If you're considering owning an electric vehicle (EV), you likely want to know more about the ownership costs to determine if it's more cost-effective than a gas-powered vehicle. Although some EVs come with a higher price tag, Consumer Reports discovered that they cost a lot less to own and maintain over time. Here are a few of the main findings of the savings that are obtained from owning an electric vehicle:
Depreciation
With the research that Consumer Reports conducted, they discovered that electric vehicles don't depreciate as much as gas-powered cars because of the high demand. More people are buying pre-owned electric cars because they come with longer ranges than in the past. Most newer electric vehicles have a range of 200 miles when you fully charge them, which makes them more convenient to own. The depreciation depends on the class, make, and model of the vehicle. The overall reputation of the car also determines how much it can sell for in the future.
Gas Savings
Drivers also want to know how much they can save on fuel when they own an electric vehicle. Consumer Reports discovered that the savings add up to $800 to $1,000 each year, depending on the distance that the driver commutes or drives each month. The driver will only need to pay for the electricity that is used to charge the battery.
Maintenance and Repairs
The maintenance and repairs of EVs are also a lot less and add up to $4,600 during the lifetime of the EV. This is due to a lack of fluids that are needed under the hood because a battery is used instead of an engine. Drivers can also avoid the cost of oil changes every 3,000 miles, which also saves more time throughout the year.
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.
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