When considering an electric vehicle, many car buyers are open to the idea, but they also wonder about the potential long-term costs of owning an EV. A study performed by Consumer Reports revealed that, when overall ownership cost is considered, EVs are the winners. The publication's key findings follow.
Fuel Savings
According to the study, a typical EV owner who fuels their vehicle at home can enjoy an average annual savings of between $800 and $1,000 compared to filling up an equivalent gas-powered model at service stations.
Maintenance and Repair
The study further found that maintenance and repair costs are remarkably lower, approximately half, during an EV's lifespan since gas-powered vehicles need periodic fluid changes and feature more moving components. On average, an EV's owner saves $4,600 on maintenance and repairs during the vehicle's lifespan.
Depreciation
Researchers at Consumer Reports also confirmed that newer EVs, which feature longer ranges, hold their value on par with their gas-powered competition. After all, today's EV driver can count on traveling more than 200 miles on a full charge. Of course, like gas-powered vehicles, EVs will lose value at varied rates. Features, vehicle class, the automaker's reputation, and other factors impact any vehicle's depreciation rate.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Springfield. 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.
