Electric Vehicle (EV) Cost of Ownership  
 

If you're considering buying an electric vehicle (EV), it's vital to understand the cost of ownership. EVs can be more expensive than traditional gasoline vehicles. They also have lower operating costs. In the long run, an EV can be cheaper to own than a gas vehicle.

Consumer Reports has done the research, and we have the latest information on the cost of ownership for EVs.

Fuel Savings

The study shows that EV owners who do their fueling at home will save about $800 to $1,000 a year on fuel costs over a gasoline-powered car.

It is excellent news for those who are looking to switch to an electric vehicle, as the savings on fuel costs can help offset the higher initial cost of the car.

Of course, your savings will vary depending on how much you drive and how much you pay for electricity.

Maintenance and Repair

The Consumer Reports study found that electric vehicles (EVs) are cheaper to maintain and repair than gasoline-powered vehicles.

The study shows that repair and maintenance costs for EVs are lower than repairs for gasoline vehicles. They need regular maintenance and are more complex mechanically.

The average savings over the lifetime of EVs is around $4,600.

Depreciation

As electric vehicles become more popular, it's essential to know that they can hold their value just as well as traditional gas cars. Many EVs now have a range of over 200 miles on a single charge, making them just as reliable as their gas counterparts. Of course, not all EVs will depreciate at the same rate - factors like features, class, and the reputation of the manufacturer's all play a role. But overall, EVs are an excellent option for anyone looking for a long-lasting and dependable vehicle.

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