Electric Vehicle (EV) Cost of Ownership  
 

There are many benefits associated with owning an Electric Vehicle (EV). Some drivers are unclear on what the costs associated with long-term ownership may be, however. Consumer Reports has conducted research to see if an EV will save money over the years. Overall, the answer seems to be yes. Here is a look at some of the major findings from the report.

Fuel Costs

One of an EV's significant appeals is fuel cost savings. A recent report showed that those who drive an EV and charge it primarily at home would save anywhere from $800 to $1,000 a year in fuel costs.

Repair & Maintenance Costs

A study has shown that the projected maintenance and repair costs for an EV are roughly half of what they are for a gas-powered vehicle. That means buyers can save around $4,600 over the life of the vehicle. This is because EVs are less complex and do not require regular fluid changes.

Depreciation

Another thing that the Consumer Report study addressed was depreciation, and they found that an EV will hold its value as well or better than a traditional car. A large part of this is the fact that newer EV models can go over 200 miles on a single charge. Please keep in mind that some EVs will lose value faster than others. This is true of all vehicles, and the rate of depreciation typically depends on the brand, the trim level, and the features.

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.