Vincentric Analysis of EVs: Nearly Half Have Lower Ownership Costs Than Comparable Gas Vehicles
Vincentric released an updated Electric Vehicle (EV) Cost of Ownership Analysis for 2024 today in which the company found that 20 of 41 (49%) EVs studied had lower total cost of ownership over five years than their gasoline counterparts.
The Vincentric study analyzed eight cost factors that comprise a vehicle’s cost of ownership: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs.
As expected, the biggest strengths of EVs were their fuel and maintenance costs. All 41 EVs had lower fuel costs than their gasoline alternatives, while 37 of 41 EVs had lower maintenance costs than their Internal Combustion Engine (ICE) alternatives.
Auto Insurance Costs Skyrocket Just as Car Prices Start Settling Down
Car prices, both new and used, are finally coming down as pandemic-related challenges are drifting further in our rearview mirrors. Unfortunately, customers aren't able to enjoy that reduction in prices as much as they should, since insurance costs are getting quickly out of hand.
New cars are the ones doing the most damage in terms of soaring insurance costs, which jumped 22% since this time last year. That's the largest insurance cost increase since the 1970s. Insurance now represents more than a quarter of a new compact car's total cost of ownership (which includes the cost of the car, fuel, routine maintenance, depreciation, and insurance) in 2024, at 26%, per data cited from Kelley Blue Book by Reuters.
Ranger Design: Innovating EV Fleet Upfitting
The EV revolution is here, pressing fleet managers to electrify or risk lagging behind. Amidst the challenges, upfitting is crucial, shaping EV efficiency and safety. Ranger Design leads this charge with revolutionary solutions.
Their innovations include drill-free flooring, cutting installation time and risk. Lightweight aluminum components optimize payload, safety, and range.
“Ranger Design’s expertise revolutionizes EV upfitting, improving efficiency and safety,” says Nacim Mesbah, Director at Ranger Design.
Insights and Networking in San Antonio – Join Wheels at NAFA!
By Bob Gonke, Vice President, Client Management, Wheels
As a long-standing participant of the NAFA Institute & Expo (I&E), Wheels is poised to lead the charge for our fellow fleet professionals to profit from the invaluable knowledge to be gained at this year's events in San Antonio.
Wheels is not merely a participant; we're woven into the fabric of NAFA I&E with a unique blend of educational sessions and hospitality.
As attendees navigate the wealth of information available, they'll also enjoy the casual gathering at our coffee bars within our expo floor booth #1757.
Wheels’ education sessions and networking opportunities are specifically developed to provide fleet professionals with the proper fleet management tools, meaningful knowledge, and valuable connections.
These States Have the Best and Worst Roads in America
Bad roads aren’t just an annoyance. They can wreak havoc on tires, suspension systems, and can cause vibrations that loosen cosmetic components. With 94.78 percent of its roads meeting the acceptable quality standard, Idaho was found to have the best roads in the country.
The states with the best roads likely invest more in highway maintenance. Tennessee, for example, funds its highway improvements with vehicle excise taxes, and the burden of paying for roadwork is shared by federal, state, and local governments. The state has managed to go 45 years without needing to borrow money for road construction, indicating that its funding is stable and robust.
