If you've thought about purchasing an electric vehicle (EV) in the near future, you may be curious about the ownership costs to determine if it's worth the investment. Consumer Reports conducted a study that found that EVs are a lot more cost-effective to own due to a variety of different factors. Here is what they discovered:
Maintenance and Repair
Consumer Reports' research uncovered that the cost to maintain an EV is a lot lower than a gas-powered car due to the lack of an engine present under the hood. This means you don't have to spend money or energy changing the oil and topping off the different fluids every few months. The maintenance that needs to be performed throughout the lifetime of an electric vehicle is half of a gas-powered car and averages out to $4,600. There are also fewer repairs that are needed due to the high reliability of EVs.
Fuel Savings
One of the main reasons more drivers are choosing to own an electric vehicle is due to the fuel savings offered. The analysts at Consumer Reports found that this adds up to $800 to $1,000 throughout the year.
Depreciation
Depreciation is another factor considered in the research performed. Consumer Reports discovered that electric cars don't lose as much value as they age compared to fuel-powered cars. The rate of depreciation depends on the make and model of the vehicle, as well as its reputation in the auto industry. With less depreciation, you can lose less money owning the car and can easily find another buyer due to the high demand for EVs. EVs don't lose as much value because they sell faster as more drivers are purchasing them because of their longer driving range. Most EVs can now drive 200 miles on a single charge.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Orlando. 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.
