Total Cost of Ownership Advantage For EVs? Yes, In Time via insideevs.com
If electric vehicles are going to move beyond early adopters and capture mass-market share, the industry will need to continually overcome key obstacles, not the least of which is helping shoppers better understand the total cost of ownership proposition.This article was provided to us by J.D. Power and written by Stewart Stropp, Executive Director, EV Practice, J.D. Power
The cost of ICE vehicles, for example, is a function of the manufacturer's suggested retail price plus any markups offered by dealerships at the point of purchase. After that, buyers drive off the lot, rolling the dice on what might happen to the cost of gasoline over the lifecycle of ownership.Weighting the economic implications of buying an EV can be more nuanced and requires different considerations, some of which are new to many shoppers.
To be fair, some industry stakeholders have done a good job unpacking the factors determining TCO. Others–perhaps most–have significant opportunities to provide more clarity and context for engendering consumer confidence in EV purchases.
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