Electric Vehicle (EV) Cost of Ownership  
 

Many consumers are receptive to owning an electric vehicle (EV), but most are worried about the electric car's total cost of ownership. TCO is not an approach applicable to EVs only: It is relevant to any product with long-running durability and expenses down the line.

EV total cost of ownership is taking on that of internal combustion engine vehicles and might before long make an electric vehicle the only reasonable car to purchase.

Consumer Reports researched the total cost of ownership of EVs and came up with the following key findings:

Fuel Savings

The CR investigation noted that a typical EV that predominantly fuels at home could cut fuel costs by approximately $800 to $1,000 yearly compared to an ICE vehicle. Using electric-drive technologies in EVs improves their efficiency; consequently, electric cars consume less energy than corresponding regular petrol/diesel vehicles.

Maintenance and Repair

Moreover, the Consumer Reports analysis also found that electric car maintenance costs are markedly decreased throughout the EV lifespan. Electric vehicle servicing and repair are relatively economical since most electric cars have fewer moving parts than conventional ICE vehicles.

Due to the more mechanical sophistication and need for regular fluid changes in petrol-driven motor vehicles, EV maintenance, and repair costs are almost half that of the former. You can save an average of $4,600 during the electric car's life.

Depreciation

According to CR's findings, modern long-range EV maintains their value as or far better than similar traditional cars. An electric car can go beyond 200 miles on one full charge because of its ultra-modern batteries designed for an extended lifespan. Though their value lasts much longer because of increased demand for electric cars, the EV depreciation rate differs from one brand to another. The depreciation rate depends on the features, class, and electric car manufacturer.

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