Electric Vehicle (EV) Cost of Ownership  
 

Owning an electric vehicle is much more than a simple purchase price. Depending on the model of the car, charging infrastructure, and other factors, the total cost to own an EV may not be as much as what you might expect.

A recent research article reports that some electric vehicles can be over 50% cheaper than gas-powered counterparts after accounting for all costs related to maintenance, fuel or battery replacement, and climate control features.

Fuel Savings

The cost savings can be significant in some cases, mainly regarding fuel costs. Electric cars are generally less expensive to operate than comparable internal combustion or hybrid electric vehicles (ICEVs). Still, most consumers usually pay a premium for those who choose an EV over an ICEV.

Maintenance And Repair

Maintenance is another facet of owning an EV that can be more costly than you think. They have fewer moving parts to keep in working order, so if something goes wrong, your warranty is much more likely to cover it. However, if you're checking a breakdown through the manufacturer's website, you may discover that their procedures are less than ideal for how to solve problems on an EV.

A recent study showed that many EV owners with early-stage problems weren't getting satisfactory results from the manufacturer's self-help avenues and were often asked to leave it with them for repair at their own cost. So, if your EV is under warranty, you might find it more trouble than it's worth to get sorted. The manufacturer might do the work but give you a bill afterward to reimburse you for those costs in your vehicle warranty.

Depreciation

Although some EV owners will see a net cost when they buy the vehicle regardless of the miles they put on it, the key thing to know is that EVs are investment vehicles. If you drive them for at least two years, you'll likely get your money back, or at least part of it. The vehicle's resale value is also likely to leap dramatically as the years go by.

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