Electric Vehicle EV Cost of Ownership

July 27, 2022

A study from Consumer Reports recently reported that electric vehicles have significant savings compared to gasoline cars. They compared the cost of EVs against their gasoline-powered counterparts. The cost to own an EV was found to be less than for a gas-powered car. This difference is mainly due to the lower cost of electricity relative to gasoline and the fact that EVs require less maintenance than gas-powered cars.

Fuel Savings
Electric vehicles are powered by electricity. It is cheaper than gasoline. In addition, electric vehicles are more efficient than gas-powered cars, meaning they use less energy to travel the same distance. It results in significant savings on fuel costs.

In the Consumer Reports study, the savings on fuel for an electric vehicle was $800 to $1,000.

Maintenance Savings
EVs require less maintenance than gas-powered cars. It is because they have fewer moving parts, and there is no need to change the oil or other fluids. As a result, electric vehicle owners can save money on repair and maintenance costs.

In the Consumer Reports study, the maintenance savings for an electric vehicle was $4,600.

Depreciation
Features, class, and manufacturer reputation decide how an EV depreciates. However, in general, electric vehicles depreciate at a slower rate than gas-powered cars. It is because EVs are a newer technology, and there is more demand for them. As a result, electric vehicle owners can expect to sell their cars for a higher price than gas-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 Scottsdale. 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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