Electric vehicles (EVs) are becoming increasingly popular as battery technology improves and charging infrastructure expands. But are they worth the cost? A new study from Consumer Reports finds that EVs can offer significant savings over traditional gas-powered cars, even when accounting for the higher initial purchase price.
The study compared the total cost of ownership for two different types of vehicles: gas-powered cars and EVs.
Fuel Savings
The biggest cost savings from EVs come from fuel. Gasoline prices have been rising lately, while electricity costs have remained relatively stable.
After a year of owning an EV, you will save about $800 to $1,000. A gas-powered car would use significantly more worth of gasoline. It's a big win for the EV.
Maintenance Savings
Electric vehicles also require less maintenance than gas-powered cars. There are no oil changes or tune-ups necessary with an EV, which can save $4,600 for the vehicle's lifetime.
Depreciation
The final factor in the cost of ownership is depreciation. It means how much value a car loses over time. EVs tend to depreciate slower than gas-powered vehicles. It's due to both the increasing popularity of EVs and the fact that they require less maintenance.
An EV will lose less value than a gas-powered car. It is due to both the increasing popularity of EVs and the fact that they require less maintenance.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Buford. 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.
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