Nklem
Well-Known Member
- First Name
- Norm
- Joined
- May 20, 2021
- Threads
- 105
- Messages
- 1,318
- Reaction score
- 1,688
- Location
- Coast of Maine
- Vehicles
- Subaru Solterra
- Occupation
- Mechanical Engineer
- Thread starter
- #1
I was shopping for a second car. Now, I have excluded insurance and excise tax which could be significant but that's the cost of driving a nicer car in my opinion.
Also, to be fair, I get free charging at work so my numbers may be slightly different that yours but it negates the power cost issue in Maine at $0.20/kwh. I assumed gas at $5/gallon.
This includes financing at 3% (my current CU rate) and $10K down. $7500 federal rebate on the EV. I spread the Rebate over the time of the loan. For this exercise I assumed 15K miles per year and 7 year financing ( I know there will be many comments on that but I always do that and pay them off early in 4-6 years).
Anyway my wife wants a 2023 Mini Clubman front wheel drive, $39,035 (28 Average MPG) with tax compared with a 2023 Hyundai Ioniq 5 limited $56,755 sticker, $60,404 (I can contract this this week and still get the full grandfathered $7500, but this week only before the shaking Pen signs the bill), this would work with another MME too.
I also restructured my withholdings for a net zero due for my 2022 taxes, so I will get the entire $7500 back as a refund.
Payment Ioniq 5, $50,404 Net Loan, $666 per month
Federal Tax Credit $-89 per month
Net Ioniq 5 per month $577
Payment Mini, $29035 Net Loan, $384 per month
Gas cost of Mini, $223 per month
Net Mini per month, $607
I still have $30 left per month for electricity, which would equate to 465 miles per month of added EV driving while charging at home (if I had to). I also get a fully loaded and optioned AWD Ioniq 5 vs a base Mini Countryman front wheel drive.
Its a no brainer! Now to convince the wife......but she always wins.....
(I also note I did not include Tires, Oil Changes, Brakes etc. I do this myself so in my Opinion it's a minimal difference).
Also, to be fair, I get free charging at work so my numbers may be slightly different that yours but it negates the power cost issue in Maine at $0.20/kwh. I assumed gas at $5/gallon.
This includes financing at 3% (my current CU rate) and $10K down. $7500 federal rebate on the EV. I spread the Rebate over the time of the loan. For this exercise I assumed 15K miles per year and 7 year financing ( I know there will be many comments on that but I always do that and pay them off early in 4-6 years).
Anyway my wife wants a 2023 Mini Clubman front wheel drive, $39,035 (28 Average MPG) with tax compared with a 2023 Hyundai Ioniq 5 limited $56,755 sticker, $60,404 (I can contract this this week and still get the full grandfathered $7500, but this week only before the shaking Pen signs the bill), this would work with another MME too.
I also restructured my withholdings for a net zero due for my 2022 taxes, so I will get the entire $7500 back as a refund.
Payment Ioniq 5, $50,404 Net Loan, $666 per month
Federal Tax Credit $-89 per month
Net Ioniq 5 per month $577
Payment Mini, $29035 Net Loan, $384 per month
Gas cost of Mini, $223 per month
Net Mini per month, $607
I still have $30 left per month for electricity, which would equate to 465 miles per month of added EV driving while charging at home (if I had to). I also get a fully loaded and optioned AWD Ioniq 5 vs a base Mini Countryman front wheel drive.
Its a no brainer! Now to convince the wife......but she always wins.....
(I also note I did not include Tires, Oil Changes, Brakes etc. I do this myself so in my Opinion it's a minimal difference).
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