Electric Vehicle (EV) Cost of Ownership  
 

You may be impressed by electric vehicles and are considering purchasing an EV car that you can use to get around each day. It can also be intimidating to invest in an electric vehicle if you're not aware of all of the costs involved. Consumer Reports recently conducted a study that determined if electric vehicles are more cost-effective to own compared to gasoline-powered vehicles.

Fuel Savings

Electric vehicles are cheaper to own and drive each day because they don't use fuel, which allows EV owners to save $800 to $1,000 on fuel throughout the year, depending on how far they drive. The gas savings also depends on where the driver lives and commutes.

Repairs and Routine Maintenance

Another factor to consider is the maintenance and repairs of owning an electric vehicle, which can add up over time. Consumer Reports found that EVs don't require a lot of maintenance or repairs to operate, which leads to increased savings and makes them more affordable than gas-powered cars. EVs don't need oil changes every few months, and they're less prone to breaking down or encountering issues. This can allow drivers to save an average of $4,600 during the lifetime of the vehicle. It also offers increased convenience and saves more time in maintaining the car.

Depreciation

The research that Consumer Reports performed also discovered that electric vehicles don't depreciate as quickly as gasoline-powered vehicles. This is due to their increased demand over time as more people are switching to EVs. As electric vehicles have become more advanced and have a longer range of 200 miles, it makes them easier to sell to consumers who are looking to own a used electric vehicle. Drivers can end up losing less money because they earn a higher profit when they resell the car.

If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Phoenix. 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.