Electric vehicles are popular. Drivers seek to reduce their environmental impact and running costs. But how much does it actually cost to own and operate an EV?
The initial sale price of an EV is often higher than that of a comparable petrol or diesel car. But, there are some government incentives available that can help offset this cost. And over the long term, EVs are much cheaper to run than traditional petrol or diesel vehicles.
Fuel Savings
Electricity is much cheaper than petrol or diesel, so you’ll save money on fuel costs with an EV. How much you save will depend on the cost of electricity in your area, as well as how far you drive.
On average, consumers save $800 to $1,000 every year on fuel costs by making the switch to an EV. In some states, the savings are even higher.
Maintenance and Repair
Electric vehicles have far fewer moving parts than traditional diesel or gas cars. They need less maintenance and are cheaper to repair. For example, there’s no need to change the oil or spark plugs in an electric car.
Depreciation
Research from Consumer Reports shows that electric vehicles hold their value better. In fact, EVs depreciate at about half the rate of gas cars. It is due in part to the fact that EVs are still a new technology. As they become more commonplace, their value is likely to continue to increase.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Springfield. 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.
