Method for charging a plug-in electric vehicle

An exemplary charging system and method for controlling a fast charging process involving an external power source (e.g., a high-voltage charging station providing 10 kW-300 kW of power) and a plug-in electric vehicle. In one embodiment, the charging method uses a costing function to estimate the negative impact each fast charging session has on battery life. If the overall negative impact of past and/or present charging sessions has exceeded some threshold, then the charging method may reduce charging parameters (e.g., limit the charging amperage, voltage, power, duration, etc.) in an effort to avoid further diminishing the battery life. Thus, the charging system and method enable a user to frequently engage in fast charging sessions with an external power source, yet minimize the impact that such sessions have on the battery.