Battery Replacement Costs Are Poised To Plunge: 'Cheaper Than Fixing An Engine'
The high-voltage battery is the lifeblood of an electric vehicle. However, concerns about the long-term health of an EV battery and the potential high cost of replacing it, especially on a used model, may deter many buyers from going electric. However, a silent revolution is underway in the world of battery manufacturing. That revolution is focused on increasing the energy density of batteries and improving their durability, all of which is poised to impact their replacement costs and second-life values, as per a new report from battery health and data start-up Recurrent.
Battery replacements are rare. Automakers generally offer a warranty of eight years or 100,000 miles on the pack. Most modern batteries can last twice as long and go double the distance, according to Recurrent. And that's a conservative estimate. Tesla owners frequently report driving over 200,000 miles in their EVs, that too with minimal degradation. There’s even a 1.2 million-mile Model S out there that has undergone four battery replacements—bringing the average replacement mileage to a whopping 300,000 miles.
Most of us won’t go to such extremes. But in the rare case that you do require a replacement for whatever reason, how much will it cost in the future? Assuming the industry continues to proliferate at the same pace, Recurrent has an answer: astonishingly low!
