By AJ Hyatt
Today’s mesmerizing article focuses on the initial cost of an electric car.
Points to ponder if you are contemplating an EV purchase.
The most compelling incentive to switch, of course, is fuel. Gas is much cheaper now than it was this summer, but it’s still more expensive than electricity.
Still, it’s a mistake to consider switching without factoring in the considerable cost of charging. I think I mentioned battery replacement was in the thousands.
As the price of gasoline rises, so does the cost of electricity. The average cost of gassing up a car is $1,120 a year. The annual cost to operate an electric vehicle is about $485 per year, although having a home charger can lower that figure. The average cost of a home charger plus installation is $2,000.
KBB estimates the average driver spends $56 per month charging an EV at home — but that doesn’t factor in stops at much more expensive fast chargers on the road, providing they are available and working.
As of the writing of this highly plagiarized and copied article, the entry level price for a Tesla Model 3 is $41K. Of course most manufactures produce some variation of a electric car and/or truck, you can spend up to $4 million on an EV. I gave you the price of one of the most sought after vanity purchases.
A U.S. Department of Energy report found that, when factoring in the long-term ownership expenses, a small electric SUV costs $0.4508 per mile compared to $0.4727 per mile for a comparable gas car. That’s a difference of just $0.0219 per mile.
The report concludes that it would take 15 years for the average EV to make up for its higher purchase price.
How many people do you know who keep their cars for a decade and a half?
The average length of time drivers own a car is about six years. With an average yearly total cost of $3,300 for EV’s and $3,900 for gas-powered cars.
You will never make up the initial expense difference over the lifetime of your more expensive electric vehicle.
Put it another way, a gas-powered car will cost you $600 more a year to drive. But over an average of six years of owning an EV versus a gas car, the EV will set you back $13,000 more.
Given some of the realities, certain parts of the country are clearly not ready to support Ev’s and often repeated headlines like this, GM disclosed plans to lay off 1,300 workers from two Michigan plants as it ends production of the iconic Chevrolet Camaro and electric Chevrolet Bolt, skepticism should remain strong.