ICE vs. EV – 5 year ownership cost

TheOldDays
Fri, 30 Sep 2022 20:22:04 +0000
General Discussion

The Setup
25 year old male in KANSAS CITY, MO 64145

Similar Class Cars
Tesla Model3 - $45,000 msrp
Toyota Corolla - $22,000 msrp
5.58% for 60 month loan with $0 down

Gieco.com for insurance quotes
250/500 full insurance – good record
$4,456/yr = Tesla
$2,400/yr = Corolla

$3.30 per gallon of gas
$0.11 per kilowatt hour
33mpg for the Corolla
0.34kWh per mile for the Telsa
60,000 miles in 5 years
1 standard oil change every 4k miles @ $40

Vehicle value at 60 months
$35,500 = Tesla value - $9,500 in depreciation
$17,380 = Corolla value - $4,620 in depreciation
CarEdge

The Tesla Math
$51,673 total financed cost ($861/mo)
$22,280 for insurance
$2,244 for electricity
$76,197 = Total $ outlay for 5 years
$1,270 = cost per month to drive the Tesla
(nearly 50% of your take home pay if you earn $45k/yr)

If you sold the Tesla in the 61st month
$76,197
-$35,500 current value
$40,697 = 5 year total cost
$678 per month to drive the Tesla

The Corolla Math
$25,262 total financed cost ($421/mo)
$12,000 for insurance
$6,000 for gasoline
$600 in oil changes
$43,862 = Total $ outlay for 5 years
$731 = cost per month to drive the Corolla

If you sold the Corolla in the 61st month
$43,862
-$17,380 current value
$26,482 = 5 year total cost
$441 per month to drive the Corolla

$731 – 441 = 290/mo more to drive the Tesla.

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