This is the limiting factor in my mind.
For most consumers, being a wage slave to a car payment is no big deal.
For those of us who have accumulated wealth through owning vehicles for literally decades, having to buy a new car because the battery died, whose replacement exceeds the value of the vehicle is not acceptable.
And just doing a magic hand wave claiming "technology will improve and fix all the problems" isn't necessarily intellectually rigorous.
As more EVs are now out of warranty, we're seeing lots of these options pop up. There were none just a few years ago. Add to all these options the now countless untested junkyard packs and it's a jungle full of options (not all of them good, for sure).
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Relatively few people have been faced with the "pay full price for a totally dead EV battery out of warranty" problem, but certainly some have. A hefty price to be an early adopter.
As of 2027, if my 100kwh Model S battery died, I'd get the battery tested, figure out which pack was the issue (it's extremely unlikely the whole thing is toast) and then buy the necessary packs to get it back to life. Normally it's just one cell or one pack. As of 2023, that would be $1500 + shipping and labor (or DIY labor) and you're back in business. In 2027 when it's out of warranty I imagine that price tag will be roughly halved, but that's just a guess.
In the real world, battery prices for Tesla and the industry in general more than halved in 4 years up to 2020. Costs continued to fall after that, but certainly Covid put a damper on the speed of innovation and cost reduction from 2020 to 2022. Despite the raw costs falling, the repair prices haven't fallen much and I won't expect it to so long as demand for new EVs is still sky high. They've got so many buyers lining up on waitlists that there's no motivation to focus on the oddball repair bill right now (even if the bill is extreme). On the plus side, Tesla runs the service business as a no-profit arm of the business. Perhaps the repair bills will start to fall once we see more vehicles out of warranty.
For reference, a 100 KWH battery is the "normal big" size for Tesla. Rivian is 130 I think. That means Tesla's $81 cost below translates to an ~$8,100 pack. Just 7 years ago that was $24,000.
When you hear things like "the tech will continue to improve and prices will continue to fall" the chart below is an example of the evidence that makes that more than hand waving. We've got hard data from multiple companies in multiple countries that all tell the same story - battery prices are falling and have been for nearly a decade.
Give it another 3-5 years and I bet they'll be under $10k for a typical 400-mile range pack brand new straight from Tesla/Rivian/(maybe Toyota now that Toyota decided to publicly enter the EV market?).
It's very similar to "Peak Oil", IMO. The people with political motivations are stating that the mineral resources are scarce while simultaneously massive reserves are being discovered and the processes to refine those natural resources are being improved.
We didn't run out of oil or gasoline and we won't run out of lithium.
the biggest hold up to going full ev for me is towing capacity with range in a cold climate. i have a cabin i use regularly in the winter i need to be able to haul snowmobiles to and it’s a 300 mile drive. there are no superchargers along the way (yet) as it’s a remote location. hauling a boat in the summer is even heavier so range will drop that much more. i’m sure as battery technology improves this will become a non issue but for the foreseeable future a hybrid is a better option. i’m actually on the list for the new landcruiser. once that’s has run it’s life maybe a full ev will be able to do what i need it to do.
it’s just not cost effective to own two vehicles and depreciate them both just to have a full ev commuter. the savings on fuel pretty much balance the depreciation when compared to just owning and maintaining one gas vehicle
Totally agreed. For remote Canadian towing, no way I'd use an EV right now. Not the right tool for that job until you have a much larger battery with reliable chargers abundantly located in the area. ICE powertrains are great for cold weather abuse. All that wasted heat comes in handy!