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Originally Posted by Old Mechanic
You're electricity cost is the amount used divided into the cost. Any other method of calculation, is just incorrect.
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Your description of how to calculate overall electricity cost is correct, but it does not apply to calculating the
additional cost of owning an EV.
The fixed cost that everyone with existing electrical connections pays to have electricity delivered to their home is not an additional cost of owning an EV. It is an accounting error to factor fixed costs into the calculation of what the additional cost of owning an EV would be.
The only appropriate way to factor in the fixed cost of having an electrical connection in regards to purchasing an EV is if you currently have no electrical connection and would be required to add it because of the addition of the EV.
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When you consider a Leaf (I did) and ignore the total cost of ownership, You're only fooling yourself. Even without financing cost, taxes, insurance, and depreciation costs are staggering.
Just be honest, you are willing to spend significantly more to be among the first to go fossil fuel free. That's admirable in itself, but mybe just not practical for those who have lesser means and more limited incomes.
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Good point, and this is the main reason holding me back from purchasing a Leaf. Certainly for the very few of us willing and capable of driving a $1,000 gasser and maintaining it ourselves, the best financial decision is to drive an old beater.
Most people don't have the mechanical skill, interest, or capability (tools) to maintain their own vehicle. This drives the cost of ownership up on gassers. Most people want modern safety features such as ABS, airbags, etc, which means owning a newer vehicle. Finally, most people want the latest conveniences such as heated seats, bluetooth, and nav, so that further increases the cost of the vehicle.
A comparable gasser with the safety, comfort, and features of an EV will often cost more in the long run.
For those whose main priority is to save money, an EV doesn't make any sense. For many others, it just might, especially for families with 2 or more vehicles.
My 15 year cost of ownership comparison:
2006 TSX (current vehicle)-
Depreciation = Purchase price - Sale price (estimated)
$15,500 depreciation = $17,000 purchase - $1,500 sale
Maintenance/Repairs = Yearly maint cost * Years of ownership
$2,250 Maint = $150 maint * 15 years
Insurance = Yearly premium * Years
$6,000 Insurance = $400 premium * 15 years
Taxes/Registration = Yearly cost * Years
$600 Registration = $40 * 15 years
Fuel Cost = Yearly Miles * Cost per mile * Years
$20,682 Fuel Cost = 12,000 miles * ($3.47\30.2mpg=
11.5 cents per mile) * 15 years
Total 15 year cost of ownership = $45,032
$0.25 per mile
2011 Leaf-
Depreciation = Purchase price - Sale price (estimated)
$12,000 depreciation = $12,500 purchase - $500 sale
Maintenance/Repairs = Yearly maint cost * Years of ownership
$1,125 Maint = $75 maint * 15 years
Insurance = Yearly premium * Years
$6,000 Insurance = $400 premium * 15 years
Taxes/Registration = Yearly cost * Years
$600 Registration = $40 * 15 years
Electricity Cost = Yearly Miles * Cost per mile * Years
$2,895 Electricity Cost = 12,000 miles * ($0.08041 KWh\5 miles =
1.6082 cents per mile) * 15 years
Total 15 year cost of ownership = $22,620
$0.13 per mile
It's nearly twice as expensive for me to drive my TSX than to drive the Leaf for 15 years assuming gas/electricity prices hold steady, and I do all my own maintenance/repairs. For those that pay a mechanic, it will cost even more to own a TSX vs a Leaf.