Does the total cost of ownership include battery maintenance? My Toyota 4Runner has 180k miles, still runs great, and is worth several thousands of dollars in Bluebook value. My biggest fear with EVs is that I've never heard a single positive story about what happens when the batteries fault.
That's because you might not be as well informed as you think probably.
180K miles is nothing for a decent EV. LFP batteries are good for 3000-5000 charging cycles. At around 250 miles per full charge that translates into 750K miles to 1.25M miles. NMC batteries last a bit less long. Their batteries might dip below 80% of the original capacity around the 750 cycle mark (190K miles). Most of the newer ones would do better than that at 1000-1500 cycles. Below 80% they don't suddenly fail. They just drive a bit less far than they used to.
Battery failures are pretty rare with EVs. Most manufacturers give 8 year warranties. That's because they are unlikely to fail before the warranty expires. So, it's a cheap promise to make. The model 3 has only been on the market for about 8 years now. Most of them are still under warranty. Most other EVs are newer than that.
Sure, but I'm not pointing out the longevity of the batteries, but rather the maintenance cost if/when they fault. I understand it will get better over time as technology improves, but it's been a large impediment to me (and probably others) from investing in them.
Here's a recent synopsis that suggests 50% of the car value on average back in 2020 [1].
A 250,000 mile car is worth scrap value whether it's gasoline or electric.
A battery failure and a timing chain break or other types of complete engine failure before that mileage are comparable concerns -- similar rate of occurrence and similar cost to fix.
Battery costs are continually declining. If you buy an EV today, and then if you need to replace the battery in 15 years, because you put 300,000 miles on it, it won't break the bank.
