Many consumers may want to purchase an electric vehicle (EV); however, the total cost of ownership can be a significant concern. The TCO includes the buying price and cost of operating an electric car.
According to a study done by Consumer Reports, EVs take the lead if you consider the total ownership cost. Some of the key findings of the research include:
Fuel Savings
From the study, an ordinary EV owner who charges at home mainly can save about $800 - $1,000 annually on fueling expenses compared to a gasoline-powered vehicle. Typically, EVs utilize less energy than equivalent traditional vehicles since they use electric-drive technologies to enhance vehicle efficiency through regenerative braking. Electric cars can lower fuel costs significantly due to the high effectiveness of the electric-drive components.
Maintenance and Repair
The research equally realized that EV maintenance costs are considerably reduced during the vehicle lifespan. Most Battery Electric Vehicles feature fewer moving components than traditional diesel/petrol cars, making servicing them comparatively affordable. Electric car repair and maintenance costs approximately half that of gasoline-powered cars, which are more sophisticated mechanically and need routine fluid replacement. The average savings throughout the lifespan of the EV is roughly $4,600.
Depreciation
As reported by Consumer Reports, the latest long-range electric cars retain their value as or even better than ordinary petrol/diesel equivalent. With one full charge, most modern EVs can now travel over 200 miles since they use advanced batteries designed for prolonged life.
Electric cars maintain their value much longer due to the high demand for used EVs. The rate of depreciation of EVs varies from one model to another, which is not the case with conventional internal combustion engine (ICE) versions. Many factors affect its depreciation rate, including features, class, and the EV manufacturer’s influence.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Springfield. 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.
