The hidden costs of owning electric cars

EV owners love their cars. But an 8 News Now Investigators' examination of insurance costs and other money associated with ownership of electric vehicles shows the bottom line might be a lot higher than consumers realize.

[tpp]

I’m still trying to figure out who’s paying $6K a year for car insurance on a ford escape? That’s wild! And who’s actually paying $4K a year for a Camry? That’s ridiculous!

[TonyTang]

I am here to learn about the hidden cost of owning an EV. Then they lost me when they started by comparing the Model X with Camry. It is hard for me to believe there is no bias in this video.

[PaliAha]

Why didn't you ask the Tesla fan about
insurance & the cost of tires?

[FreekHoekstra]

So we’re going to compare $100, 000 Tesla model X versus a $30, 000 Camry….
And we’re shocked that it’s more expensive to insure?
At least do model 3 versus Camry then,
At least, both of those are sedans, and both of those are somewhat reasonably priced .
The gap would be far smaller, obviously

[christianraygoza]

Comparing an $80k Model X to a $30k Ford Escape? LOL give this man the Pulitzer Prize.

[JayTee]

$7k for 12 months insurance? What?! My friend owns a Tesla and only pays $1400/year. Not sure who’s doing the math here.

[GaryWinstonBrown]

I'm hoping to retire next year at 55. My goal next year is to be more serious and consistent with my investments I've been investing since I was 22. 2024 is going to be more serous for me investing consistently for the long term. starting to save for a house down payment. I want to invest more than $105k, but I'm not sure on how to mitigate risk

[rugbynimbus]

As someone who doesn't live in Las Vegas, I just gotta say, WTF?? about those insurance premiums. That's the most significant hidden cost right there. There are other, cheaper, non-desert places to live where insurance is lower than a car payment.

[SteveBueche]

Name me a time when insurance companies reported a loss for the year.

Starting price on Model X = $68, 590 starting price on a Ford Escape Plug-in Hybrid = $40, 500. Yeah, insurance is going to be higher on the car that costs almost $30, 000 more! Great job 8 News Now.

[GalacticXRP]

"Glorified golf cart". Well that's a vote of confidence 😂

[nintendoconvert]

1:13 Director: “Ok, now zoom in on his old hands. Yeah, that’s nice.”

[shlidgn]

This is the reason people don’t trust the news. A model X cost $90, 000 to purchase. The Toyotas and Fords are economy cars and will cost $45, 000 Max. Model X are in the same price range of Porsche or Audi’s. Check a comparison to those cars insurance rates.

[jessealexander]

Comparing the insurance rates for a 100k car vs a 30k car is CRAZY lol. Also, there are two Tesla shops in Las Vegas. Who is doing these reports? 😅

[antonioramirez]

This makes me hang on to my 00 maxima even more lol $450 for the year and still runs like a champ.

[WanderlustWonderscape]

You are comparing the most expensive Tesla to the Toyota Camry and Nissan Altima? Seriously?

[janbrittenson]

What kind of driver pays $5000 annually for liability??? They probably shouldn't be driving.

[audenharper]

Did they really just compare the insurance bill on a 100k car to a 30k 😆? Why not use similarly priced cars

[wmweeza]

We have a Bolt EUV. Our insurance went DOWN because of a multi car discount. Our electric bill went down because we charge during off peak hours on an EV rate plan. We have a gas car but save $100-200 on gas each month (depending on driving habits that month) by driving my EV part time. Is it a luxury car? Not at all. Does it have fantastic range? 249 miles to a charge. It charges slowly, but we also just drive it (like most Americans drive) to and from work, the store etc

[skyscraperfan]

Why is car insurance so expensive in the US? In Germany paying $1, 000 per year already is a lot. The average is about $600.