Question 1

What is total cost of ownership?

Accepted Answer

Total cost of ownership (TCO) is the complete expense of owning a vehicle over a set period, including the purchase price, depreciation, insurance, fuel or electricity, maintenance, registration fees, and financing costs. TCO often reveals that a cheaper purchase price does not always mean a cheaper vehicle to own.

Question 2

Are EVs cheaper to own than gas cars?

Accepted Answer

EVs typically cost 30-40% less in fuel and maintenance over 5 years. However, EVs depreciate faster (57% over 5 years vs 49% for gas cars) and insurance costs are 15% higher on average. Total cost depends on your annual mileage and local electricity rates.

Question 3

How much does car insurance cost per year?

Accepted Answer

The national average is approximately $1,800 per year for full coverage. Luxury vehicles cost 40% more, economy cars 20% less, and EVs about 15% more than equivalent gas models. Your actual rate depends on driving record, location, age, and coverage level.

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Total Cost FAQ

What is total cost of ownership?

Are EVs cheaper to own than gas cars?

How much does car insurance cost per year?