Electric Vehicle (EV) Cost of Ownership  

When you're looking to save more money on fuel and drive a car that is easy to maintain, you may be ready to own an electric vehicle (EV). Electric vehicles have experienced a surge in popularity, but you may not be informed about the different costs involved in owning this type of vehicle. Fortunately, Consumer Reports conducted research that showed it's most cost-effective to drive an electric vehicle compared to a fuel-powered car.

Savings on Gas

One of the main selling points of EV vehicles is the amount of money that you can save on gas each day. Consumer Reports study found that driving an electric vehicle can save you $800 to $1,000 annually.

Repairs and Maintenance

Many people are surprised to learn that there are fewer maintenance and repairs that are needed on electric vehicles, which saves a lot of time and money. You also don't have to worry about setting aside time or budgeting for oil changes that must be performed during the year. This saves drivers an average of $4,600 throughout the lifetime of the car.

Less Depreciation

Due to the increasing demand for electric vehicles, they experience less depreciation compared to cars that use fuel. This means that you lose less money when you own the car and can sell it for more money once you're ready to upgrade to a different future in the vehicle. One of the main reasons more people are switching to electric vehicles is because of their longer range. With a single full charge, most electric cars can drive 200 miles before they need to be charged again, which makes them offer a higher level of convenience. The brand and model of the electric vehicle determine its depreciation, as well as the class and features of the car.

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