It can be difficult to know if you can afford the cost of an electric vehicle (EV) car compared to a traditional vehicle that uses fuel. Consumer Reports has discovered that owning an EV vehicle leads to more savings compared to a traditional car and can be more cost-effective. Here are some of main findings of the research conducted:
Savings on Fuel
The study that was conducted by Consumer Reports revealed that owning an EV car leads to about $800 to $1,000 in savings on fuel throughout the year when the car owner charges the vehicle at their home during the week. This can also vary depending on the overall cost of gas.
Maintenance and Repairs
It was also found that there are a lot fewer maintenance and repairs that are needed on electric vehicles throughout their lifetime, which is not only convenient but adds up in savings. Gas-powered cars require routine oil changes throughout the year and have more complexities with their engines. The lack of maintenance and repairs on EV vehicles adds up to $4,600 throughout the lifetime of the EV.
Depreciation
EV cars are also known to hold their value. In fact, they are shown to hold a lot better compared to cars that run off of fuel. This makes them easier to sell for a higher profit in the future. EVs have a higher demand because of their longer ranges, which allow them to drive up to 200 miles on a single charge. The reputation of the vehicle, features, and class determine how well they hold their value over time and if they'll sell quickly in the future.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Scottsdale. 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.