A new study from research firm We Predict supports the accepted knowledge that the longer an EV is owned, the more money the consumer saves. While initially, BEVs cost about 2.3 times more than gas-powered vehicles during the first three months of ownership, much of that comes from repair and recall issues. Following that, costs begin to decline quickly for BEVs distinguishing them from internal combustion engine (ICE) vehicles, which usually experience rising costs. It is after the first year of operation the EVs cost advantage begins to shine. The study looked at three areas of service costs for EVs; routine maintenance, repairs and recalls. The study noted that not all the costs are borne by the consumer as recall costs and some maintenance costs are covered by the manufacturer. Other reports, notably from Consumer Reports support the We Predict study indicating a typical EV buyer can expect to save between $6,000 to $10,000 during the vehicle’s lifetime.

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