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Many consumers are open to considering electric vehicles, but they are also unsure about the potential costs of owning an EV for several years. According to research from Consumer Reports, when the cost of total ownership is considered, EVs win. Main findings from the study follow.
Fuel Savings
When charging at home, an EV owner can expect to save, on average, between $800 and $1,000 annually compared to the cost of fueling an equivalent gas-powered model.
Maintenance and Repair
Also, the study determined that EVs’ maintenance and repair costs are significantly lower, about half, during the vehicle’s lifetime than those of conventional vehicles, which require regular fluid changes and feature more moving parts. On average, an EV’s owner will save $4,600 on repairs during their vehicle’s lifespan.
Depreciation
Importantly, the analysts at Consumer Reports also confirmed that the latest EVs, which feature longer ranges, retain their value comparably to their conventional, gas-powered competitors. Notably, newer EVs can often travel beyond 200 miles when fully charged. Like conventionally powered vehicles, specific EV models depreciate at different rates, of course. A model’s class, features and reputation for quality all play important roles in its ability to retain value.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Glendale. 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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