Electric Vehicle (EV) Cost of Ownership

July 26th, 2022 by

Electric Vehicle (EV) Cost of Ownership

 

 

When you’re planning on purchasing an electric vehicle (EV), it’s important to understand the different costs involved in advance to determine if it’s more cost-effective than owning a gas-powered vehicle. Consumer Reports conducted research that found electric vehicles are cheaper to own long-term than gas-powered vehicles due to a few different factors. Here are a few reasons why driving an electric vehicle can save you more money over time.

Saving Money on Fuel

Because electric vehicles don’t use fuel to operate, it means you don’t have to spend money filling up the car each week. Consumer Reports found that this can save the average driver $800 to $1,000 throughout the year compared to owning a car that is powered by gas.

Maintenance and Repairs

The cost of maintenance and repairs of EVs was also evaluated by Consumer Reports. They found that this expense is a lot cheaper than owning a gas-powered vehicle because EVs don’t require frequent oil changes. Electric cars also don’t need other fluid changes, which can add up to an average of $4,600 throughout the lifetime of the vehicle.

Depreciation

It’s also important to consider how much EVs and gas-powered cars depreciate to determine which option will save you more money. Gas-powered cars are known to depreciate a lot more because they’re not as in demand, which means they sell for a lot lower than their initial sticker price. Electric vehicles are increasing in demand and are easier to sell for a higher profit. Electric vehicles have become more desirable to drivers as they now have a higher range and can drive for 200 miles before the batteries need to be recharged. With less depreciation as EVs age, they can resell for more money and be more cost-effective to own.

If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Evansville. If you discover you’d like to stick with a gasoline-powered vehicle, we carry a great new and used selection to accommodate your needs.

* Information source is from consumerreports.org and is for general informational purposes only. All information is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information. Under no circumstance shall we have any liability to you for any loss or damage of any kind incurred as a result from use of the posted information on this page. Your use and reliance of the posted information on this page is solely at your own risk.