I haven’t purchased an EV because they’re more expensive than an equivalent ICE vehicle. My current vehicle cost me $2,500 USD. My hope is that the used EV market continues to expand while economies of scale push prices down.
Depending on how much you drive and how expensive your local energy bill is, the economics can work out better than you think.
I usually charge at home, and my equivilant cost per gallon (assuming 25mpg) is about $0.50/gallon.
If I drive 1000 miles per month, that’s about $140/month I’m saving. If gas prices increase to $6/gallon, which I’m sure they will eventually, that’s $220/month.
It doesn’t justify a new Tesla, but used ones are getting cheaper finally.
$140 a month is well below the reported average EV loan payment. And to make up a $10k price difference you’d need no payment, no repairs, and about 70 months to just break even.
Arguing for EVs based on economics isn’t the best argument to make. They are more enjoyable, they pollute less if they’re used for 10 years, mining and recycling lithium is vastly superior to drilling, refining, and burning petroleum, charging at home over night is a massive benefit. But the economics aren’t there yet.
I wasn’t saying it is, but it can make a difference.
If you’re in the price point anyway, I think an EV is a no brainer. Why get a $50k BMW over a $50k EV? If you’re shopping for a $15k or less car, then yeah, it’s not easy to justify.
But used Model 3’s are going for $30k now, and you can get a $4k tax credit on top of that. Saving an additional $140/mo makes it competitive with a lot of mid priced cars.
Lol I will not purchase a Tesla out of principle. I get your point though. It feels like we have some ways to go before the used EV market is actually competitive, but I am hopeful for the future.
