Some EV owners are taken by surprise when they discover the cost of replacing their batteries. Depending on the brand and model of the vehicle, the cost of a new lithium-ion battery pack might be as high as $25,000:
He notes that a new battery in one of those new vehicles costs $16,000 to $17,000 today, but then adds, “But where’s that going to be in 8 years?” The whole industry is scaling up globally, bringing down costs. Then there’s also battery recycling. These batteries will be worth a lot of money even when they are “not good enough for an electric car.”
If you have an EV battery you need to recycle, find out how to do so here, along with the challenges that come along with it. We estimate that the average electric car battery costs £7,235.07 in 2024. Find out why EV batteries are so expensive in this guide.
The analysts concluded that this would be down to declining prices of EV raw materials, such as lithium, nickel, and cobalt. This would mean a battery would cost $99 per kilowatt hour, drastically reducing an electric car battery replacement cost. How Can I Keep My Battery Replacement Cost Down Now?
This would mean that a new Tesla Model S battery would cost around £8,870 without factoring in removal and replacement of the old battery. While this is worlds away from the cost of a petrol or diesel car battery, EV batteries are in fact becoming more affordable.
Replacing an EV Battery Is Expensive, but Would You Ever Need To? Battery technology has come a long way, and EV batteries can last more than 100,000 miles these days. There's no question that electric vehicles are becoming more affordable every year.