Electric Vehicle (EV) Cost of Ownership  
 

Electric vehicles (EVs) are becoming popular as drivers look for more sustainable options. But many people are still hesitant to switch to an EV because of the perceived higher cost of ownership. In reality, EVs can be more affordable than traditional gasoline cars. Both in the short- and long-term.

The initial sale price of an EV is often higher than that of a gasoline car. There are government incentives and tax rebates available that can offset this cost. Also, the lower maintenance and fuel costs of EVs mean that they are cheaper to own in the long run.

Fuel Savings

Electricity is cheaper than gasoline, so EVs cost less to charge. For example, assume that you drive a gasoline car that gets 30 miles per gallon. Do you drive an EV that uses 33 kilowatt-hours (kWh) of electricity per 100 miles? You would spend less on electricity to travel the same distance. That's an average savings of $800 to $1,000 a year, according to the U.S. Department of Energy.

Maintenance and Repair

EVs have far fewer moving parts than gasoline cars, so they need less maintenance. For example, you never need to change the oil in an EV. Also, the brakes on an EV last longer because of the regenerative braking system. It helps to recharge the battery while you're driving. As a result, you can save an average of $4,600 over the lifetime of your vehicle on maintenance and repair costs.

Depreciation

EVs also hold their value better than gasoline cars. In general, cars depreciate by about 20% in the first year and by 10% each year after that. But, EVs depreciate more than gasoline cars. You can expect to get a higher resale value when you sell your EV.

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