![]() On the emotional side let’s see how the decision to buy an EV stacks up against other major purchases.(That would equate to around 200 miles a week.) For someone who drives 10,000 miles a year the break-even would be around 3 years. The calculation also takes into account the $7,500 federal tax credit and the Illinois state rebate of $3,000 for a $30,000 electric vehicle. If the purchase cost difference is $14,500.00 then the break-even point is around 30,500 miles. It is an available sub-compact with 33 MPG fuel economy and let's use gas at $3.50 gallon. Let’s use the 2012 Ford Fiesta with a mid-range sticker price of $15,500 as a comparison. For my particular situation, the cost per mile to operate the i-MiEV is $0.015 per mile. The quick comparison would be to calculate the difference in cost (after rebates, incentives, and financing costs for each) and decide the break-even point using the cost of gas and fuel economy against the cost of electricity and cost per mile to operate. Residual value should be a component as well. ![]() ![]() Costs include initial purchase price, rebates and incentives, operating costs and maintenance costs. Logically, one compares costs for a new ICE (Internal combustion engine) car against an EV.
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