The Surprising Costs of Car Ownership: Why EVs Are the Better Choice

Car ownership is often seen as a rite of passage or a status symbol, but as we move into a more environmentally conscious era, many are reconsidering whether owning a car is really worth it. This listicle dives into the surprising costs of car ownership and shows why electric vehicles (EVs) offer a more cost-effective and sustainable alternative.


Depreciation is the biggest expense that car owners face. According to AAA, new vehicles lose an average of 20% of their value in the first year of ownership, and up to 60% within five years. For example, if you buy a $35,000 car, it could be worth as little as $14,000 after five years. In contrast, renting or car sharing eliminates depreciation costs, as you only pay for the time you use the vehicle. Plus, EVs tend to hold their value better than their gasoline counterparts, with some models retaining up to 60% of their value after three years.

Financing and Interest Rates

The average monthly car payment in the United States is around $716 for new vehicles and $526 for used vehicles. With interest rates typically ranging from 6% to 10%, you could end up paying thousands of dollars extra over the life of your loan. Renting or sharing a car allows you to avoid financing costs altogether, giving you the flexibility to use a vehicle only when you need it. 

Fuel Costs

Gasoline costs can be volatile and unpredictable, with the average American household spending over $5,000 annually on fuel. On the other hand, the cost of electricity for EVs is significantly lower. Charging an EV can cost as little as $0.05 per mile, while the average cost for a gasoline car is around $0.14 per mile. Over time, these savings can add up, making EVs a more cost-effective choice.

Maintenance and Repair

The long-term savings on maintenance and repair costs make electric vehicles (EVs) a more cost-effective choice than traditional gasoline-powered cars. A study conducted by We Predict found that EVs cost nearly a third less to service over their first three years of ownership, with an average service cost of $514 compared to $749 for internal combustion engine vehicles. With lower maintenance costs ($77 for EVs compared to $228 for gas cars) and 22% lower repair bills, EVs offer substantial savings, contributing to their overall affordability and value for consumers.


To sum it up, electric vehicles are the way to go if you want to save money and be kind to the planet. As more people make the switch, we're moving towards a cleaner, greener future. Halo's got your back in this change, offering a super easy and flexible option instead of owning a traditional car. By teaming up with Halo, you're making a difference in the fight against climate change and helping to create a better world for everyone.