FYI: Repair costs for electric vehicles in the U.S. have become comparable to newer internal combustion engine vehicles, redefining common misconceptions surrounding EV maintenance expenses.
Are EV Repair Costs Really That High? A New Perspective
When it comes to choosing between electric vehicles (EVs) and traditional internal combustion engine (ICE) cars, repair costs have long been a debated topic. Many potential buyers worry that owning an EV could lead to exorbitant repair bills mainly due to the costly battery components. However, recent data suggests that these concerns may be more myth than reality.
EV Repair Costs: A Closer Look
According to Mitchell, a leader in providing technology solutions to the auto insurance and collision repair industries, the average repair claim for an EV in the United States was $6,236 last year. This figure marks a slight 3% decrease from 2023 and closely aligns with the costs associated with newer ICE vehicles.
The data reveals that while older ICE vehicles continue to have the lowest repair costs among all vehicle types, newer ICE models are nearly as costly to repair as battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Specifically, newer ICE models had an average repair cost of $6,127, just $109 less than their EV counterparts.
A Breakdown of Insurance Claims
In 2024, total loss frequencies saw an increase, reflecting a rise in the number of vehicles declared totaled by insurers. For EVs, this rate increased from 8% in 2023 to 10.2%, a shift attributed to booming sales figures last year in the U.S. Moreover, the frequency of claims for collision-damaged EVs went up to 2.71%, showing a 38% annual growth.
Notably, the Tesla Model Y was the EV with the highest number of insurance claims at 31.43%, indicating its popularity and extensive presence on roads. Following closely was the Tesla Model 3 with a 29.86% claim frequency, despite seeing a slight decrease in claims from the previous year. The Ford Mustang Mach-E, Tesla Model S, and Tesla Model X rounded out the top five most-claimed EVs.
Conclusion: EVs Shattering Repair Cost Myths
In summary, the notion that EVs are significantly costlier to repair than their ICE counterparts is increasingly becoming an outdated stereotype. With repair costs nearing parity and the continuous advancements in EV technology, potential buyers may find the financial aspect of EV ownership more appealing than ever.
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William Kouch, Editor of Automotive.fyi
