Although it can be exciting to consider buying an electric vehicle, you may not be aware of the different costs involved and if it's more affordable than a gas-powered vehicle. Consumer Reports recently researched the costs associated with owning an electric vehicle to determine if they were more cost-effective than gas-powered cars. Fortunately, they discovered most of the costs are a lot lower, making EVs a great option for drivers to own.
Fuel Savings
One of the main draws of owning an electric vehicle is the savings on fuel because EVs are powered by batteries. An average of $800 to $1,000 is saved by charging the vehicle instead of filling up a gas tank each week. The overall savings depends on how much you drive and where you live due to the cost of fuel.
Depreciation
Consumer Reports also researched if electric vehicles depreciate more than gas-powered cars. They discovered that EV vehicles hold their value better than gas-powered vehicles because they continue to be in demand. Once electric vehicles started to have a longer range and could drive up to 200 miles with each charge, it has caused more drivers to buy them. You can invest in an EV that can sell for more than a gas-powered vehicle in the coming years. Overall, the features, class, and reputation of the EV model also determine the resell value.
Maintenance and Repairs
Consumer Reports also discovered that the maintenance and repair costs associated with electric vehicles are also lower compared to cars that run off of fuel. Because EVs don't have engines, they don't require frequent oil changes to continue operating reliably. They also don't suffer from as many repairs, which can save you an average of $4,600 throughout the lifetime of the car.
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.
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