Do EVs really save you money?

[Anonymous]

My problem is the premium price you pay over an equivalent ICE car. EV owners are just paying for their gas savings in the higher premium for the car. Of course as EV companies continue to slash prices due to waning demand the math becomes more compelling.

[Anonymous]

No. The break even point vs. a similar internal combustion car is far out into the future

[Anonymous]

The most energy- and cost-efficient car you can buy is likely the new Prius, or the Prius Prime.

(The Prius Prime you can plug into a normal outlet, get 30 miles or so of all-electric range, and if you go farther than that, the gasoline engine kicks in and it becomes a regular hybrid.)

[Anonymous]

No, the ROI takes years. Buy that time, you will need a new car. It’s more of a novelty.

[Anonymous]

Some EVs include a tax credit for $7500. Did you factor that in?

Also less maintenance -- no oil changes, spark plugs, etc needed.

[Anonymous]

If you want to get into the math, it's not too hard. The questions are: what gasoline/electric cars are you comparing, what are the prices of gas/electricity and how much do you drive. The tricky question is your electricity price, so utility companies have calculators that do it for you:
https://www.pepco.com/smart-energy/innovation-technology/dc/electric-vehicles/ev-savings-benefits

It looks like you might save around $1000/year in fuel costs compared to electricity.

Of course, you can buy whatever you want. The people I know who have bought EVs tell me a couple of things and I've observed a few others:
1. They have more money than me and were going to buy some sort of new car anyway. The "premium" for an electric is just another blip in their spending.
2. The operating costs are less than with a regular engine but they don't really care (see 1. above)
3. They almost universally LOVE their electric car. They're just better. People with money like having things that are better.
4. The downsides are charging away from home and how to manage long trips. I don't know anyone with an electric or plug in car who doesn't have their own, personal parking spot and charger. I don't know anyone whose only car is electric.

[Anonymous]

“The questions are: what gasoline/electric cars are you comparing, what are the prices of gas/electricity and how much do you drive.”

Just keep a couple additional things in mind. With a level 2 (220V) home charger, only about 85% of the electricity you buy actually makes it into the battery.

Also, reduce your EV efficiency by about 30% from November through February. (Rough estimate.)

For the record, my hybrids’ efficiencies drop in the cold, also, but it’s less dramatic.

If the OP is wondering, I’m a big fan of hybrids and PHEVs, and can give some thoughts on those.

[Anonymous]

Anonymous wrote:Some EVs include a tax credit for $7500. Did you factor that in?

Also less maintenance -- no oil changes, spark plugs, etc needed.

I tend to keep my cars for about 10 years. In that 10 years, an electric will need a new battery pack which will make up for a lot of the regular maintenance cost difference

[Anonymous]

I don't know, but it sure seems to, though it isn't why we got one. We also have solar, so that lowers the cost of home charging. I say it seems to because the only costs are purchase price and electricity, which is pennies whereas filling the gas tank is $50-$100 2-3 times per month, and gas doesn't last as long. We rarely need to fully charge the EV, and rarely drop below 40% -- usually its around 70%, and we keep it at the recommended 80% expect for longer trips.

The difference in time (and money) spent on "car stuff" is something we hadn't anticipated making a difference to us, but the EV to hybrid car ownership experience for us is like the difference between a native plant in the right place compared to an exotic, fussy, non-native in a less than ideal spot - so much more work for the hybrid. Once we got used to the EV, the time spent on little things for the hybrid, like getting gas, oil changes, inspections, maintenance issues, became extra annoying simply because we never have to do it for the EV. So now we fuss over who has to deal with the "primitive vehicle," lol.

[Anonymous]

Anonymous wrote:If you want to get into the math, it's not too hard. The questions are: what gasoline/electric cars are you comparing, what are the prices of gas/electricity and how much do you drive. The tricky question is your electricity price, so utility companies have calculators that do it for you:
https://www.pepco.com/smart-energy/innovation-technology/dc/electric-vehicles/ev-savings-benefits

It looks like you might save around $1000/year in fuel costs compared to electricity.

Of course, you can buy whatever you want. The people I know who have bought EVs tell me a couple of things and I've observed a few others:
1. They have more money than me and were going to buy some sort of new car anyway. The "premium" for an electric is just another blip in their spending.
2. The operating costs are less than with a regular engine but they don't really care (see 1. above)
3. They almost universally LOVE their electric car. They're just better. People with money like having things that are better.
4. The downsides are charging away from home and how to manage long trips. I don't know anyone with an electric or plug in car who doesn't have their own, personal parking spot and charger. I don't know anyone whose only car is electric.

Interesting link, thanks! Our savings was $2,600 based on that, but in reality we spend more on gas than the daily average I entered, since we use the gas car for frequent, longer trips (because the local driver prefers the EV, not because the distance driver doesn't want it), and we have solar, so the rates for electricity are too high in that app for us. I might use that link to argue for a car switch between us!

[Anonymous]

Anonymous wrote:I don't know, but it sure seems to, though it isn't why we got one. We also have solar, so that lowers the cost of home charging. I say it seems to because the only costs are purchase price and electricity, which is pennies whereas filling the gas tank is $50-$100 2-3 times per month, and gas doesn't last as long. We rarely need to fully charge the EV, and rarely drop below 40% -- usually its around 70%, and we keep it at the recommended 80% expect for longer trips.

The difference in time (and money) spent on "car stuff" is something we hadn't anticipated making a difference to us, but the EV to hybrid car ownership experience for us is like the difference between a native plant in the right place compared to an exotic, fussy, non-native in a less than ideal spot - so much more work for the hybrid. Once we got used to the EV, the time spent on little things for the hybrid, like getting gas, oil changes, inspections, maintenance issues, became extra annoying simply because we never have to do it for the EV. So now we fuss over who has to deal with the "primitive vehicle," lol.

At $100 two times a month, you're saving $2,400 a year. Something like a Kona is the cheapest EV widely available at about 30k. The closest ICE would probably be a Tuscon for 10k cheaper. That's a 4 year break even point on gas. Maintenance if cheaper, but you're also paying about a 20% insurance premium. Resale values on EVs are also really bad compared to ICE. Personally I'd get the EV between those two, but I wouldn't pretend that I'm saving money

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't know, but it sure seems to, though it isn't why we got one. We also have solar, so that lowers the cost of home charging. I say it seems to because the only costs are purchase price and electricity, which is pennies whereas filling the gas tank is $50-$100 2-3 times per month, and gas doesn't last as long. We rarely need to fully charge the EV, and rarely drop below 40% -- usually its around 70%, and we keep it at the recommended 80% expect for longer trips.

The difference in time (and money) spent on "car stuff" is something we hadn't anticipated making a difference to us, but the EV to hybrid car ownership experience for us is like the difference between a native plant in the right place compared to an exotic, fussy, non-native in a less than ideal spot - so much more work for the hybrid. Once we got used to the EV, the time spent on little things for the hybrid, like getting gas, oil changes, inspections, maintenance issues, became extra annoying simply because we never have to do it for the EV. So now we fuss over who has to deal with the "primitive vehicle," lol.

At $100 two times a month, you're saving $2,400 a year. Something like a Kona is the cheapest EV widely available at about 30k. The closest ICE would probably be a Tuscon for 10k cheaper. That's a 4 year break even point on gas. Maintenance if cheaper, but you're also paying about a 20% insurance premium. Resale values on EVs are also really bad compared to ICE. Personally I'd get the EV between those two, but I wouldn't pretend that I'm saving money

Hyundai is offering a $7,500 cash rebate on all their EVs:
https://fortune.com/asia/2024/01/15/hyundai-us-ev-buyers-7500-cash-bonuses-compete-domestic-autos-tax-credits/

[Anonymous]

New ICE cars already cost $40-60k. That's now in the same price range as many EVs.

Without a question you save more on maintenance and fuel costs with EVs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't know, but it sure seems to, though it isn't why we got one. We also have solar, so that lowers the cost of home charging. I say it seems to because the only costs are purchase price and electricity, which is pennies whereas filling the gas tank is $50-$100 2-3 times per month, and gas doesn't last as long. We rarely need to fully charge the EV, and rarely drop below 40% -- usually its around 70%, and we keep it at the recommended 80% expect for longer trips.

The difference in time (and money) spent on "car stuff" is something we hadn't anticipated making a difference to us, but the EV to hybrid car ownership experience for us is like the difference between a native plant in the right place compared to an exotic, fussy, non-native in a less than ideal spot - so much more work for the hybrid. Once we got used to the EV, the time spent on little things for the hybrid, like getting gas, oil changes, inspections, maintenance issues, became extra annoying simply because we never have to do it for the EV. So now we fuss over who has to deal with the "primitive vehicle," lol.

At $100 two times a month, you're saving $2,400 a year. Something like a Kona is the cheapest EV widely available at about 30k. The closest ICE would probably be a Tuscon for 10k cheaper. That's a 4 year break even point on gas. Maintenance if cheaper, but you're also paying about a 20% insurance premium. Resale values on EVs are also really bad compared to ICE. Personally I'd get the EV between those two, but I wouldn't pretend that I'm saving money

Who gives a rat's ass about resale value? Cars are not an investment. All cars are money losing black holes. I expect any car I buy to be worth $0 over time.

[Anonymous]

Anonymous wrote:New ICE cars already cost $40-60k. That's now in the same price range as many EVs.

Without a question you save more on maintenance and fuel costs with EVs.

The EV version of a 40k ICE will cost 50 or 60k if you can find it.