Electric Vehicle (EV) Cost of Ownership  

The world has already accepted that EVs are easier on the environment and simpler to drive than gasoline-powered vehicles. That's not the only thing on a customer's mind, though. For EVs to be worth it to the majority of Americans, they have to pay off in more ways than just helping the environment. Here's what researchers found out about how EV costs stack up against similar gas-powered models.

Maintenance Matters

The average EV is powered by a battery or fuel cell. They don't require a lot of mechanical complexity in order to travel confidently. Because of that, you'll spend about $4,600 less repairing and maintaining an electric vehicle over the course of its lifespan. That's a significant number to most folks.

Fuel Matters

There's no need to get robbed at the pump when you own an EV. An EV saves an owner as much as $1,000 a year on gas. If you own an EV for five years, for example, you'll see $5,000 in savings on that vehicle.

Value Retention

We all want to get what we pay for and then be able to get something out of it when we sell. If you plan to trade in or resale an EV at a later date, you may be worried about its depreciation. We've got some good news on that. EV models don't depreciate more quickly than gas-powered models and, in many cases, depreciate slower. That means you'll keep more of your EV model's value over the years and do great when you go to trade in at a later date. There are many factors in depreciation, including how well you take care of your vehicle, so there's no "in every case" scenario. In general, though, your EV depreciates the same or slower than a similar model powered by gas.

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