Electric vehicles have been gaining popularity in recent years. Technology has improved and become more affordable. Consumer Reports recently released a study comparing the cost of ownership of electric vehicles (EVs) to traditional gas-powered cars. The results showed that EVs offer significant savings over their gas-powered counterparts.
The study looked at the total cost of ownership over the years, including purchase price, fuel costs, maintenance, repairs, and depreciation. EVs are cheaper than gas-powered cars in all categories except the initial purchase price. However, when factoring in federal and state tax incentives, the purchase price of an EV can be lower than that of a gas-powered car.
Fuel Savings
The biggest cost savings with EVs come from fuel costs. EVs are far more efficient than gas-powered cars, meaning they use less energy to travel the same distance. It results in lower fuel costs, as well as fewer emissions. You can save $800 to $1,000 every year.
Maintenance Savings
EVs also require less maintenance than gas-powered cars. It is because they have fewer moving parts. Those parts are not subject to the same wear and tear as gas-powered car parts. As a result, EVs can save you $4,600 on maintenance and repairs.
Depreciation
EVs also hold their value better than gas-powered cars. It is because they are in high demand with a limited supply. As a result, EVs tend to depreciate less than gas-powered cars.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Lincoln. 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.
