Electric Vehicle (EV) Cost of Ownership  
 

Owning an electric vehicle (EV) can be very exciting, but you may not know much about the ownership costs. Consumer Reports recently researched the total ownership costs and found it's more affordable to own an EV than a fuel-powered vehicle. Below are some of the main findings from the research:

Fuel Savings

The study that was conducted by Consumer Reports found that electric cars can save drivers an average of $800 to $1,000 annually on the cost of fuel compared to driving a car that requires filling up at the gas tank.

Depreciation

There is less depreciation with electric vehicles compared to gas-powered cars because they continue to surge in popularity and demand. You can expect to recoup a lot of the cost of the vehicle when you're ready to sell it to a buyer. The lack of depreciation is likely due to electric vehicles having more range, as most models can drive up to 200 miles after they're charged. Overall, the depreciation varies based on the reputation of the EV model, as well as the class, features, and reputation of the car.

Repairs and Maintenance

Consumer Reports also looked into the cost of maintenance and repairs for the average electric vehicle and found that they don't encounter as many issues or require as many repairs as gas-powered vehicles. EVs don't need to have oil changes to continue operating reliably and don't need any fluids topped off, which adds up in savings over time.

During the lifetime of an electric car, the average consumer can expect to save $4,600. Electric vehicles are also easier to maintain because they aren't as complex with their parts and how they operate, which means they don't encounter as many problems even as they age.

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