Current Cost to Owning an EV

Of course everyone’s situation is different but this article takes a stab at the topic. EV vs IC
https://insideevs.com/features/739161/evs-total-cost-of-ownership/

Purchase price: close to even if your EV choice is eligible for the $7500 credit.

Fueling: EV wins easily. 1/3 of IC fueling cost.

Maintenance: again EV wins 1/2 of an IC. However an accident will cost more to repair. Make sure you have the proper insurance coverage.
The article did not mention whether it included extra tire purchases. EVs do wear out tire faster. But how much faster?

Insurance:an EV costs 25% more than an IC

Depreciation: EVs lose again.
a new Model Y depreciates by about 59% after five years. By comparison, a Toyota RAV4 only loses about 31% of its value after five years.

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I suspect that most of that is due to the $7500 credit and other state rebate programs. As the industry matures and these go away I think we’d see parity on this…it really has nothing to do with being an EV vs ICE.

Mike

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EVs wear out brakes much slower! No oil to change…

I wonder if there is enough trustworthy data to back that up. Auto depreciation is based on resale value.

  • The last ten years have seen rather odd events like Covid-19
  • EV price wars
  • Rapidly falling battery prices

The Captain

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Plenty of sites in the US have up to the minute pricing on used cars.

https://www.edmunds.com/

intercst

No doubt. My point is that the last decade has been out of the ordinary in having had Covid and that EVs, being in the early stage of adoption, do not yet generate meaningful numbers. The data on ICE is much more reliable at this point.

The Captain

My 5 yo Tesla has depreciated about 44% from price net of the tax credit, about 54% from gross price. Just about the same as any 5 yo mid-class car.
“Fuel” & maintenance stats accurate. I’ve had to replace the original tires and get them rotated about 6 times.

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