Electric Vehicle (EV) Cost of Ownership  
 

According to a recent study from Consumer Reports, electric vehicles can offer substantial savings over traditional gas-powered cars in terms of cost of ownership. The study found that electric vehicles can be cheaper to operate and maintain than their gas-powered counterparts. In addition, electric vehicles also offer the potential for lower emissions and improved fuel economy.

Fuel Savings

One of the biggest factors in the lower cost of ownership for electric vehicles is the savings on fuel costs. Electric vehicles are much more efficient than gas-powered cars, and the cost of electricity is typically much lower than gasoline. Over one year, the average electric vehicle will save its owner $800 to $1,000 in fuel costs compared to a gas-powered car.

Maintenance Savings

In addition to fuel savings, electric vehicles also offer the potential for lower maintenance costs. Electric vehicles have far fewer moving parts than gas-powered cars, which means there are fewer parts that can break or require maintenance. As a result, electric vehicles typically require less scheduled maintenance than gas-powered cars, and they often have lower overall maintenance costs throughout their lifetimes. It saves you $4,600.

Depreciation

Another factor contributing to the lower cost of ownership for electric vehicles is depreciation. Class, reputation, and design decide how much a car depreciates over time. Electric vehicles tend to hold their value better than gas-powered cars. It's because of their lower emissions and fuel economy. As a result, electric vehicles typically experience less depreciation than gas-powered cars, which leads to lower overall ownership costs.

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