Motor Trend article on EV vs ICE cost of ownership

[xnuywkr]

I thought this was a good summary of the various costs associated with EV vs ICE ownership (Using a Kia EV9 vs a Telluride). Where EVs end up costing significantly more is the cost of the vehicle as well as insurance. Maintenance and energy costs are less in the EV. It seems like a more objective assessment but doesn’t compare lease rates.

https://www.motortrend.com/reviews/... Our Kia EV9 Actually Cheaper Than a Gas SUV?

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[VandalSibs]

It's tough to compare insurance rates even when not factoring ICE vs EV, just due to how personalized they can be person to person.

All of my EVs have had reasonable rates to insure, most likely due to the driving history and habits my wife and I have.

 

[bc81620]

Interesting article that attempts a 1:1 comparison. I think there are non-tangibles that are not included in this calculation though. Time/energy/mileage to fill a vehicle with gas is not taken into consideration, which for some can add up versus just plugging the vehicle in at home at night. (one example)

There is fact here in the cost of an EV being prohibitive for many and it actually being higher than an ICE at times.

The gap is closing and will likely close even further, in my prediction, with the expiration of the $7,500 fed tax incentive. I think we are already seeing that with Hyundai being one of the firsts to slash their prices up to $10,000 on the Ioniq 5.

I am coming from a Ford F150 that I had to get an oil change on every 5k (I maybe changed the oil more than absolutely necessary, but still). For me this meant a 45min drive to the dealer, 45min drive home, waiting there for at least an hour, and the cost of gas for a long drive. My point being, I think the calculation here in this article on maintenance could be rather conservative.

Thanks for sharing!

 

[Ecupip]

I couldn't imagine spending $ 10,000 in five years on electricity.

 

[mkg3]

I couldn't imagine spending $ 10,000 in five years on electricity.

Just to put it in context, $10k in 5 yrs is $2K/yr, or $38/wk.

If one didn't have home charging I can easily see spending ~$40/wk charging the vehicle.

 

[iansriv]

After reading this, I regret purchasing an EV (j/k). I can't remember the last time I paid $200 for annual service on an ice car. My understanding was that EVs have fewer moving parts and thus less maintenance cost over the life of the car. 90% of my driving is in the city. If I did a lot of cross-country driving, I can see how the petrol vs electricity cost would be very similar. My other car costs about $500 in fuel cost/month. The Rivian costs almost nothing due to solar at my house and free charging at the office.

 

[Eeyore]

They also include financing cost as a factor. What if you didn't finance?

 

[lefkonj]

Comparing the insurance cost of a 48k vehicle to a 72k vehicle isn't right.

When I went from my Audi A7 to my R1S (similar costs at the time) it was a $200 a year savings. So I don't see that as a reasonable comparison.

Taxes are also impacted because of the delta in list price not to mention interest payments. What a crap article.

How about do the same thing with an Audi Q7 or a BMW X5, that is more in line. Not just because they are from the same company. Hey is it more expensive to own a Boxster or a 911-turbo?

 

[Donald Stanfield]

I didn't spend 114K on my R1S to save money.

 

[savethemanual]

I didn't spend 114K on my R1S to save money.

That's awesome! But the masses do not spend that kind of $ on a vehicle and most need to budget very carefully on a major purchase like this....it's nice to break down the numbers sometimes. Now if they would break down the numbers of damage done in the world from all aspects of combustion vs electrification...Health, Environmental, Social and so forth. EV's are simply a better vehicle to drive IMO but I'll spend more knowing I'm not doing as much damage to the world.

 

[Cascadian]

Charging cost seems high

Can’t verify math

 

[majorfriend]

Charging cost seems high

Can’t verify math

Ya, they say $0.13 mile....
Our EV9 has averaged 3.09mi/kWh over the last year, assuming they had similar efficiency - that would work out to $0.41/kWh. I'm not sure how they got to that number but something seems off.

They say home charging for them was $0.17/kWh, and they had road trips with fast charging between $0.5-$0.7 (which....also seem very high?). They mention about 2000 miles of the 15,000 was road trips - so about 13% DC charging. With an 87/13 mix their average charge cost should have come in closer to $0.226/kWh or about $0.07/mile.

I think they nearly doubled their charging cost.

 

[SANZC02]

Charging cost seems high

Can’t verify math

at 10k it might be high, not sure how many miles and what average miles per kWh are for their vehicle (full disclosure I did not read the article).

I have a 2016 Models S, it averages 3.2 miles per kWh. I have free Supercharhing so I do not pay but do SC over 90% of the time. A quick search says Tesla SC average per kWh is 25-35 cents per kWh. I have 109k on my Tesla in 9 years. If I paid an average of 30 cents per kWh it would have cost me $10,216 over 9 years.

 

[Dasoss]

They also include financing cost as a factor. What if you didn't finance?

If you didn't finance you have to figure in the income you lost by not investing the money you spent on the car. Economists call this alternative use cost. Many people don't understand this, but it is a very real cost. It is related to a concept called time value of money (TVM).

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