February 24, 2015

Are EVs affordable?

Yes.  In fact, they're the cheapest cars on the road even without tax credits.  With tax credits, they're insanely cheap.  Let's see.  The average car costs about 58 cents per mile to drive.

IRS Average New Car Cost per mile: 57.5 cents per mile.

The Leaf, without tax credit, is the cheapest car you can find to own and operate:

Total Cash Price $25,327
5 Year True Cost to Own: 28,079
Cost per mile: 37.4 cents per mile.

A typical small car like the Honda Civic Sedan is more expensive:

Total Cash Price $21,644
5 Year True Cost to Own: 36,154
Cost per mile: 48.2 cents per mile.

And a Chevy Volt, a car without any compromise because it can run on gas, is less expensive than the average car even without the tax credit:

Total Cash Price $31,500
5 Year True Cost to Own: 40,129
Cost per mile: 53.5 cents per mile.
http://www.edmunds.com/tco.html 1/27/15

If we subtract just the Federal credit of $7,500 (and several states have credits as well), that subtracts 10 cents per mile. The Leaf costs less than half of the average car, and the Volt is substantially less expensive than the Civic. 

And, you very rarely go to the gas station, and it's much more fun to drive!

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