Electric Vehicle (EV) Cost of Ownership  
 

An electric vehicle, or an EV for short, is an excellent way to reduce your dependence on fossil fuels. However, some costs accompany owning and driving one, which is often overlooked. The price of the vehicle is one of the more obvious factors to consider. However, purchasing an EV for a substantial discount on the sticker price is possible if you negotiate well in advance.

However, owning and driving an EV is not without costs. Here are some of them:

Fuel Savings

Because they run on batteries rather than gasoline, electric vehicles do not leave you at the pump. If your average commuting is five miles each way, this can save you a good chunk of change on gas per month. Depending on how many recharges you use each month, the savings can be enormous, up to 20% for home charging compared to just 5% for regular charging.

Maintenance and Repair

The battery is one of the more expensive parts of an EV. Therefore, the less you use it, the more money you'll save. A battery upgrade might not be necessary if your electric car only gets driven a few hundred miles yearly. However, for vehicles that are driven more than once a month, it becomes more likely that you will need to replace your battery because of exposure to extreme temperatures, such as those found in winter climates.

Depreciation

EVs are still new and uncommon, meaning their trade-in value is considerably lower than conventional vehicles. You can expect to lose about 30% on the total value of your vehicle by the time you trade it in for a new EV. Therefore, if you do not get a discount when purchasing your EV, it is unlikely that you'll break even unless you plan to keep your vehicle for multiple decades.

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