Electric Vehicle (EV) Cost of Ownership  
 

As electric vehicles continue to take on more and more of the market, it's no secret that owning an EV can cost much more than its gasoline-powered counterparts. This is due to these vehicles' high initial purchase price and lower depreciation rates. The total cost of ownership varies depending on what type of EVs you choose, your driving habits, and even the actual utility rate in your area. Here is a look at the current cost of ownership.

Fuel Savings

The primary benefit of owning an EV is the fuel savings it can provide. Because EVs don't use gas, they can save you on gas costs. Additionally, this makes driving an electric vehicle more sustainable as well. The average driver in the United States will save $1,000 per year in gasoline expenses with an EV compared to a traditional fuel-powered vehicle. The fuel savings are supported mainly by the United States Department of Energy and the Non-Methane Hydrocarbon (NMHC) in a 2016 study.

Maintenance And Repair

Despite their affordable initial cost, EVs do require some expensive repairs. There are usually high initial costs for accessories like new tires to replace those that wear out very quickly or for battery replacements. However, the benefits outweigh these costs because EVs last longer than traditional vehicles. Warranty periods are also longer, which helps offset costs.

Depreciation

The depreciation of an EV is far less severe than that of a traditional vehicle. Traditional vehicles usually require rapid depreciation and annual tune-ups to keep the car on the road. This is not the situation with EVs, as they usually only see an average of 12% yearly depreciation. Their lower replacement costs can also offset most or all of this loss. EV drivers in the United States have found that they usually carry less than their traditional counterparts, maintaining better resale values.

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


 
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