Understanding Electric Vehicles’ Cost of Ownership
Electric vehicles use electricity to power them rather than using gasoline. They have rechargeable batteries that store this electric power for a certain period. The cars use this electricity to power an electric motor that rotates the wheels.
More consumers are getting interested in purchasing these vehicles. However, they are unsure about the long-term costs of owning them. Consumer Reports analysts carried out research to explore this subject. Here is what they came up with:
Depreciation
Different electric vehicles lose value at different rates depending on their features and class. A vehicle manufacturer’s reputation also affects how a car loses value.
For instance, certain manufacturers make vehicles with high-level technology, safety, and comfort. As a result, consumers tend to value their cars more, and consequently, these vehicles lose value gradually.
Consumers are keen to understand how long a vehicle can travel on a full charge. The longer it can go, the more value they place on the car. Consumer Reports found that electric vehicles that can travel longer distances after recharging tend to maintain their value better than gasoline-powered cars.
Maintenance and Repair
Electric vehicles have fewer moving parts compared to their gasoline counterparts. In addition, the cars do not require an oil change. Consequently, electric vehicles require far less maintenance and repairs than gasoline cars.
The study found that EVs cost of maintenance is half that of gasoline-powered vehicles. EV users can save up to $4,600 in the car’s lifetime.
Fuel Savings
Electric vehicles that run entirely on electricity may not be affected by changes in fuel prices. Consumer Reports found that an EV owner can save fuel costs of up to $1,000 every year compared to a car that runs on gasoline.
Do you have a question that is bugging you about electric cars? You can always pass by our dealership for detailed information on the same.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Albuquerque. 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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