Electric vehicles (EVs) offer many benefits over traditional gas-powered cars. They're cheaper to operate and maintain, and they emit no pollutants.
However, EVs can be more expensive to buy than traditional cars due in part to the high cost of batteries. But over time, the savings on fuel and maintenance costs can more than compensate for the higher initial price tag.
A new study from Consumer Reports found that owning an EV can save you tons of money over the years compared to a gas-powered car.
"Electric vehicles are cheaper to operate than gas-powered cars, and the savings add up quickly," said CR's automotive analyst Rik Paul. "Even if you don't care about the environment, EVs are a smart financial choice."
Fuel Savings
One of the best ways that EVs save money is on fuel costs.
Electricity is cheaper than gasoline, and it takes far less electricity to power an EV than it does to power a traditional car. As a result, EV owners can save $800 to $1,000 yearly on fuel costs.
Maintenance Savings
EVs also tend to be cheaper to maintain than traditional cars.
Because EVs have far fewer moving parts than gas-powered cars, they require less maintenance. Additionally, EVs don't need oil changes. It can save you $4,600 over time.
Depreciation
Another factor to consider is depreciation.
While all cars depreciate over time, EVs can hold value better than traditional cars. That's because there is still high demand for EVs, but relatively few on the market. As a result, EVs can appreciate over time, while gas-powered cars continue to lose value. Features, reputation, and class decide how your car depreciates.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Fort Worth. 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.
