Electric vehicles (EVs) offer a variety of advantages over traditional gas-powered cars. They're more efficient, cheaper to operate and maintain and emit no pollutants. But until recently, EVs have been much more expensive than gasoline cars. Thanks to advances in battery technology and economies of scale, that's changing.
According to Consumer Reports, the total cost of ownership for an EV is now cheaper than that of a gasoline car. In California, the nation's largest EV market, an EV costs about $600 less per year to own than a gas car.
Fuel Savings
EVs are far more efficient than gasoline cars, so they use less energy to travel the same distance. EVs get 108 miles per gallon (MPGe), while the average gas car gets just 32 MPG. That means EVs use about one-third of the energy of gas cars. You'll save an average of $800 to $1,000 per year.
Maintenance Savings
Electric motors have far fewer moving parts than gasoline engines. They require less maintenance. Brakes also last longer on EVs because regenerative braking recaptures energy lost in a gasoline car. You can save an average of $4,600 on maintenance and repairs.
Depreciation
When you figure out the depreciation of an EV, there are three key factors. The class, reputation, and features of the vehicle all play a role in how much an EV will be worth when you sell it or trade it in. In general, EVs hold their value better than gasoline cars. An EV will retain about 46% of its original value after three years, while a gas car will retain just 36%.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Houston. 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.
