Electric Vehicle (EV) Cost of Ownership  
 

In a recent study, Consumer Reports found that electric vehicles (EVs) offer more savings than gas-powered cars. Over the years, an EV will cost less to operate and maintain than a gas car. It is due to the much lower cost of electricity compared to gasoline. Also, EVs don't require tune-ups or oil changes.

In addition, the initial cost of an EV may be higher than a gas car. With the federal tax credit and state incentives, the cost of ownership can be lower in the long run. With lower operating costs and no emissions, EVs are an option for those looking to save money and help the environment.

Fuel Savings

Electricity is much cheaper than gasoline, so you'll save on fuel costs with an EV. Over a year, an EV will save about $800 to $1,000 to operate. It is based on the current national average of kWh and the price per gallon of gasoline.

Maintenance Savings

Electric vehicles don't require tune-ups or oil changes, so you'll save money on maintenance costs. In addition, EVs have fewer moving parts than gas cars, so they're less likely to break down. As a result, you can expect to save about $4,600 on maintenance over your vehicle's lifetime.

Depreciation

Due to the new technology and growing demand for EVs, they tend to hold their value better than gas cars. After years of ownership, an EV will be worth more than a gas car. It is due to the federal tax credit and state incentives that are currently available.

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