How much are you really saving

[RickMachE]

To me the whole discussion is silly. Sure, if you're going to buy a new vehicle, then comparing the cost of an ICE vs. the cost of a hybrid vs. the cost of a PHEV vs. the cost of an EV makes sense, and the cost of the electricity comes into that calculation. As does the cost to acquire a charger.

How much you drive, whether you charge at home or at work, etc. then comes into play.

But, to buy a $60,000 EV to "save money" over an existing vehicle is just silly. Almost never does it make financial sense to buy a new car over an existing vehicle. Further, if buying, almost never does it make sense to buy a new car over buying a used vehicle, looking at things from a purely economic sense.

I have never purchased a used vehicle in my 40+ years of driving, only new. If I wanted an EV to "save money", then something like a Prius would have been on my list. But I wanted a vehicle that was FUN to drive.

With my Mach-E in the shop getting updated / broken, I have the option to drive my F-150. Locally, maybe 17mpg on a good day. Gas is $3.69 a gallon. Driving 20 miles in my truck will cost $4.34. Driving 20 miles in my Mach-E costs about $0.80. Yes, I'm saving money. But I'm paying $1,192 a month for 48 months, and my F-150 was paid off many, many years ago.

Sponsored

 

[Chuck]

I oversized my solar when I had it installed in anticipation of the day I'd run an EV off it. That day is almost here, so $5+ gas & oil changes will go bye bye.

That's not possible where I live. SoCal Edison won't let the solar array be connected to the grid if it will produce more than the previous 12 month's average consumption. However, if you're off the grid it makes perfect sense.

 

[Kennykustom]

To me the whole discussion is silly. Sure, if you're going to buy a new vehicle, then comparing the cost of an ICE vs. the cost of a hybrid vs. the cost of a PHEV vs. the cost of an EV makes sense, and the cost of the electricity comes into that calculation. As does the cost to acquire a charger.

Not really... My Gladiator was close to the same price as the mach e.
The Jeep got 15mpg.
Close to the same range too.
8 bucks to do 400ish km in the mach e
130 to do the same in the jeep.
Looks good to me !

 

[Rt1AWD]

To me the whole discussion is silly. Sure, if you're going to buy a new vehicle, then comparing the cost of an ICE vs. the cost of a hybrid vs. the cost of a PHEV vs. the cost of an EV makes sense, and the cost of the electricity comes into that calculation. As does the cost to acquire a charger.

How much you drive, whether you charge at home or at work, etc. then comes into play.

But, to buy a $60,000 EV to "save money" over an existing vehicle is just silly. Almost never does it make financial sense to buy a new car over an existing vehicle. Further, if buying, almost never does it make sense to buy a new car over buying a used vehicle, looking at things from a purely economic sense.

I have neve purchased a used vehicle in my 40+ years of driving, only new. If I wanted an EV to "save money", then something like a Prius would have been on my list. But I wanted a vehicle that was FUN to drive.

With my Mach-E in the shop getting updated / broken, I have the option to drive my F-150. Locally, maybe 17mpg on a good day. Gas is $3.69 a gallon. Driving 20 miles in my truck will cost $4.34. Driving 20 miles in my Mach-E costs about $0.80. Yes, I'm saving money. But I'm paying $1,192 a month for 48 months, and my F-150 was paid off many, many years ago.

I had Nissan Leaf specifically for saving money. But I could use it only for daily commute. I used an old gasoline car for long commutes.

MME is both - daily and long commute car so you do save many by not having to purchase or rent a car for long commutes.

 

[RickMachE]

I had Nissan Leaf specifically for saving money. But I could use it only for daily commute. I used an old gasoline car for long commutes.

MME is both - daily and long commute car so you do save many by not having to purchase or rent a car for long commutes.

Ok, but...

Nissan Leaf plus old gasoline car <> $55,000+ MachE

 

[Jim Guthry]

Electricity is about 1/4 the cost vs gas for me.

Not to mention the handful of times I've pulled up to an EA charger on a road trip and it was free (also free charging on earth day in 2 days!). I've literally never in my life had free gas lol

 

[gordonf238]

So I have con Ed. Ny westchester. Horrible. Anyway how much are you really saving. I drive like 240 miles a week. My current car gets like 17 per gallon. Off peak charging should be good.

I live in Westchester County too. ConEd does not have off-peak pricing here. I pay about 25c/kWh. To fully charge my Mach-E from 0% to 100% would run you about $25 in electricity cost, which yields about 250 miles of range. That's about 10.5c/mile. If you compare that to a car of similar size, getting about 25mpg at a cost of $4/gallon, that translates to about 16c/mile.

Assuming you drive 15,000 miles a year, you're spending about $1575/yr in electricity. If driving an ICE car with the aforementioned criteria, 15,000 miles/year would run you about $2,400 in gas. In short, you're saving about $800/yr.

This doesn't take into account the lack of oil changes, fluid changes, and a longer brake pad life.

Sadly, you pay about $500/yr more in insurance for an EV car, so how much are you really saving?

Not much.

Mind you, this whole equation doesn't take into account the simple fact that a comparable ICE vehicle like the Mach-E, with options and trim, would probably run you $10,000 less vs. an EV version.

In short, unless you live in an area with really cheap electricity prices, you're not saving. You're probably spending. We only acquired ours because of the $8000 in state and federal credits. Without those, I wouldn't even consider it.

 

[RickMachE]

It appears that ConEd MAY have options.

1) Residential Time-of-Use rates with NO RISK.

2) Second meter for EV only. This allows you to use off-peak rates for charging.

https://www.coned.com/en/our-energy...hicle-drivers/electric-vehicles-and-your-bill

They also seem to have an award system.

 

[Deleted member 9368]

I live in Westchester County too. ConEd does not have off-peak pricing here. I pay about 25c/kWh. To fully charge my Mach-E from 0% to 100% would run you about $25 in electricity cost, which yields about 250 miles of range. That's about 10.5c/mile. If you compare that to a car of similar size, getting about 25mpg at a cost of $4/gallon, that translates to about 16c/mile.

Assuming you drive 15,000 miles a year, you're spending about $1575/yr in electricity. If driving an ICE car with the aforementioned criteria, 15,000 miles/year would run you about $2,400 in gas. In short, you're saving about $800/yr.

This doesn't take into account the lack of oil changes, fluid changes, and a longer brake pad life.

Sadly, you pay about $500/yr more in insurance for an EV car, so how much are you really saving?

Not much.

Mind you, this whole equation doesn't take into account the simple fact that a comparable ICE vehicle like the Mach-E, with options and trim, would probably run you $10,000 less vs. an EV version.

In short, unless you live in an area with really cheap electricity prices, you're not saving. You're probably spending. We only acquired ours because of the $8000 in state and federal credits. Without those, I wouldn't even consider it.

What you said. In retrospect and if I could time travel, I would probably have bought my Honda Prelude Hybrid out and stuck with the near 50 mpg HWY and call it a day. The price of vehicles in general (beginning with EV's) today, public charging stations gouge at 3 times residential rates, limited range, charging times, home investment for 50 amp charging, ...just don't make a compelling argument to go EVs. I do like driving my Mach-E base AWD. But, it is used for hopping around locally. It is not factored for my vacation planning (1100 mile drive) as I don't have the patience. It should be about 10k cheaper even after the fed tax credit. It will get there..but not today..

 

[Rt1AWD]

Ok, but...

Nissan Leaf plus old gasoline car <> $55,000+ MachE

When you upgrade your old car you also have ......

old car <> new car

MME is basically all in one - an upgrade of old gasoline car and fuel expenses savor

 

[Ming]

When you upgrade your old car you also have ......

old car <> new car

MME is basically all in one - an upgrade of old gasoline car and fuel expenses savor

when you shop for the MME, it's more reasonable to compare to other options, say an ICE midsize SUV.

in my situation, if I compare MME to Lexus RX350, I probably save $1500 a year on energy cost, maybe $300 on maintenance.
if I compare to a PHEV such as RAV4 prime, likely not much difference as daily driving on RAV4 would be also pure electrical, and maintenance likely also low since the engine doesn't get run often.

 

[ChuckA]

What you said. In retrospect and if I could time travel, I would probably have bought my Honda Prelude Hybrid out and stuck with the near 50 mpg HWY and call it a day. The price of vehicles in general (beginning with EV's) today, public charging stations gouge at 3 times residential rates, limited range, charging times, home investment for 50 amp charging, ...just don't make a compelling argument to go EVs. I do like driving my Mach-E base AWD. But, it is used for hopping around locally. It is not factored for my vacation planning (1100 mile drive) as I don't have the patience. It should be about 10k cheaper even after the fed tax credit. It will get there..but not today..

I live in CT and my favorite vacation spot is Newport RI. There is no charging infrastructure on that route yet. Unfortunately, I had to take my Accord Hybrid in 2 trips. Yes, it was 48 mpg.
I bought the MME to get off fossil fuels, not to save money. Plus, I got rid of a ‘12 Kia Sorento and it was time to upgrade. Plus, I wanted it.

 

[Rt1AWD]

when you shop for the MME, it's more reasonable to compare to other options, say an ICE midsize SUV.

in my situation, if I compare MME to Lexus RX350, I probably save $1500 a year on energy cost, maybe $300 on maintenance.
if I compare to a PHEV such as RAV4 prime, likely not much difference as daily driving on RAV4 would be also pure electrical, and maintenance likely also low since the engine doesn't get run often.

RAV4 doesn't have BC and 300 mile rang.

 

[ChuckA]

RAV4 doesn't have BC and 300 mile rang.

My ‘17 Honda Accord Hybrid has a 650 mile range. On the east coast BC is useless. I have 21G01 available which I’m not activating. It’s all about range anxiety and preferences.

 

[Killerzees]

My electricity is free.
I pay about 3.95 for gas, get 22 mpg and drive 105 miles per day round trip commute. Assuming I don't drive anywhere else that's $3400. Per year.

Sponsored