Featured From Ars Technica today: Owning an electric car really does save money, Consumer Reports finds

And the longer you keep the car, the more you save.

Like so many things in life, it takes that initial investment.

So the interesting question is if you took the dollar amount between the BEV and the ICE and invested it over a certain time frame, would you come out ahead?

By the time I'd break even, I'd be bored with the car and ready to buy the new shiny thing.

For a medium length car owner, the Hybrid or Plug-in Hybrid is the best.

 

So what is a medium length car owner...about 5 foot 7 inches to 5 foot 10 inches?

 

Why prolong that fantasy?

What does it look like when you compare that against the Camry + $21k invested vs. buying an easier-to-source $46k EV?

Or what about somebody who is already saving 30-50% on maintenance costs through DIY?

I can't say they're putting lipstick on a pig- this is genuinely better than that. But the savings and value proposition is definitely on the thin side for now.

 

A new car is kept for an average of 8.4 years.
https://www.iseecars.com/how-long-people-keep-cars-study

 

Tesla Model 3 vs. Toyota Camry — 5 Year Cost of Ownership Comparisons

This is very close to what you asked.
Assumptions and methodology are fully listed out so you can make adjustments if you like.
The electricity price may be low, or the gas high. In our case the electricity is a lot cheaper and the gas is a bit cheaper (at the moment).

 

Well, as you said, the assumption $3.10/gal for gas and $0.13/kWh for electricity already favors BEV. I am sure if the assumption is $2.00/gal and $0.21/kWh as they have been over three years in our area, the number would not be as favorable for M3 as the article portrays. As long as the electricity rate is higher than gas cost as in most of the NE region, BEV will always cost more to operate than PHEV or regular Hybrid with super-efficient gas mileage. Now, if comparing to a regular gas engine car with gas mileage less than 20mpg, then maybe, even at our high electricity cost, BEV may have an edge. But that would be comparing an apple to an orange.

As for the maintenance cost, I don't know how M3 service is provided. But if the car has to be taken to a shop to be serviced, then not having any servicing shop within 250 miles radius has to be taken into the cost consideration for my case. At least Toyota cars can be serviced at any local garage and the nearest dealer is within 50 miles and 2 years of maintenance is free by Toyota Care.

 

Near as i can tell, that whole thing is swinging from the hope that the Model 3 will retain very high resale value as it ages. I recognize that this is within the realm of possibility, but that's a heck of a big bet in this economy, and I believe the estimation presented as a "result" there is overly optimistic on this point.

Personally, I assume that Tesla (and others) will inevitably come out with something better which will induce significant depreciation on the existing fleet, the overall economy won't get better for a while, and there's a long history of all used car prices dropping to a similar 'floor' regardless of MSRP.

The high fuel prices and low electric prices listed cheat it further, and it doesn't look like insurance was factored in at all- more expensive cars usually mean higher premiums.

@Salamander_King raises an excellent point re: service. Who pays for 500 miles roundtrip towing for service on an 8.3 year old car? (number influenced by @Trollbait's post above)

Also just an aside... that guy is really paying 3.75% on an auto loan? for 5 years?
Personally if I can't get it under 2.5% AND ≤48 months I declare it unaffordable and move on.

 

nor does it portray our 8kW solar roof (fully amortized for several years now - nor does it portray other's rooftop solar). That makes our comparison of $2.00/gal versus $0.00/kWh pretty tempting for cost analysis and a slam dunk for EV's - as you can't put your excess electrons in a gas burner.

Carry that out further ... folks in our portrayal don't have to earn an extra 20% - 35% (state/fed income tax) just to have money left over, so we can toss it down the gas tank hole. The savings just keep adding up.

.

 

Yeah, I am planning to put 10kW solar on our roof soon, which should reduce our high electric rate from the utility. But in our climate, the break-even time is close to 15 years. There are no free electrons for us.

 

The cars of the Model 3's performance levels in its market segment aren't getting under 20mpg, but many do use premium gas, and they all cost a lot more than a Camry.

 

If you buy a CPO Mirai with 15k miles of free fuel, it’s a no brainer. Nothing will cost less.

 

Only if there is any hydrogen fuel station near you... Big IF.

 

too many variables. who buys a bev to save money? the same person who buys a prius to save money

 

Plenty in OC and LA.

 

But... but this time it's different, right?

....Right?

 

But how many in Maine for @Salamander_King to use?
How Mirai have been sold to the interior of California?