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How to: Work out the finances of running an EV compared to an ICE
#1
So Folks,

While EVs are gaining in popularity there is still a compromise.

Have an Volters put together a spreadsheet to see the finances involved in turning to an EV?

Have the results surprised you?

What elements did you factor in?
Charging for free vs Charging for fee?
Vehicle excise duty, Congestion charge?



It would be great to see how people came into EV ownership
 
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#2
Interesting qu. I imagine there's lots of people out there hoarding info on spreadsheets regarding their energy use and associated costs. I think invariably there will be significant savings made when compared to petrol and diesel cars as there's less maintenance costs associated with EVs, zero tax and so on. However, total cost of ownership over a number of years is the best way to get the most out of the car. People selling a newly bought EV after three years are unlikely to recoup the savings in fuel after that time compared to the premium they've paid over a comparative petrol or diesel car.
 
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#3
I have done a relatively simple calculation, comparing the yearly overall cost of 1) our current car, 2 ) a leaf and our current car 3) just a leaf.

Now looking at this i can see there is not real financial gain, unless I switch to just a leaf.

So now I need to look at a tesla, no saving there either!
 
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#4
I completely understand where you're coming from. A one-car-fits all solution is the ideal and best way to save costs. However, a one car solution isn't necessarily a simple task any longer, as most EVs still have relatively short range, like the Leaf.

Alternatives are modding an EV to have a better range, e.g. stuff two batteries into one EV - like some Spanish engineers did with a 24kWh Leaf, converting it to be a 48kWh Leaf or simply buy a Tesla.

With Ecotricity's Electric Highway now costing £6 per charge, I'm sad to say that financially speaking Tesla are making more sense and other EVs now make less sense - if only looking at financials. EVs are still cheaper to run overall, as you say, but if you can't afford to keep a long-range petrol/diesel car on the driveway, it does perhaps make more sense to hold off for now until longer range EVs are more commonplace.

With the introduction of Tesla's Model 3, the next gen Nissan Leaf and Chevy Bolt (all likely to offer 200+ mile range) I think that will be the time when people begin ditching the idea of EVs as second cars and instead make the switch once and for all, replacing their aged petrol/diesel.
 
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#5
I agree completely
 
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#6
And of course, there's always plug-in hybrids or mild hybrids that might suit in the interim?
 
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