Do EVs really save you money?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I replaced a Rav4 (which was very reliable and got about 25 MPG) with a small KIA Niro EV. I drive about 1K miles per month to work and in the area, and do all of my charging at home overnight. Here are some of my cost observations:

I save about $150 per month in gas but my monthly electricity bill increased by about $15.

I no longer get seasonal oil changes or other fluid changes.

My auto insurance went up by about $500 annually after buying the EV (not sure what it would be if I bought a similarly priced new gas car).

In VA, I pay an extra $117 electric car fee annually to register the EV.

After 3 years, I needed new tires for the EV (about $750).

I spent about $2K for a 220V charging cable and plug installation.

However, this is all pennies compared to the depreciate of my EV. In another year or so, the 12 year Rav4 is is probably going to be worth more than the 5 year old Niro EV, which is tanking in value (down 70% since purchase).

Thanks for sharing. Resale values on EVs is a real issue currently.

Is that because it is approaching the “replace battery” cliff, which is ?? Years

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I replaced a Rav4 (which was very reliable and got about 25 MPG) with a small KIA Niro EV. I drive about 1K miles per month to work and in the area, and do all of my charging at home overnight. Here are some of my cost observations:

I save about $150 per month in gas but my monthly electricity bill increased by about $15.

I no longer get seasonal oil changes or other fluid changes.

My auto insurance went up by about $500 annually after buying the EV (not sure what it would be if I bought a similarly priced new gas car).

In VA, I pay an extra $117 electric car fee annually to register the EV.

After 3 years, I needed new tires for the EV (about $750).

I spent about $2K for a 220V charging cable and plug installation.

However, this is all pennies compared to the depreciate of my EV. In another year or so, the 12 year Rav4 is is probably going to be worth more than the 5 year old Niro EV, which is tanking in value (down 70% since purchase).

Thanks for sharing. Resale values on EVs is a real issue currently.

Is that because it is approaching the “replace battery” cliff, which is ?? Years

I think it’s because historically there was no $7500 tax credit for buying used— so right away that’s an extra $7500 is “depreciation” from driving a new car off the lot (think maybe there will be a smaller one now for used cars?).

Also the technology has been advancing so much that most people wanted to buy new. Cars that are a few years old almost certainly have noticeably less range than current models (and I think you can see this on prices— last I checked used Teslas didn’t lose as much value as other cars).

Then maybe you get into battery quality— not that many cars ever need replacement but it’s true they might have lost 20% of range and that’s going to show up in depreciation.

[Anonymous]

Not personally very worried about resale — we've had our gas car for 13 years, and plan to keep our now-3-year-old EV for quite some time, too. At some point past 10 years or so, the resale value gets small enough that it doesn't make a huge difference exactly what the figure is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I replaced a Rav4 (which was very reliable and got about 25 MPG) with a small KIA Niro EV. I drive about 1K miles per month to work and in the area, and do all of my charging at home overnight. Here are some of my cost observations:

I save about $150 per month in gas but my monthly electricity bill increased by about $15.

I no longer get seasonal oil changes or other fluid changes.

My auto insurance went up by about $500 annually after buying the EV (not sure what it would be if I bought a similarly priced new gas car).

In VA, I pay an extra $117 electric car fee annually to register the EV.

After 3 years, I needed new tires for the EV (about $750).

I spent about $2K for a 220V charging cable and plug installation.

However, this is all pennies compared to the depreciate of my EV. In another year or so, the 12 year Rav4 is is probably going to be worth more than the 5 year old Niro EV, which is tanking in value (down 70% since purchase).

Thanks for sharing. Resale values on EVs is a real issue currently.

Is that because it is approaching the “replace battery” cliff, which is ?? Years

I think it’s because historically there was no $7500 tax credit for buying used— so right away that’s an extra $7500 is “depreciation” from driving a new car off the lot (think maybe there will be a smaller one now for used cars?).

Also the technology has been advancing so much that most people wanted to buy new. Cars that are a few years old almost certainly have noticeably less range than current models (and I think you can see this on prices— last I checked used Teslas didn’t lose as much value as other cars).

Then maybe you get into battery quality— not that many cars ever need replacement but it’s true they might have lost 20% of range and that’s going to show up in depreciation.

Teslas have been losing value unpredictably, partly because the company has been doing unpredictable things with new car pricing. Major price cuts on the 2024 model will also mean the used values fall — no need to buy used when you can get new for a similar price...

[Anonymous]

Quick depreciation isn’t bad. It means when you buy on the secondary market you’re paying a lower price for a newer car that you can drive for a long time. Who buys a car to retain value? I’d love to buy a car that needs very little maintenance at a low price.

[Anonymous]

Anonymous wrote:Quick depreciation isn’t bad. It means when you buy on the secondary market you’re paying a lower price for a newer car that you can drive for a long time. Who buys a car to retain value? I’d love to buy a car that needs very little maintenance at a low price.

That is a clownish statement. Rapid depreciation is a red flag. Not retaining value is a sign of major problems.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Quick depreciation isn’t bad. It means when you buy on the secondary market you’re paying a lower price for a newer car that you can drive for a long time. Who buys a car to retain value? I’d love to buy a car that needs very little maintenance at a low price.

That is a clownish statement. Rapid depreciation is a red flag. Not retaining value is a sign of major problems.

No you’re a clown. Rapid depreciation is about demand. There are all sorts of reasons for low demand. But sometimes it’s because fools like you think there’s a problem when there isn’t one.