Electric Vehicle (EV) Cost of Ownership  
 

Consumer Reports recently calculated the total cost of ownership for electric vehicles. Included are sale price, depreciation, fuel, and maintenance. They found that EVs cost less to own and operate over the years than the average new car.

People are looking for ways to save money on fuel and help the environment. But what is the cost of owning an EV?

Here's a breakdown of the cost of ownership for EVs, according to Consumer Reports:

Fuel Savings

The cost of owning an electric vehicle (EV) can vary. It depends on several factors. The type of EV, battery size, the price of electricity, and government incentives all play a role.

But, you can observe a few general trends for fuel savings concerning EVs. EV owners who fuel at home save an average of $800 to $1,000 annually compared to gasoline vehicles.

Maintenance Savings

Electric vehicles (EVs) are becoming increasingly popular, thanks to their many benefits. EVs are cheaper to operate and maintain than gas-powered vehicles. They also produce no pollutants.

However, EVs still have a higher initial sale price than gas-powered vehicles. It can be a barrier for some people considering switching to an EV.

EVs have far fewer moving parts than gasoline cars. They need less maintenance. Consumer Reports estimates EV owners will save an average of $4,600. These savings on maintenance and repairs will be over the lifetime of the vehicle.

Depreciation

EVs hold value better than gasoline cars because of high demand and low supply. Consumer Reports estimates EVs will be valued better than gasoline cars.

Manufacturer reputation, class, and features decide how well a car holds its value.

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