[JACK AYLMER]

REPLACING AN ELECTRIC VEHICLE BATTERY CAN BE SIGNIFICANTLY MORE EXPENSIVE THAN REPLACING THE ENGINE OF A COMBUSTION ENGINE CAR.

HOWEVER, EXPERTS PREDICT THAT BY THE END OF THE DECADE, THIS WILL NO LONGER BE THE CASE.

AND A NEW EV BATTERY MIGHT ACTUALLY BECOME THE CHEAPER OPTION.

THIS IS ACCORDING TO RESEARCH BY RECURRENT-

AN ELECTRIC VEHICLE CONSUMER INFORMATION PROVIDER.

RIGHT NOW, REPLACING THE BATTERY OF AN EV CAN COST AS MUCH AS 20,000 DOLLARS-

COMPARED TO A CONVENTIONAL ENGINE REPLACEMENT, WHICH HASA MAXIMUM AVERAGE PRICE RANGE OF 10,000 DOLLARS.

BUT, INDUSTRY INSIDERS ARE FORCASTING CONSIDERABLE DROPS IN THE COSTS OF KEY BATTERY METALS OVER THE COMING YEARS.

BY 20-30, THIS COULD POTENTIALLY DRIVE DOWN THE PRICE OF AN EV BATTERY REPLACEMENT TO AROUND 5,000 DOLLARS FOR LARGER PACKS-

OR JUST OVER 3,000 DOLLARS FOR MORE STANDARD MODELS.

ESSENTIALLY THAT MEANS THE COST OF REPLACING AN EV BATTERY PACK WOULD DROP TO 30 PERCENT OF WHAT IT WAS IN 2020.

IN ADDITION TO MAKING EV OWNERSHIP MORE AFFORDABLE, THIS TREND COULD ALSO BENEFIT THE USED CAR MARKET.

THE AVERAGE VALUE OF A PREVIOUSLY OWNED EV IS AROUND 25,000 DOLLARS.

BUT IF THE VEHICLE’S BATTERY NEEDS REPLACING IN THE NEAR FUTURE, ADDING AN EXTRA 20,000 DOLLARS ONTO THE STICKER PRICE WILL LEAVE SOME PEOPLE BETTER OFF JUST BUYING A NEW CAR.

SO THOSE BATTERY REPLACEMENT PRICES COMING DOWN WILL HELP CONSUMERS LOOKING FOR A DEAL NOT HAVE TO PAY MASSIVE REPAIR COSTS DOWN THE ROAD.

FOR MORE STORIES ABOUT TRENDS IN THE EV INDUSTRY, DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME- JACK AYLMER.