Electric Vehicle (EV) Cost of Ownership  
 

Electric vehicles (EVs) are becoming more and more popular. They offer many benefits over traditional gasoline-powered cars. One of the main attractions of EVs is that they are much cheaper to operate and maintain than gas cars since they have far fewer moving parts and do not need regular oil changes.

The initial sale price of an EV may be higher than a comparable gas car. The lower operating and maintenance costs make up the difference. In fact, over the long term, EVs are often cheaper to own and operate than gas cars. Even when taking into account the higher initial sales price.

The following table compares the total cost of ownership for a typical EV and gas car over a period of time:

Fuel Savings

The biggest cost advantage of EVs over gas cars is fuel savings. EVs are much more efficient than gas cars, so they need less energy to operate. This results in significant savings on fuel costs over the life of the vehicle.

If an EV and gas car both get about 30 miles per gallon (MPG), the EV would only need about 33% of the gas that the gas car needs. This would save the EV owner about $800 to $1,000 a year in fuel costs, based on current average gas prices.

Maintenance Savings

Another big cost advantage of EVs is maintenance savings. EVs have far fewer moving parts than gas cars, so they need less maintenance. It results in savings on maintenance and repair costs over the life of the vehicle. It's about $4,600 in savings over the lifetime of the vehicle.

Depreciation

Research from Consumer Reports shows that EVs hold their value better than gas cars. This is likely due to the growing demand for EVs and the fact that they are a newer technology.

It means when it comes time to sell or trade in your EV, you can expect to get a higher price than you would for a gas car. This results in lower depreciation costs over the life of the vehicle.

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.