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- How Much Are Electric Bikes?
- 4 Main Electric Bike Pricing Determinants
- 5 Electric Bike Ownership Costs to Know
- Financing and Employer Benefits
- In Summary: Electric Bikes Cost
How Much Are Electric Bikes?
Having owned e-bikes and interacted with owners from different demographic groups, we determined that electric bikes cost between $400 and $20,000, but the average cost typically falls between $2,000 and $3,000. However, prices can vary widely depending on the type of bike and the brand you choose.
Pricing by Type
Electric bikes range from $400 to $20,000, with Speed Pedelic bikes being the most expensive.
Pricing by Features
Specs like top speed and range impact prices, with high-performance components driving costs up.
Pricing by Use Case
Different use cases, like delivery or off-road, result in varying price ranges.
Consider charging, maintenance, repair, accessories, and insurance expenses beyond the initial purchase price.
4 Main Electric Bike Pricing Determinants
There are 4 main pricing factors to consider when calculating the cost of an electric bike.
1. Pricing By Type of Bike
An electric bike cost is largely determined by its type. The three types of e-bikes are:
- Speed pedelec
- Pedal assist
Speed Pedelec electric bikes are the fastest type and can hit 28mph and above top speeds. Since these use sophisticated components such as powerful electric motors, premium branded battery cells, and hydraulic disc brakes, they tend to be the most expensive.
Some of the fastest Speed Pedelec electric bicycles, such as Revolution XX, can hit 70 miles per hour and cost up to $20,000. When looking for a fast electric road bike, you can be sure you will spend the most to own one.
Pedal Assist ebikes (sometimes called the Pedelec type) are the most affordable option. These electric vehicles depend on the riders to pedal for the electric bike motor to transmit power to the back wheel.
Most electric bikes of this type don’t exceed 20 miles per hour and can be used as a traditional bike if the rider so wishes. Since manufacturers don’t use any advanced components to make these rides, the top speed rarely goes above 20 mph, making the price affordable.
You can expect to spend between $400 and $1000 to buy a Pedal Assist electric mountain bike.
An ideal option in this class is the ANCHEER 350/500W electric commuter electric bicycle.
Throttle-controlled electric bicycles have a throttle, just like an electric scooter.
While some of these e-bikes have a pedal-assist feature, it isn’t necessary to keep the bike going. The rider only needs to press the throttle to get the bike going.
Different manufacturers use different throttle types. These include Push-button, Twist, or Thumb throttles.
From our analysis, the throttle type used doesn’t majorly affect the overall pricing of the e-bike. E-bikes in this class have varied prices.
For example, the XPIRIT Folding Ebike with Full Throttle is as affordable as $500, while the Revolution XX e-bike we discussed above has a Half Twist Throttle and goes for around $20,000.
2. Pricing by Features and Specs
Specs such as the top range and top speed depend on factors such as the components used.
For example, an ebike that can reach a top speed of 50 miles per hour will require dual motors. To achieve 50mph from an e bike, you will require high-watt yet premium hub motors.
These motors are undoubtedly expensive, which makes an ebike with the same top speed also expensive; the prices can go up to $20K.
Conversely, a single hub motor ebike that can reach a top speed of 18mph will require a simple electric motor. Most low-speed e-bikes with a mid drive motor cost under $1000.
Another example we can take is a long-range e-bike with a 50-mile range. If such a bike features branded battery cells (think of LG, Panasonic, or Samsung), you expect the price to be high.
Long-range e-bikes use premium batteries, and as you are probably aware, the electric bike battery is the most expensive electronic component in this e-ride. Long-range e-bikes cost upwards of $1,500 due to the battery costs.
On the contrary, electric bikes with a maximum range of 20 miles on a single charge won’t need a massive battery. The average pricing point for such bikes is $1200.
3. Pricing by Use Case
If you look forward to owning an electric bike, there is a reason behind that. As part of market research and UX (user experience), most e-bike manufacturers do their best to make rides that fit different use cases.
Let’s take an example of a rider interested in owning an ebike for delivery work.
In such a scenario, they would need a long-range electric bike, a fast and durable one. In our round-up post on the best electric bike for delivery drivers, we featured the best models which can offer balanced worlds of those three factors.
The table below shows an analysis of ebike pricing points of different Use Case scenarios.
|$2000 – $20000
|$5000 – $20000
|$1500 – $15000
|$400 – $1000
|$4000 – $16000
|Steep hill climb
|$5000 – $20000
Foldable electric bikes tend to be the most affordable option by use case. In addition to being foldable, these e-bikes are also portable.
Most electric bicycles in this class are tailored explicitly for kids and teenagers, but some light adults own them.
The other e-bikes covered in the other Use Cases mostly feature sophisticated electric bike technology, and as such, they have to be more expensive.
4. Pricing by Rider
Electric bikes for heavy adults are more expensive than electric bikes for kids. From our research from multiple sources, we have determined the prices of electric bikes according to the rider to be as is in the table below:
|$3500 – $20000
|$1000 – $5000
|$500 – $1200
|$400 – $650
As seen from that table, the price varies a lot from one rider to the other. As with most valuable stuff, the phrase “you get what you pay for” also applies to buying an electric bike.
Depending on whose e-bike you plan to buy, we ask that you work with a realistic budget if you are to get value for each buck you spend.
5 Electric Bike Ownership Costs to Know
Now that you know how much you will spend on buying an e bike based on various factors, the costs don’t end at the point of purchase. You will meet other costs, such as charging, repairs, and maintenance, to ensure your ride is in top shape.
1. Electric Bike Charging Costs
Unlike riding a traditional bicycle, where you can hop on, pedal, and ride, you must charge an e bike battery to enjoy the full benefits.
To get a better overview of how much you will incur while charging your e-bike, multiply the cost per kWh of electricity in your area by the kWh of your battery pack.
From our simple calculations, you will need to spend at most $0.10 to fully charge electric bikes with massive batteries.
The price is significantly lower for electric bikes consisting of smaller battery packs. About the energy costs of running an electric bike, we found that you will spend at most $0.002 per mile.
2. Maintenance Costs
Just like non electric bikes, you have to properly maintain your electric bike for it to serve you faithfully. Part of the maintenance costs you will meet include:
- buying cleaning kits
- tools to tighten the essential elements such as the folk and handlebars
- taking the ride to a bike shop for checkups.
Do you want to tighten the rear rack bolt for your ride? You need to buy a spanner for that (if you don’t have one).
Again, if your electric mountain bike features hydraulic disc brakes, you will need to factor in the bleeding costs to keep the ride as safe as possible.
3. Repair and Replacement Costs
There are several common electric bike repairs you must encounter. For example, flat tires are common, and you must have a sealant to address it when this problem occurs.
If your lights aren’t bright enough, you will as well need to repair or replace them with more integrated lights to:
- avoid visual impairment at night
- help you to stay in your bike lane during night riding.
You will also be forced to replace some components, which are pricy.
For instance, the average life span of a bike battery is 3 years. After those years, the life will deteriorate, forcing you to contact the manufacturer and buy a replacement batt. A replacement battery can cost as low as $150 or as high as $1,000, depending on capacity.
4. Accessories Costs
Since we recommend that you invest in safety gear before starting your e-bike riding journey, you need to know that you will need to buy a high-quality riding helmet, riding jacket, riding boots, and gloves.
You will also need to invest in the safety of your electric vehicle, especially when you intend to leave it unattended. As such, a high-quality lock is needed.
If you would like to customize your ride further like changing the stock to a fat tire or including a torque sensor, you can see how such costs can add up.
Other riders are handy enough to upgrade their rides to electric cargo bikes. The good thing is that some models, such as Lectric XP Step-Thru, are fully upgradeable.
All these upgrades come at a cost.
5. Insurance Cost
Insuring your ebike is a great idea, after all. You will cover it against not only theft but also related battery fire, damage, and accidents. Most reputable, yet affordable ebike insurance companies have starting prices from $100 per year.
Currently, there is NO Federal law that requires ebike owners to insure their ebikes, but we recommend you to have it in place. It may save you tons of bucks someday, especially when you factor that electric vehicle laws are bound to change.
Financing and Employer Benefits
If the upfront cost of purchasing an electric bike is a concern, there are several financing options available to help make your dream of owning one more affordable.
- Employer Commuter Benefits: Many employers offer commuter benefits that can be applied to electric bike purchases. These benefits can help you offset the initial cost by allowing you to use pre-tax dollars to buy an electric bike. Check with your employer’s HR department to see if they offer such benefits and how you can take advantage of them.
- Manufacturer Financing: Most reputable electric bike brands offer financing options through third-party financial services like Affirm or PayPal. When making your purchase, you may have the choice to select a financing plan that suits your budget. This allows you to pay for your electric bike over a set period, typically with fixed monthly payments.
- Retailer Financing: Some electric bike retailers also provide financing options directly to customers. These financing arrangements may come with competitive interest rates and flexible repayment terms. Be sure to inquire with the retailer about their financing options when making your purchase.
- Used Electric Bikes: If a brand-new electric bike is still beyond your budget, consider exploring the used bike market. Pre-owned electric bikes can offer excellent value for money, and you may find a model that fits your needs at a more affordable price.
When considering financing options, it’s essential to conduct thorough research and compare interest rates, terms, and any associated fees. Make sure the financing plan aligns with your financial goals and allows you to comfortably manage the payments.
By exploring these financing avenues, you can make owning an electric bike more accessible and spread the cost over a manageable period, ensuring that you enjoy the benefits of electric biking without a significant upfront expense.
In Summary: Electric Bikes Cost
The price of an electric bike varies depending on factors such as its type, what it will be used for, the target rider, and its features and specifications. Other than the buying price, other related costs come with ebike ownership, and it would be best if you understood those.