As much as people like the idea of owning an electric vehicle (or EV), they aren't sure it's worth a long-term investment. EVs are more expensive on average than most gasoline-powered vehicles, but the long-term costs of ownership can make them worth the initial investment. According to a study done by Consumer Reports, EVs take the lead if you consider the total ownership cost. Some of the key findings of the research include:
Fuel Savings
First of all, it's much less expensive to fuel an electric vehicle. Research from Consumer Reports suggests that EV owners who do most of their fueling at home can save anywhere from $800 to $1,000 per year on fuel over gasoline-powered vehicles.
Maintenance and Repair
Electric vehicles generally require much less maintenance than traditional cars, mostly because they are less complex mechanically. Overall, an EV owner can expect to save around $4,600 per year throughout their vehicle's lifespan over an equivalent gasoline-powered vehicle.
Depreciation
Finally, electric vehicles may hold their value longer than gasoline-powered vehicles, especially now that many EVs can drive as far as 200 miles on a single full charge.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Phoenix. 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.