EVs appear to depreciate slightly faster than ICE vehicles due to rapid technological developments. When you lease an electric vehicle, the amount you pay is based on the expected depreciation rate. In the case of EVs, in addition to the major tax benefits you can enjoy, leasing an electric vehicle is also a safe way to reduce your risk and enjoy the benefits of new technology stress and worry free. It’s almost certain that EVs will be more technologically advanced at the end of a three- or four-year lease.
Charging your car at home will result in an increase in your electricity bill, but the amount of the increase depends on factors such as when you charge and where you live. The electricity rates may differ per area. Keep in mind that charging your car during night hours can save you money. Public charging stations tend to be more expensive than home ones. The EV charging cost at a public charging point depends on the electricity provider, the location of the charger and its power rating.
Electric vehicles have lower maintenance and repair costs than ICE vehicles, irrespective of their size. EVs have far fewer moving parts than ICEs, meaning that the cost of maintaining them is much lower. Despite that, they still require some regular maintenance which entails costs such as: tyres and brakes, windshields, windscreen wipers and washing fluid, battery repair or replacement -which happens rarely- and general wear and tear.
Due to their extra weight, EVs need to have more durable tyres. When fitted, tyres must have a stronger sidewall and a durable mix (e.g. nylon) to enable them to withstand the weight of the battery and car parts
All vehicles, including those with an internal combustion engine, are getting more complex due to the use of high tech and very advanced electronic systems. Car workshops need to invest in new equipment and train their employees to be able to work on EVs. While ICE vehicles have increasingly more advanced driver assistance systems, electric vehicles are truly packed with cutting-edge systems. Batteries make EVs heavier than similar-sized ICEs. This means that EVs use more expensive, lighter and more durable materials to offset the weight of the battery. Replacing these materials is expensive.
In general, EVs cost around 12% more to insure than ICE vehicles. Because electric vehicles are pricier both in terms of purchase and in terms of repair, insurers charge more for providing insurance coverage. However, fuel savings and tax incentives offset –and perhaps more than make up for– the extra cost.
A series of tax benefits have been introduced in Greece to support the transition to electric driving. The Kinoume Ilektrika 2 (I Move Electrically 2) subsidy program is also running. You can learn more here.