Electric Vehicle (EV) Cost of Ownership  
 

Electric vehicles are gaining popularity with people all over the world. Most people are interested because these vehicles do not run on fuel like their conventional gasoline counterparts.

However, consumers often wonder what costs they will incur in the long run after buying an electric car. Consumer Reports carried out research to explore the cost of owning an electric vehicle. Here is what they came up with.

Repair and Maintenance Costs

Gasoline-powered vehicles require fluid changes such as engine oil changes to function properly. As a result, their repair and maintenance costs are usually high. On the other hand, electric vehicles do not need engine oil to operate; hence they are easy to maintain.

The study found that the lifetime maintenance and repair cost for electric cars is half that for gasoline-powered vehicles. Consumers stand to save up to $4,600 over the vehicle's lifetime.

Fuel Savings

Electric vehicles are powered by electricity and do not use gasoline. As a result, consumers stand a chance to save on fuel costs.

Also, electric vehicle owners cannot be affected by an increase in fuel prices. Electric vehicles can help consumers save up to $1,000 yearly compared to gasoline vehicle owners.

Depreciation

Multiple factors determine a vehicle's depreciation rate. These factors include a vehicle's features, manufacturer, and class. Different electric cars lose value at varying rates, just like their gasoline counterparts.

Advancements in technology are helping to increase the battery capacity for electric vehicles. Consumers can travel up to 200 miles after fully charging their car at home.

Consumer Reports found that these long-range electric vehicles hold their value better than gasoline-powered cars. Some depreciate at the same rate as conventional gasoline-powered cars

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