Electric Vehicle (EV) Cost of Ownership  
 

If you aren't sure if owning an electric vehicle is right for you, consider the long-term costs of ownership. Yes, electric vehicles seem to be more expensive than comparable gasoline-powered models, but the long-term cost of ownership will certainly lessen the overall price tag. In fact, you might actually save money in the long run when you go electric. Here are a few reasons why.

Fuel Savings

First of all, you will save a lot of money on fuel when you rely on electricity instead of gasoline. According to recent research from Consumer Reports, owning an electric vehicle and doing most of your fueling at home might save you between $800 and $1,000 a year on fuel costs. These savings will only go up as electric vehicles become more efficient.

Maintenance

All vehicles require regular maintenance and repairs, and electric vehicles are no exception. You'll still need to replace things such as tires and brake pads, but you won't have to rely as much on regular fluid changes when you drive an electric vehicle. The battery and other electrical components also require almost no maintenance over the vehicle's lifespan.

Depreciation

Finally, newer electric vehicles seem to be holding onto their value as well as comparable gasoline-powered vehicles. In fact, they may be depreciating much more slowly than other vehicles on the road. This does depend on factors such as how well owners maintain their EVs and what kinds of features the vehicles have, but it's still something to consider if you plan on reselling an electric vehicle in the future.

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