I am a California resident.

I am going into analysis paralysis and it’s making me crazy when I sit down to decide if I should go with an ICE car or an EV. HELPPPPPP!!!

Sure ICE vehicles cost more in fuel and maintenance, but EVs have some other costs as well:

  • Costs relatively more to insure

  • Registration cost every year is higher

  • Opportunity cost: a $40k EV is generally compared to a $30k ICE car in terms of break even in 5-6 years. But people rarely mention the opportunity cost of spending the extra $10000. That $10k can make you around $1k each year if invested (subject to market risk ofcourse).

  • Supercharging is still not cheap: while still being 50% cheaper than gas, its not cheap. I see 50c/kwh near my area. And not everyone has a home to charge.

  • Rate of depreciation: All cars depreciate. But some loose value faster than others. My personal feeling is EVs depreciate faster than ICE. Simply because the tech is growing so fast. The argument for ICE is that there will be less demand for ICE in future due to increasing EV market share. So, little conflicted on the right answer here

I don’t know if am the only one who is unable to see the savings in EV (long term). Am I missing something?? Can eV owners share their perspective?? HELP ME come out of this shit and just book a carrr!!!

  • ToddA1966@alien.topBEnglish
    1·
    1 year ago

    Sure ICE vehicles cost more in fuel and maintenance, but EVs have some other costs as well: - Costs relatively more to insure (adds up)

    Travelers gives EV discounts. I’m paying less for my 2022 VW ID4 than I did for the 2018 Honda HRV it replaced.

    Registration cost every year is higher (adds up)

    Yes. You need to factor that in.

    Opportunity cost: a $40k EV is generally compared to a $30k ICE car in terms of break even in 5-6 years. But people rarely mention the opportunity cost of spending the extra $10000. That $10k can make you around $1k each year if invested (subject to market risk ofcourse).

    “Generally compared” by who? And if you’re going to drag opportunity cost and investing in, you wouldn’t be buying a new car, because that’s a sucker bet financially.

    Supercharging is still not cheap: while still being 50% cheaper than gas, its not cheap. I see 50c/kwh near my area. And not everyone has a home to charge.

    Do you have a home to charge in? That’s all that matters to you. After the last three “points” this seems like less of a decision you’re dealing with, but rather some general arguments you’re tossing out to stir up some shit and watch us all fight about in the replies.

    Rate of depreciation: All cars depreciate. But some lose value faster than others. My personal feeling is EVs depreciate faster than ICE. Simply because the tech is growing so fast. The argument for ICE is that there will be less demand for ICE in future due to increasing EV market share. So, little conflicted on the right answer here

    I’m not sure there’s a “right” answer. EVs tend to depreciate a little faster, but that’s mostly due to the warped effect of tax credits. Depreciation is typically calculated by comparing the current value of a car to it’s MSRP. When I bought my Nissan Leaf Plus in early 2021, it cost me $22K after all factory rebates, dealer discounts, and federal and state tax rebates, but the MSRP was actually $43,000!

    Currently they’re selling used for about $20000. Using a standard depreciation formula the car has depreciated 53% in only 2 years! ($19K vs $43K.) But no one actually paid $43K new for a 2021 Nissan Leaf; mine has lost 9% of its value compared to what I paid new net.