Quote:
Originally Posted by redpoint5
I'm considering the Leaf since there is a $7,500 federal tax credit which knocks the price of the one I want down to $25,000. Still a heck of a lot of money even if I get electricity for free. I'm not sure a Leaf could save money in the long run over a $5,000 Corolla, even if you include maintenance/repairs, which I perform myself.
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Math to the rescue!
Lets assume the Corolla gets 32 MPG, 15K miles a year. With the Leaf, you get free electricity where ever you park, and all repairs are warranty work.
15,000 miles a year means 468.75 gallons. At $3.599 a gallon, that is $1,687.03 a year in fuel.
The break even point for the Leaf would be 11.86 years. Assume you spend $500 a year in repair costs for the Corolla, it would be 9.15 years. At $1000 in repairs a year, it would take 7.44 years.