Electric vs. Gas-Powered Vehicle Cost of Ownership
Many drivers are considering a switch from gas-powered vehicles to electric ones; and understandably, this decision comes with several questions. At Andy Mohr Buick GMC, we often address inquiries about the cost of ownership for electric vs. gas-powered vehicles, and we've designed this guide to assist with that.
We invite our friends in Fishers, Indianapolis, and Noblesville, Indiana, to continue reading for insightful answers to their top questions about electric vehicle (EV) costs. Let's dive in!
On average, electric vehicles cost more than their gas-powered counterparts, which is among the primary concerns for customers making purchase decisions. However, with an increasing number of manufacturers investing in electric technologies, more affordable and diverse options are becoming available.
Purchasing an EV may make you eligible for federal tax credits, potentially making the deal more attractive. You might also consider buying a slightly used electric vehicle to obtain a high-performing, efficient ride at a more favorable price point. While electric cars might have a higher initial cost, they can lead to potential savings in other areas.
One advantage of owning an EV is that they often need less maintenance than traditional gas-powered vehicles. Electric vehicles don't have conventional engines, and their electric motors feature a more simplified design with fewer moving parts. This translates into fewer components that require maintenance.
For instance, you can eliminate oil changes from your maintenance schedule. Electric motors don't require oil, so you'll save on this service. Additionally, thanks to regenerative braking technologies, your brakes may last longer compared to those in gas-powered models. Another benefit is that EVs also don't need air filter replacements.
Even though electric vehicles still require some maintenance, and adhering to a maintenance schedule is crucial, you may save both time and money overall with fewer services needed.
Lastly, let's address fuel costs. The cost of charging electric vehicles and refueling gas-powered cars can vary based on supply and demand.
With a traditional gas vehicle, filling up is a routine part of any road trip, and fuel prices are subject to change. Your fuel economy will depend on your driving habits, location, travel distance, and your vehicle's specific gas mileage.
Now consider EV charging. Installing an at-home charging station provides convenience, sparing you trips to the gas station. While you’ll incur electricity costs, the convenience of home charging—coupled with the availability of public charging stations across the nation—may be significant.
In the end, there are advantages to both electric and gas-powered vehicles. It's essential to weigh your personal lifestyle needs when choosing.
Here at Andy Mohr Buick GMC, we hope our guide to electric vs. gas-powered vehicle cost of ownership has offered valuable insights. If you're in the market for a new vehicle and live near Fishers, Indianapolis, or Noblesville, IN, stop by our dealership today to discover your next set of wheels. We look forward to seeing you!