If you're looking to own an electric vehicle (EV), it can be exciting to consider driving a futuristic car that is more fuel-efficient. You may also want to know about the long-term costs of owning an EV. There are a few findings that Consumer Reports discovered when conducting research related to the total ownership cost of EV models.
Savings on Fuel
Most people buy an electric car to save more money on gas when getting around each day. The experts at Consumer Reports discovered that this leads to an average annual savings of $800 to $1,000, depending on how much the vehicle is in use.
Maintenance and Repairs
Consumer Reports found that EVs are a lot easier and more cost-effective to maintain throughout the year. They don't suffer from a lot of repairs and don't require changing out the fluids. The lack of an engine under the hood means you don't have to spend money changing the oil every three months or 3,000 miles, which can add up to annual savings of $4,600 over the lifetime of the EV. Overall, the maintenance and repair costs average out to half of the costs associated with maintaining a gasoline-powered vehicle during its lifetime.
Depreciation Costs
As research was conducted, Consumer Reports also discovered that electric cars don't depreciate as much as gas-powered vehicles. They continue to increase in demand, which makes them easier to sell for a higher price. The high demand is due to the increased range of electric cars, which is an average of 200 miles after every charge. This makes it easier to recoup a lot more of the cost of the vehicle when upgrading to a different model. The overall depreciation is influenced by a few factors, which include features, reputation, and class.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in McKinney. 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.