Electric Vehicle (EV) Cost of Ownership  
 

It's no secret that electric vehicles offer a range of benefits, such as less noise pollution, lower CO2 emissions, and significantly lower running costs. With so much going for them, it can be tempting for drivers to happily buy an EV without giving a second thought to the total cost of ownership, but the more informed you are when making this decision, the better. The cost of an EV can be measured on different levels, such as the purchase price, running costs, and the cost of replacement parts.

Fuel Savings

When it comes to running costs, many factors can affect the amount of fuel saved. The cost of electricity is the main cost associated with charging an EV, and adding cost decreases as more kWh is purchased.

Maintenance And Repair

The cost of maintaining and repairing an EV can be lower than a conventional car. The main factor determining the cost of maintenance is the car's age. Newer cars are considered more reliable than older cars, which means spending less on repairs compared to older vehicles is worth spending less on repairs. However, the actual maintenance cost can vary depending on the type of EV. The batteries in electric vehicles are generally more reliable than diesel engines, which is good news for drivers as they don't need to worry about replacing them as frequently.

Depreciation

While the total cost of ownership for EVs is lower than for traditional vehicles, the purchase price can be slightly higher. Depreciation is an issue as electric vehicles do not depreciate as much as traditional cars, resulting in a higher initial purchase price. However, the lower running costs make up for, the higher their initial outlay, making an EV a good investment. Remember that replacement parts can be more expensive to buy, so it's worth bearing this in mind when buying an EV.

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