How an electric car’s costs compare to a regular internal combustion engine (ICE) vehicle will vary depending on the model. The cost of ownership for an EV can be significantly lower than that for a conventional one, but some sacrifices are needed.
An important thing to note about EVs is that because of their zero emissions engine and battery. The lifespan is generally longer than those in ICE cars due to maintenance being less and less frequent.
Below are some of the costs of ownership:
Fuel Savings
The fuel savings are the primary benefit of an EV since they are purely electric and will not run out of gas. Depending on various factors, the savings must cover the initial higher cost of EVs over ICE cars. Recent research indicates that the break-even point is four years, where the average EV owner in LA County saves $1,105 a year.
Maintenance And Repair
The maintenance and repair cost is generally higher in an EV than in an ICE car. The only moving parts are the wheels, meaning there are fewer things that can break. However, maintaining the battery and other parts should be taken serious as they can have a high cost if treated improperly. The lack of a fuel system also means EV owners must pay for routine maintenance such as oil changes, spark plugs, and tire rotations.
Depreciation
The depreciation on an EV can be significantly lower than that of an ICE car or even a hybrid car. That is not to say a fast-depreciating car will always be worth less than a slow-depreciating one, but it is a difference that should be considered. After the initial purchase, depreciation should not be an issue as EVs retain their value better than cars that use ICE fuel.
If you want to learn more about whether an EV may be right for you, feel free to contact our dealership here in Mesa. 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.
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