When purchasing a new car, there's a lot to consider. These days, in addition to choosing the model, color, and features you want, you also need to think about whether an electric vehicle (EV) is right for you. If you are considering buying an EV, you need to understand the overall cost of ownership. So, the team at Volvo Cars Mission Viejo has put together this guide to help you know the actual cost of EV ownership to help you make an informed decision.
How Much Is a Volvo EV?
For 2023, Volvo has two all-electric models. The C40 Recharge comes in at a starting MSRP of $55,300, while the XC40 Recharge has a starting MSRP of $53,550. You'll enjoy a 226-mile driving range in the C40 Recharge. If you choose the XC40 Recharge, you'll have up to 223 miles of driving range.
The C40 Recharge is a stylish crossover SUV with seating for five and a versatile cargo area. You can fit up to 49 cu-ft of gear in the back of this ride when you fold the seats down, and it offers around 39 inches of headroom for those in the front and almost 37 inches of headroom for rear seat passengers. Those in need of a little more space can choose the XC40 Recharge. It has up to 57.5 cu-ft of cargo room and around 38 inches of headroom for both front and rear seat passengers.
How Much Does a Home Charger Cost?
To be able to charge your Volvo EV, it's a good idea to have a Level 2 charging unit installed in your home. This is an added cost to EV ownership but will likely provide you with more convenient charging options. With a 240-volt charger, you'll be able to charge your EV faster from home. These units range in price due to various factors such as the type of unit and whether it has AC and DC capabilities. On average, a Level 2 home charger costs $800. The Volvo ChargePoint Home Flex charging unit currently costs $749.
However, it's important to keep in mind that there are other costs associated with purchasing a Level 2 charger for your home. A professional should install these units to ensure they work properly. This means you'll have to pay the installation costs, but Volvo partners with Qmerit, an electrician service company well versed in installing these home charging units. Scheduling an appointment to have your charging unit installed by Qmerit will give you peace of mind that they will do the job right and in a timely manner.
How Much Does it Cost to Install a Home Charger?
The cost to have your Level 2 home charger installed will vary depending on who installs it and the exact equipment you need. These units must have a dedicated circuit, which requires an electrician's professional skills to ensure it's done right. You'll also have to think about where you want the unit, as installing it somewhere that makes it easy to plug in your electric ride is ideal. Therefore, you may need an electrician to run extra wires so that it's located close to where you park during charging. Installation can range in price from $500 to $2,000.
If your home requires any upgrading to its electrical system for the unit to function properly, this price could increase and may end up costing $4,000 or more. On average, buying the charger, having it installed, putting in a new panel, and running wiring will cost anywhere from $1,500 to $4,500.
What Are Repair and Maintenance Costs for a Volvo EV?
In addition to saving on fuel, owning an EV can also save you money on repair and maintenance costs. A Volvo EV doesn't need oil changes, spark plugs, or other things associated with typical gas engine maintenance. You will still need to perform regular maintenance, like rotating and replacing your tires, replacing windshield wipers, and getting brake jobs, for example. Make sure you check the brake fluid occasionally as well to ensure that your regenerative braking system is working at its best.
One thing you'll eventually need to consider if you own your EV long-term is the cost of replacing the battery, as it can come with a significant price tag when the time comes. On average, battery replacement runs anywhere from $2,000 to $10,000. The good news is that most EV car batteries can last between eight and 10 years, so you have plenty of time to save up.
Should You Buy an EV?
Many people buy EVs because they produce fewer emissions and are stylish and modern. While going with an electric car has its benefits, they're not for everyone. Consider your driving habits before purchasing an EV. If you mainly drive a short commute to work or just run errands around town, then an electric car is a great option. Those who often drive long distances or have longer work commutes may want to consider a Volvo plug-in hybrid model, such as the XC90 Recharge, XC60 Recharge, or V60 Recharge.
The network of public EV charging stations is growing, so driving an EV on longer trips is becoming more feasible. To fully realize the cost saving associated with driving an EV, you will want to charge your car at home whenever possible, and having a Level 2 home charger is the best option for this. You can charge your EV using a standard wall outlet, but this charging method takes longer than other charging options.
Buying an electric car is a big decision. If you still have questions about how much the Volvo EV cost of ownership is, feel free to stop by Volvo Cars Mission Viejo anytime. Our friendly staff can answer any questions, and we'd love to show you any EVs we have on the lot. You can even contact us ahead of time to schedule a test drive, and we'll make sure the car you want is all charged up and ready to go.
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