Smart charging of Electric Vehicles (EVs) reduces operating cost, allows more sustainable battery usage, and promotes the rise of electric mobility. In addition, bidirectional charging and improved connectivity enable efficient power grid support. Today, however, uncoordinated charging, e.g., governed by users’ habits, is still the norm. Thus, the impact of upcoming smart charging applications is mostly unexplored. We aim to estimate the expenses inherent with smart charging, e.g., battery aging costs, and give suggestions for further research. Using typical onboard sensor data we concisely model and validate an EV battery. We then integrate the battery model into a realistic smart charging use case and compare it with measurements of real EV charging. The results show that i) the temperature dependence of battery aging calls for precise thermal models for charging power greater than 7 kW, ii) disregarding battery aging underestimates EVs’ operating cost by approx. 30%, and iii) the profitability of Vehicle-to-Grid (V2G) services based on bidirectional power flow, e.g., energy arbitrage , depends on battery aging costs and the electricity price spread.