Electric Vehicle (EV) Cost of Ownership  
 

If you want to purchase an EV, you may wonder how much the ownership costs are to determine if it's worth the investment. Consumer Reports recently conducted a study that found EVs are more cost-effective to own than fuel-powered vehicles based on a few different factors.

Savings on Fuel

Since electric cars run off of a battery and don't require any fuel, the savings adds up over time. Consumer Reports discovered that the average driver saves an average of $800 to $1,000 on fuel each year.

Maintenance and Repairs

The Consumer Reports research that was conducted also found that electric vehicles also don't require as much upkeep and maintenance each year. This means the driver can spend less on maintaining the vehicle, which adds up to $4,600 throughout the lifetime of the electric car. This is due to the lack of engine that is present, which means you don't have to spend money topping off the fluids or performing oil changes. The cost to maintain an EV is half of the cost of maintaining a fuel-powered car.

Depreciation

The analysts at Consumer Reports also considered, when determining the ownership costs of EVs, the depreciation that occurs. They found that gas-powered cars are prone to losing more value over time because they're not in demand as much as EVs. This can make it easier to sell the car quicker and avoid marking it down too low. The depreciation rate is determined by a few main factors, which include how old it is, its condition, the features it comes with, and the model's reputation in the auto industry. The class of the EV is another factor that determines how much it loses value as it ages.

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.