Interesting, Eye-Opening...or maybe not.

[EV_Pilot]

Now, most people look at the payback in years. In my thinking that's the wrong way to look at it. Let me explain...

My electric bill averaged $308 per month. If I eliminate that $308 per month that's an annual savings of $3,696. If you look at the payback in years it would be seven years. However, I look at it as an investment. I invest $25,900 and get back $3,696 per year. That's a whopping 13.3% return per year. Show me any SAFE investment that returns 13.3% year and I'll jump at it. In fact, I'd put all of my savings and retirement money into that kind of investment. On top of that electric prices go up over time, never down, so I save MORE as time marches on. It's a no brainer.

I like your logic at first glance. And it is a novel way to think about the purchase. However, it's not quite the same math as an investment like bonds or real estate. You can't get your principal back out of this like other investments. I mean if your option was to take your money and invest in something where you just took the dividends and left the principal amount to your next of kin, then yeah it's a fair comparison. Again, it's an interesting way to think about it, but others should be aware the math isn't quite as simple as you present. And still worth doing for reasons beyond cash flow.

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[Chuck]

I like your logic at first glance. And it is a novel way to think about the purchase. However, it's not quite the same math as an investment like bonds or real estate. You can't get your principal back out of this like other investments. I mean if your option was to take your money and invest in something where you just took the dividends and left the principal amount to your next of kin, then yeah it's a fair comparison. Again, it's an interesting way to think about it, but others should be aware the math isn't quite as simple as you present. And still worth doing for reasons beyond cash flow.

In my area it's pretty clear that the principal is returned when the house is sold. Solar panels increase the value of the house. But, I agree with you, I can't sell the solar panels today if I'm strapped for cash. My goal was to eliminate a recurring cost. I have no debt and no liabilities other than utilities and eliminating as many of them as I can is my current goal.

 

[sotek2345]

I do the same math all the time. My truck (and car) only get about 15mpg, so the savings is BIG!

I am very impressed that you got 3.7 on a (short) road trip. Best we have ever seen is around 2.4.

 

[Fordmaybe]

5-6+$$ a gal.

crazy times

 

[fpasta]

crazy times

Passed by the Shell gas station one city over where I live and the first time I seen a $7.XX a gal price. Unbelievable. It was for their highest octane. I'm in CA BTW. I ordered this EV in October and picked up it up Apr 30. My last full tank on my ICE CUV was that day and was still in the mid $4.

Right timing. I just hope this EV does it brick on me ?

 

[ToadStool]

I just got back from a short trip of 96 miles. It was primarily interstate driving going 70mph using Blue Cruise. I averaged 3.7 miles per kwh. It got me thinking about what this trip will cost compared to what it would cost in my 2021 F150 Lariat Powerboost.

At 3.7miles per kwh the math suggests I used 25.95 kw to make the trip. I charge at home off peak hours for $0.11 per kwh. This trip would cost $2.85 in the Mach.

My F150 is an awesome truck, the best I've owned. In similar trips I've gotten 24 mpg's, sometimes better. If I average 24mpg's for 96 miles, that would take 4 gallons of gas for the round trip. Fuel here is around $4.69 per gallon. The trip would cost $18.76 in the F150.

So, if my math is correct, the Mach costs $2.85 and the F150 costs $18.76 for the trip. That's a huge difference. I realize if I take an extended road trip and have to use public charging at the typical $0.43 per kwh it would cost more. This particular trip would cost $11.15 which is still a considerable difference. I'm sure this nothing new to most of you but today was the first time I gave it any thought.

Makes sense to me. However, thee's also the premium one pays for perhaps most any EV at time of purchase. Near as I can the typical premium ranges from say $10k - $15k and if you finance, then there perhaps another $800 interest over the live of that loan.

Then there's the Fed and potentially State tax rebates totaling rougly to $10k. Then there's roughly an additional $5k - $8k of savings over the life of an ICE vehicle in the way of monies saved from oil changes, tune-ups, engine/transmission repairs, etc. But for any new vehicle, especially a performance type, there's usually additional insurance for the EV.

So in the end it's really a bit of a wash. Even with the higher gas prices. Near as I can tell.

Is your math correct? Perhaps but I'd venture to say it's not quite complete. And all this is assuming you're not just charing up via DC fast charging prices.

IMO, the only real difference between an EV and ICE is we're able to drive right by the gas and repair stations. That is if our EV's don't run thru a brick wall, catch fire, blow up, or brick.

 

[ScottR]

Makes sense to me. However, thee's also the premium one pays for perhaps most any EV at time of purchase. Near as I can the typical premium ranges from say $10k - $15k and if you finance, then there perhaps another $800 interest over the live of that loan.

Then there's the Fed and potentially State tax rebates totaling rougly to $10k. Then there's roughly an additional $5k - $8k of savings over the life of an ICE vehicle in the way of monies saved from oil changes, tune-ups, engine/transmission repairs, etc. But for any new vehicle, especially a performance type, there's usually additional insurance for the EV.

So in the end it's really a bit of a wash. Even with the higher gas prices. Near as I can tell.

Is your math correct? Perhaps but I'd venture to say it's not quite complete. And all this is assuming you're not just charing up via DC fast charging prices.

IMO, the only real difference between an EV and ICE is we're able to drive right by the gas and repair stations. That is if our EV's don't run thru a brick wall, catch fire, blow up, or brick.

I got my Mach about 10 months after I ordered it. In that time I was able to save enough to buy it outright with no financing. Shockingly and a bit unexpectedly, I paid well under MSRP. So far I've never charged at a DC fast charger, I've only charged at home during off peak hours. I didn't buy the car because of gas prices, I bought it because I dig EV's and in particular, this EV. I'm sure the math is a bit off, some factors can't be easily calculated. That said, my figures are close enough.

 

[JohnFoxeSheets]

Passed by the Shell gas station one city over where I live and the first time I seen a $7.XX a gal price. Unbelievable. It was for their highest octane. I'm in CA BTW. I ordered this EV in October and picked up it up Apr 30. My last full tank on my ICE CUV was that day and was still in the mid $4.

Right timing. I just hope this EV does it brick on me ?

Last week in San Francisco... (This is a station right at a freeway exit heading. It is about $0.50 - $0.75 higher than the average here, but still)

 

[Ming]

My SR RWD MME only gave me 3.1 miles/kW on yesterday's trip (150 miles) @ mostly 70 mph.
3.7 must be either due to some tail wind or downhills?

 

[gpgrim]

My SR RWD MME only gave me 3.1 miles/kW on yesterday's trip (150 miles) @ mostly 70 mph.
3.7 must be either due to some tail wind or downhills?

3.7 mi/kwh seems suspiciously high. I admit to lead footing onto Bay Area freeways and driving at 75-80 when there, but I spend the vast majority of my miles at ~50 mph on country roads and my beast has averaged 2.8 mi/kwh over about 7500 miles of this kind of driving. Prolly could get it to 3.0 if I took a more zen approach to the merge, but 3.7 is out of the question.

 

[ScottR]

The trip I took was pretty flat and it was not a windy day. I'm just going by what the car says which was 3.7 miles per kwh. I've taken other trips of similar to slightly more distance traveling 70mph and seem to always be between 3.3-3.7 miles per kwh. I'm not heavy footed at all and don't run the AC very high. I'm taking a longer trip to SC next week and will report back.

 

[Creaky]

We pay $10.72+ per gallon here in the Netherlands... ?

 

[Fordmaybe]

We pay $10.72+ per gallon here in the Netherlands... ?

That’s just crazier than CA

 

[fpasta]

Last week in San Francisco... (This is a station right at a freeway exit heading. It is about $0.50 - $0.75 higher than the average here, but still)

I know that one, Bryant and Seventh St. Exit By SFPD. Wow.

 

[Peaceowl]

Creaky, that’s severe gouging of the public! Although from what my friend in England tells me, it’s been over $7 gal. for years, and that’s why they drive small economy cars. I quit whining a few years back, not wanting to be a wussy American

adding, my solar saves me roughly $580 a month, so it pays for my e-car pmt.
simple. If you can get solar and its sunny enough where you live, it will easily pay for itself. In agreement with posts above. Our solar came with the house, a positive investment.

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