Electric Vehicle (EV) Cost of Ownership  
 

Electric vehicles (EVs) have a lot to offer drivers. They're cheaper to operate and maintain than traditional gas-powered cars, and they emit far less pollution.

But EVs also come with a higher initial purchase price. So, how do you decide whether an EV is right for you?

Here's a look at the cost of ownership for EVs, based on data from Consumer Reports.

Fuel Savings

EVs are much cheaper to operate than gas-powered cars. In fact, fuel costs are one of the biggest reasons to switch to an EV.

It costs about $1.50 to charge an EV for 100 miles of driving. That's about one-third the cost of gasoline for a comparable gas-powered car.

And, as electric rates rise, the cost of charging an EV will only become more competitive. Consumers save $800 to $1,000 each year.

Maintenance Savings

EVs also have far lower maintenance costs than gas-powered cars. Your EV doesn't require oil changes or tune-ups, and brake pads last longer because regenerative braking recharges the battery.

Over the lifetime of your vehicle, you can expect to save about $4,600 on maintenance and repair costs with an EV.

Depreciation

EVs tend to hold their value better than gas-powered cars due in part to high demand and low supply. As a result, you can expect your EV to retain about 46% of its value after five years.

By comparison, the average gas-powered car retains just 36% of its value over the same period.

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