If you're interested in buying an electric vehicle but aren't keen on the initial price tag, you'll be happy to know that the long-term costs of ownership of an EV can make it a good investment. Here are just a few reasons why.
Fuel Savings
Perhaps the best reason to buy an electric vehicle right now is the money that you will save on fuel. Research from Consumer Report shows that EV owners who do most of their fueling at home can save anywhere from $800 to $1,000 per year over those who drive gasoline-powered vehicles.
Maintenance and Repair
Research also suggests that maintenance costs for an electric vehicle are significantly lower than those for a more traditional vehicle. This is mainly because electric vehicles are less mechanically complex than gasoline-powered cars and don't require as many fluid changes and repairs. EV owners can expect to save over $4,000 per year in repair costs over the lifespan of their vehicles.
Depreciation
Electric vehicles will depreciate over time just like any other vehicle. However, research suggests that they will retain their value longer than most other cars of the same year. Some will depreciate faster than others, and their value will depend on how well they are maintained, but it's still something to consider if you ever want to resell your electric vehicle without losing too much of your initial investment.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Phoenix. 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.
