Electric Vehicle (EV) Cost of Ownership  
 

Consumer Reports recently released a report. It found electric vehicles (EVs) have bigger savings than gas cars. The report looked at the total cost of EVs and reported that they cost less to own.

The report found that the upfront cost of EVs is often higher than gas cars, but the lower cost of running and maintaining an EV makes up for it over the long term. For example, the report found that the average cost of ownership for a Ford Focus Electric is less than a gas-powered Ford Focus.

Fuel Savings

One factor that is most significant in the lower cost of owning an EV is the savings on fuel. The report stated that EVs save up to $1,000 per year on fuel. It is because EVs are much more efficient than gas cars, meaning they use less energy.

Maintenance Savings

Another big factor in the lower cost of ownership for EVs is the savings on maintenance. EVs don't have as many moving parts as gas cars, which means there are fewer things that can break down and need repairing. The report stated that EVs save up to 4,600 over their lifetime.

Depreciation

Another factor contributing to a lower cost for people owning EVs is depreciation. Depreciation is when you lose the value of your vehicle after time passes. The report found that, on average, EVs depreciate at a slower rate. It means they keep their value better than gas-powered vehicles.

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


 
Categories: EV, Future Cars, Green, News, Technology

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