Electric Vehicle (EV) Cost of Ownership  
 

When it comes to buying an EV, people like the idea, but they wonder about the costs of ownership long-term. Yet, Consumer Reports research shows the consideration of the total cost for ownership. EVs lead the pack. Here are the main findings.

Fuel Savings

EV owners who does their fueling at home on average save $800 to $1,000 a year on fueling opposed to gasoline cars.

Maintenance and Repair Costs

EVs have far fewer moving parts than gasoline cars, so they don’t need as much maintenance. Additionally, many EV batteries have a warranty for 8 years or 100,000 miles.

When you factor in all these cost savings, the average EV owner saves about $4,600 over the lifetime of the vehicle.

Depreciation

Analysts found that long-range Electric Vehicles hold their value longer than gasoline-powered vehicles. Newer models can travel over 200 miles on a single charge. Compared to gasoline-powered vehicles, EVs don't lose value as they get older. Reputation,features, and class all play a role in the vehicle depreciating.

In conclusion, you must factor in all the cost savings of owning an EV. They are less expensive than gasoline-powered vehicles over the lifetime of the car. EVs offer fuel savings, lower maintenance and repair costs. Also, they don't depreciate as fast. When you're considering your next vehicle don't think about the initial cost. Thick about the total cost of ownership. EVs are a wise investment that will save you money in the long run.

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.