Electric Vehicle (EV) Cost of Ownership  
 

Electric Vehicles are finally becoming a reality in the automotive industry. Additionally, as governments work to reduce greenhouse gas emissions, many countries are turning to Electric Vehicles to help them reach their goals. However, many people's central question is about ownership's cost. In most cases, the purchase price of an EV is higher than that of equivalent gasoline or diesel vehicle. However, after enough research, it is clear that fuel and maintenance savings quickly reduce the lifetime cost of owning an EV to that of a comparable non-EV vehicle. The following are the reasons discovered.

Fuel Savings

Studies have shown that fuel is the single most expensive component of owning any vehicle. Electric Vehicles only require electricity from the grid, and these costs have been relatively stable in recent years. Electric Vehicles are also more affordable to own than similar gasoline or diesel vehicles if you live in a city that does not have access to adequate charging infrastructure or opt for the convenience of plug-in hybrid vehicles, which provide both range and efficiency benefits.

Maintenance And Repair

Research and studies have shown that regular maintenance and repairs are the most significant factor in the overall ownership cost of vehicles. The maintenance cost of an electric vehicle can be much less than that of a comparable gas or diesel car since EVs do not need gasoline or diesel to function. Instead, they rely on a battery for energy. Therefore, this reduces the frequency and severity of repairs needed until it eventually becomes cheaper only to replace components that wear out.

Depreciation

Depreciation is one of the most prominent elements of an electric vehicle's ownership cost. This is since most electric vehicles cost more than their gas or diesel equivalents. However, compared to non-EV vehicles, electric vehicles still have lower depreciation costs. In addition, many electric vehicle buyers receive a federal tax credit. This has a significant impact on the depreciation of the vehicle. This can save a purchaser thousands of dollars on the depreciation cost of their new electric vehicle.

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