• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Not all EVs are the same

In terms of reliability, not all EVs are created equally. And what appears to matter is less how they were created and more when. Consider that EV manufacturer Rivian, which is number 28 on Consumer Reportsranking of 30 car brands for reliability, only shipped its first vehicles in October 2021.

And then compared that with Tesla, which ranks 14th on the list. Although a number of the brands higher on the list include hybrid cars, Tesla, which was founded 20 years ago and has been shipping vehicles to consumers for more than a decade, was the top EV manufacturer.

And Tesla’s Model Y and Model 3 vehicles have earned Consumer Reports’ recommended status.

Finally, it may matter what type of vehicle you drive. Certain models, like trucks, have been blasted for not being able to keep up with their gas-powered counterparts.

Discover the power of FreeCash – your ticket to easy money

Dive into a world of rewards at FreeCash where earning cash is as simple as a click. No gimmicks, just real cash for your time. Join the community of earners today and watch your wallet grow effortlessly.

Make Money Now

EVs cost more to repair — but this may be temporary

But what about costs? Citing a 2021 study of the service and repair of 19 million vehicles by We Predict (now part of J.D. Power), Kelley Blue Book reports that “while EVs cost less in maintenance because they have fewer regular maintenance procedures, they cost more to repair than their gasoline equivalents.”

According to the report, EVs were 2.3 times more expensive to service than gas cars during the first three months of ownership and 1.6 times more expensive at the one-year mark.

But, according to Kelley Blue Book, the primary driver of this extra expense is labor. There’s currently a shortage of mechanics who are certified to service EVs, so those with certification remain in high demand — and more expensive. It also takes them 1.5 times longer to work on EVs than gas-powered cars, since problems take longer to diagnose and repair.

More recently, Mitchell, a claims management and technology solutions provider for the automotive repair and P&C industry, reported that in the third quarter of the year, labor as a percentage of repair cost was 49.66% for EVs compared to 41% for gas-powered vehicles. But this is seen as a short-term problem. As EVs grow in popularity, the number of qualified technicians is expected to increase.

Repairs from collisions are also more expensive. According to Mitchell, repair costs for EVs continue to trend higher than those for gas-powered cars. In the third quarter of 2023, for example, it cost $950 more to repair an EV than a gas-powered vehicle.

The future looks bright

Of course, this may not matter to most EV buyers. According to a 2023 global survey by EY, EV buyers are primarily motivated by high fuel prices, environmental concerns and penalties on gas-powered cars. Only 22% reported being concerned about running costs.

It remains to be seen if electric cars will become more reliable and less expensive to repair relative to gas-powered cars. But manufacturers are likely to work through the bugs in their vehicles, while labor costs could come down as more technicians are trained and certified.

And, since reliability isn’t a primary motivator for many EV purchasers, the future is likely still bright for EVs.


This 2 Minute Move Could Knock $500/Year off Your Car Insurance in 2024

Saving money on car insurance with BestMoney is a simple way to reduce your expenses. You’ll often get the same, or even better, insurance for less than what you’re paying right now.

There’s no reason not to at least try this free service. Check out BestMoney today, and take a turn in the right direction.

Douglas Warren Freelance contributor

Douglas Warren is a writer specializing in economics, business and finance. His writing is informed by his past work as an institutional portfolio manager, fixed income salesperson, credit analyst and personal financial consultant. He has a master’s degree in economics from Queen’s University and is a CFA® charterholder.


The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.