Electric Vehicle (EV) Cost of Ownership  
 

Electric vehicles (EVs) are becoming increasingly popular due to their many benefits over traditional gasoline-powered cars. EVs offer significantly lower running costs and environmental benefits. They often come with government incentives. However, EVs also have a higher initial purchase price than gasoline cars.

The total cost of ownership (TCO) of an EV includes the purchase price, fuel costs, maintenance costs, and depreciation. Depreciation is a huge cost for EVs, as they have a higher initial purchase price than gasoline cars. However, over time, the lower running costs of EVs offset this initial difference.

Fuel Savings

Electricity is much cheaper than gasoline, so EVs have lower fuel costs. The cost of fueling an EV is about one-third of the cost of fueling a gasoline car. It saves drivers each year $800 to $1,000.

Maintenance Savings

Electric vehicles have fewer moving parts than gasoline cars, requiring less maintenance. EV owners can also expect to save up to $4,600 on brake and tire maintenance, as electric vehicles regenerate energy when braking, which extends the life of these components.

Depreciation

Depreciation is the highest cost for EVs, as they have a higher initial purchase price than gasoline cars. However, over time, the lower running costs of EVs offset this initial difference.

Many governments offer incentives for purchasing electric vehicles, which can further reduce the TCO. These incentives can take the form of tax credits, subsidies, or other benefits.

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