When considering electric vehicles, many car buyers like the concept, but they are also unsure about the cost of owning an EV for several years. According to research by Consumer Reports, EVs come out ahead of conventional vehicles on total ownership costs. Some of the main findings follow.
Fuel Savings
The publication's study also confirmed that EVs' costs for maintenance and repairs are significantly less, running about half during the vehicle's lifespan, compared to gas-powered models, which are more mechanically complex and require oil changes and other fluid replacements. Over the vehicle's lifetime, the average savings is approximately $4,600.
Maintenance Savings
EVs also have far lower maintenance costs than gas-powered cars. Your EV doesn't require oil changes or tune-ups, and brake pads last longer because regenerative braking recharges the battery. Over the lifetime of your vehicle, you can expect to save about $4,600 on maintenance and repair costs with an EV.
Depreciation
Consumer Reports' researchers also determined that newer EVs with longer ranges hold their value comparably to conventional models. After all, most new EVs offer a range exceeding 200 miles on a full charge. Like conventional, gas-powered vehicles, EVs' depreciation rates will vary by model. Model, class, features, and the manufacturer's reputation factor into any vehicle's loss of value.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Irving. 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.
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