Electric Vehicle (EV) Cost of Ownership  
 

As electric vehicles (EVs) continue to become more popular, you may consider owning one yourself to avoid spending money on fuel. However, you may also want to know about the other costs involved with owning an electric vehicle and if it'll save you more money over time. Fortunately, Consumer Reports performed a study that found it's more affordable to drive an electric vehicle compared to a gasoline-powered vehicle.

Savings on Fuel

One of the more obvious savings that come with driving an electric vehicle is the lack of fuel needed. Because electric vehicles are powered by a battery, EV owners can enjoy saving an average of $800 to $1,000 on fuel each year to get around.

Maintaining and Repairing the EV

The maintenance and repairs that come with the vehicle are a lot lower than owning a gasoline-powered car. EV cars don't require any oil changes throughout the year and don't encounter a lot of repairs that are needed, which adds up to an average of $4,600 throughout the car's lifetime. This also offers more convenience and can save you more time maintaining the car as you own it.

Depreciation

Another factor to consider is how much electric vehicles depreciate compared to gasoline-powered cars. During the research Consumer Reports conducted, they found that electric vehicles depreciate a lot less due to their high demand. You'll end up losing more money in the car's value with a vehicle that uses gas compared to an EV vehicle. This is due to the increasing demand for EVs, which now have a longer range and can drive for 200 miles every time you charge them. This range has increased over time, which is why they don't lose a lot of value when they're resold to other drivers.

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