More consumers are interested in eventually owning an electric vehicle (EV) but don't always understand the costs involved. EVs differ in how they operate and how they are maintained throughout the year compared to gas-powered cars. Consumer Reports looked into the different costs associated with owning an EV and discovered they're cheaper to operate over time compared to gas-powered cars due to a few different factors. Here are some of the findings of Consumer Reports' research:
Depreciation
One of the main factors Consumer Reports looked into regarding the cost of owning an EV is depreciation. After conducting research, they discovered that electric cars don't depreciate as quickly as cars that use fuel. This is likely due to their high demand as they now have a longer range and can drive up to 200 miles with a full charge. You can look forward to recouping a lot of the money invested into an electric car when you resell it. The depreciation is influenced by the make, model, class, and overall reputation of the vehicle.
Maintenance and Repairs
The overall maintenance and repairs of electric vehicles are also lower because of the reliability of EVs. They don't encounter a lot of issues and don't need to have any fluids changed due to the lack of engine present. You also don't have to spend time taking the vehicle in for oil changes. This adds up to approximately $4,600 in savings during the lifetime of the electric vehicle.
Fuel Savings
The lack of fuel you need to purchase to own an electric vehicle is an added selling point that leads to additional savings. Most drivers save an average of $800 to $1,000 each year by charging their car instead of spending time filling it up during the month.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Peoria. 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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