Replacing an electric vehicle battery costs significantly more than replacing the engine of a traditional combustion engine car. However, experts predict this could change by the decade’s end, with an EV battery replacement potentially becoming less expensive.
Replacing an EV battery can cost up to $20,000. A conventional engine replacement typically comes at a maximum price of around $10,000.
Recurrent, an electric vehicle consumer information provider, predicted a large EV battery pack could cost just around $5,000 by 2030. More standard models might only require about $3,375. It’s a reduction to just 30% of the battery replacement costs seen in 2020.
Industry analysts forecasted that the costs of key battery metals will decline in the coming years, potentially driving down the cost of purchasing a new EV battery.
Lower battery replacement costs could make EV ownership more accessible and significantly impact the used car market.
The average price of a used EV is around $25,000, but the prospect of adding a $20,000 battery to that total means it could be just as expensive to buy a new car altogether. As the price of replacing a battery decreases, consumers looking for a used EV may no longer have to deal with substantial future repair costs.
