricity rate in our area (under $0.10 a kilowatt hour). we are going to get an EV.
For ICE cars that works out fine but is it the same for EV? For example does the battery capacity degenerate like a regular battery in a car? Do the engines/motors hold up for 10 years.
Any other known issues for EVs if you hold them for 10 years
If you're planning to hold a car for 10 years, depreciation is a big deal for you, due to insurance coverage, if you buy GAP insurance (whether the car is bought with cash or financed, doesn't matter), your insurance rates could vary wildly.
Depending upon the insurance rates in your area, before deciding to buy an EV, check out whether you can lower your rates if you buy a PHEV instead.
I'm not deterring you from buying an EV on a EV subreddit, but your 10 yr holding statement, may mean your insurance rates could potentially nullify benefits of getting an EV vs a PHEV. Also, with a PHEV, your emissions won't be that much different if most of your daily drive could be done without starting the engine.
Current market is treating EVs as a gadget, rather than a car, as the thought is, technology is leaping greatly, thus today's EV could be outdated within a couple years.
If you buy a used EV, you should come ahead by a significant amount. Or even better, lease an EV, and then buy it.
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- 4 months ago
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