Just running the numbers to go with ICE.....EV still is equal or wins.

Nklem

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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).
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Ming

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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.
just want to point out the credit has nothing to do with your withholdings. you need tax liability to be $7500 or more to get the full credit (i.e., not refundable).
 

voxel

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Yikes.. had no idea Maine gas prices were so high ($3.75 here).

Resale, reliability, total cost of ownership, and initial value.. I think the Ioniq 5 Limited AWD wins.

But as an electric MINI owner... they are a blast to drive. The Ioniq 5 drives like a floaty boat (but fast). I might as well buy a Camry.

Seriously... if you want the lowest long term cost of ownership... buy a Toyota :)
 
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Nklem

Nklem

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just want to point out the credit has nothing to do with your withholdings. you need tax liability to be $7500 or more to get the full credit (i.e., not refundable).
I know but last year I got $15k back and a big smile. It does effect your refund….if you have the tax liability and proper withholdings balance.
 
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JamieGeek

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That is an apples to oranges comparison.

You should figure the Ioniq/Mach-E vs a comparable CUV (Escape, Trailblazer, etc.).

Sure that may not be the decision you're trying to make but it is a far more fair comparison.
 


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Nklem

Nklem

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Yikes.. had no idea Maine gas prices were so high ($3.75 here).

Resale, reliability, total cost of ownership, and initial value.. I think the Ioniq 5 Limited AWD wins.

But as an electric MINI owner... they are a blast to drive. The Ioniq 5 drives like a floaty boat (but fast). I might as well buy a Camry.

Seriously... if you want the lowest long term cost of ownership... buy a Toyota :)
That is an apples to oranges comparison.

You should figure the Ioniq/Mach-E vs a comparable CUV (Escape, Trailblazer, etc.).

Sure that may not be the decision you're trying to make but it is a far more fair comparison.
I hear you but they are similar in cost or more as well.

An ICE escape titanium is $37305, a Chevrolet blazer is $41,695. And fuel economy is terrible on the blazer. So all pretty close. Actually fully optioned both of these can approach $50K. I was comparing what the Mrs wanted......
 

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Cars are emotional purchases and buying a MINI is like joining a cult. Owners are obsessed with theirs.



Not sure why your wife wants one... they are perfect for city driving but larger trucks and vans will NOT respect your space and treat you like you don't exist.

Honestly.. if you solely are focused on financial aspects and want an EV... then there is only two answers.. a Bolt EUV or a Tesla Model 3/Y (NOT a S nor X). The Bolt is insanely cheap with the $6300 rebate and Teslas are just like Toyotas at this point. Boring cars with proven drivetrains. Resale will continue to be high.
 
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$607 vs. $577? This is a no-brainer. Buy the Mini (cheerfully) and make your wife happy. Domestic harmony is an intangible that must be factored in.
 

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Looks like the free 1,250 miles worth of charging at work is the difference. That's about $1k saved per year.
 

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Or, if possible, wait for the 2024 mini cooper s with the bigger battery. Both a mini and an efficient EV with decent range. Problem solved. Not sure how the new tax credit thing will play out though. I am really looking forward to that car, I hope it still has the nimble handling of the ICE version.
 

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Domestic bliss dictated my wife got the MachE and I had to order my own. Get her the Mini.
 

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I know but last year I got $15k back and a big smile. It does effect your refund….if you have the tax liability and proper withholdings balance.
I get a similar smile from setting my withholdings so I am borrowing, rather than lending, money at 0% interest for several months. ;)
 

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I get a similar smile from setting my withholdings so I am borrowing, rather than lending, money at 0% interest for several months. ;)
This ^^^

If you know you qualify for the tax credit, change your withholdings so that instead of a refund, you net zero, or owe (as long as you pay enough to not incur a penalty).
 

dmastro

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Have you compared insurance for the two cars? I imagine the Ioniq will be significantly more expensive than the Mini.

Nonetheless, it still shows that fuel savings over time add up when comparing EV vs ICE.

Bottom line, get your wife what she really wants and you'll make the best choice.
 
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Nklem

Nklem

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I get a similar smile from setting my withholdings so I am borrowing, rather than lending, money at 0% interest for several months. ;)
Yup. Definitely two trains of thought there. I was on my way to Owe them $6k next year. I just hate paying that check to the IRS… The tax code has changed so much as well. No itemization, my little one turns 17 this year so there goes 1/2 of that, my sons out of college, just painful. But I may make some withholdings changes if we go this route, I do not need the $7500, but it’s a nice to have…. Even to offset paying.


the Hyundai dealer is having trouble getting a VIN on a car that’s still on the boat, so it may not work out….it’s got to be “contracted” before the shaky hand signs the bill into law and delivered by 12/31/22. So the mini may be the way.

of course 80k IRS agents are going to be out for blood from us EV buyers too…..lol.
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