We’re thrilled to share our key takeaways from a Consumer Reports study that analyzed ownership costs between EVs and similar gas-powered models.
Consumer Reports analyzed six popular EV 2023 models: Tesla Model Y AWD, Tesla Model 3 RWD, Ford F150 Lightning XLT, VW ID4 Pro RWD, Ford Mustang Mach E Select RWD, and Chevy Bolt EUV LT. They found all six EVs offer savings in the very first year of ownership when financed.
EVs Can Save Up To $12,000 Over Their Lifetime
The study considers various factors such as fuel costs, maintenance and repair expenses, purchase price, federal tax credits, financing options, and resale value. The findings are truly impressive, showing significant savings for EV owners compared to their gas-powered counterparts.
According to the report, owning an EV can save you anywhere from $6,000 to $12,000 over the vehicle’s lifetime. Let’s focus on the Tesla Model 3 compared to the gas-powered Toyota Camry XLE to give you a better idea. In the first year alone, choosing a Tesla Model 3 could save you approximately $1,500. Over the course of the vehicle’s lifetime, the savings can exceed $12,000. Even the Model Y will save owners more than $12,000 over the Toyota Rav 4 Limited. This makes Tesla’s most popular models cheaper to own than the comparable Toyota automobile by a significant margin.
Owning An EV Means Less Time And Money Spent In Repair Shops
Another remarkable finding from the report is that EV owners spend only half as much on repairs compared to those with gas-powered vehicles. Since EVs contain fewer moving parts than traditional vehicles, there are fewer things to break. This advantage primarily benefits used EV buyers because as a vehicle ages, the need for repairs increases along with it. If you’re interested in exploring the report in detail, you can find it here. If you’re ready to dive into the world of electric vehicles and consider purchasing one, be sure to visit plugstar.com for more information.
Switching to an electric vehicle can save you money; we wholeheartedly encourage you to explore the world of EVs and experience the benefits firsthand.