Research from Consumer Reports shows that electric vehicles (EVs) are cheaper to own and operate than gas-powered cars.
Electric vehicles are becoming an increasingly popular choice for drivers looking to save money on fuel and maintenance costs.
But how much does it cost to own an electric vehicle?
The initial purchase price of an electric vehicle is often higher than that of a traditional gasoline-powered car. However, when you factor in the long-term savings on fuel and maintenance, electric vehicles are cheaper to own and operate than gas-powered cars.
Fuel Savings
Electricity is cheaper than gasoline, so you'll save on fuel costs with an electric vehicle. According to Consumer Reports, the average savings are $800 to $1,000 a year.
Maintenance Savings
Electric vehicles have fewer moving parts than gas-powered cars. They require less maintenance. For example, they don't have oil changes or tune-ups. It can save you $4,600 in maintenance costs.
In addition, electric vehicles have regenerative brakes that turn energy from braking into electricity to recharge the battery. It helps prolong the life of the brakes, saving you even more money.
Depreciation
Electric vehicles tend to hold their value better than gasoline-powered cars. It is because they are newer technology and in high demand.
According to Consumer Reports, electric vehicles depreciate an average of 39 percent after five years, while gas-powered cars depreciate an average of 46 percent.
It means that you'll get more money back when you sell or trade-in your electric vehicle than you would a gas-powered car.
Features, class, and reputation decide how your vehicle depreciates.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Prosper. 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.