This tool was built based on a number of threads i've read about cost of EV vs ICEV cars (usually purchase costs vs comparable cars, maintenance costs and of course fuel/electricity running costs). I've tried to do an impartial and fair year-by-year analysis/comparison of costs which properly accommodates the different circumstance each owner would have with respect to annual miles driven, years planned to own, financing, state/federal incentives, driving style, maintenance schedules/costs, gas/electricity costs, insurance costs, etc.
I limited my comparisons to what i'd term 'comparables' : BMW, Audi and Mercedes - specifically including those cars in the same price bracket as the M3 (i.e. BMW 2 series, 3 series, Audi - A4, Mercedes - C Class). A few approximations had to be made because not all the data is fully available (i've included all my raw data sources so you can drill down and see specifics if you are interested)
Some interesting results which i've summarized below:
Link:
www.model3guru.com/ev-vs-ice
I limited my comparisons to what i'd term 'comparables' : BMW, Audi and Mercedes - specifically including those cars in the same price bracket as the M3 (i.e. BMW 2 series, 3 series, Audi - A4, Mercedes - C Class). A few approximations had to be made because not all the data is fully available (i've included all my raw data sources so you can drill down and see specifics if you are interested)
Some interesting results which i've summarized below:
- When you compare Tesla prices for various car options against comparables like BMW, Audi and Mercedes, the costs are pretty close
- Electricity vs Gas savings make up a smaller ratio of the lifetime savings of migrating to an electric car than I had expected. Don't sweat finding the super cheapest electricity provider or time to charge ... really doesn't impact much
- Insurance payments have an outsized impact on actual operating (monthly) costs at 60-70%. Your insurance provider is definitely going to be more impactful in your electricity provider (sounds like the basis for a future Nifty tool). My thinking is that as EAP gets better and better, insurance will drop to match the improved safety record.
- EV incentives also play an outsized role is lifetime savings between EV vs ICEV. Take advantage of them while they last! However, even without the incentives the lifetime costs of EV's are slightly better or equal to ICEV's. If the costs are so comparable at this point, then this should really scare the ICEV industry ... with the momentum of on-going battery/EV research this gap can only continue to grow in favour of EV's. The change to EVs will be driven by the economics for most people.
Link:
www.model3guru.com/ev-vs-ice