this post was submitted on 26 Jul 2023
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I haven’t purchased an EV because they’re more expensive than an equivalent ICE vehicle. My current vehicle cost me $2,500 USD. My hope is that the used EV market continues to expand while economies of scale push prices down.
Depending on how much you drive and how expensive your local energy bill is, the economics can work out better than you think.
I usually charge at home, and my equivilant cost per gallon (assuming 25mpg) is about $0.50/gallon.
If I drive 1000 miles per month, that's about $140/month I'm saving. If gas prices increase to $6/gallon, which I'm sure they will eventually, that's $220/month.
It doesn't justify a new Tesla, but used ones are getting cheaper finally.
$140 a month is well below the reported average EV loan payment. And to make up a $10k price difference you'd need no payment, no repairs, and about 70 months to just break even.
Arguing for EVs based on economics isn't the best argument to make. They are more enjoyable, they pollute less if they're used for 10 years, mining and recycling lithium is vastly superior to drilling, refining, and burning petroleum, charging at home over night is a massive benefit. But the economics aren't there yet.
I wasn't saying it is, but it can make a difference.
If you're in the price point anyway, I think an EV is a no brainer. Why get a $50k BMW over a $50k EV? If you're shopping for a $15k or less car, then yeah, it's not easy to justify.
But used Model 3's are going for $30k now, and you can get a $4k tax credit on top of that. Saving an additional $140/mo makes it competitive with a lot of mid priced cars.
Because a $50k BMW is going to be much better equipped than a $50k EV. That comparison isn't a good one to make, because a $50k EV right now would be equipment equivalent for a $30-40k ICE vehicle.
Again the economics aren't there. A $30k used Model 3 with its creaking suspension and beaten interior would need to compete against a $26k new hybrid like the Prius LE. That prius is brand new, massively cheaper to repair and maintain, and will easily last you 10-12 years. Making that $140 a month an upside down prospect, given the fuel efficiency of the Prius.