More Maths: EVs Are A Good Buy Today

“Because there is still a fairly significant price premium on EVs versus similar ICE models, inadequate range on many models, and limited charging infrastructure in some markets, it is too early to worry about trying to convince mass-market consumers to make the leap to an EV.
 
That time will come beginning likely around the 2024–2025 time frame when EVs should be cost competitive and have an average range of 300+ miles.”
 
See Analyzing US Sales Trends For 24 Shared ICE/EV Models: Yes, Price & Range Matter
On the right is an excerpt from an otherwise good article describing adoption of EVs where there is a very similar model ICE or hybrid. On average, such vehicles get nearly ten times the market share between a particular EV and the whole market of cars. That’s because the maker of those cars has no bias towards the ICEd vehicle. He makes a lot of money either way. The reason EVs of similar kind to ICEs have higher prices is not that batteries cost more than ICEs but that the maker expects to earn a lot of money selling parts to fix the damned ICEs. Just try buying a brand new engine for your pet ICE! Mine costs about what I paid for the vehicle. That’s why folks normally buy a rebuilt or used ICE to replace an old engine.

Do the maths properly. Calculate the cost of fuel, maintenance and parts against the cost of an ICEd vehicle and EVs are the clear winners. Add to that the advantages of EVs not requiring warm-up, mufflers and all kinds of extra cooling and lubrication that ICEs need to keep serviced. My ICEd vehicle is costing about $5000 per annum to fuel and service. An EV may need to replace some moving parts but the ICE has far more moving parts so it’s not even a close comparison. I think depreciation is another factor that will eventually push people to EVs. After a few years, an ICEd automobile has lost half its value. At the moment, so do EVs but EVs likely have five years of trouble-free driving ahead whereas a used ICEd vehicles will likely need about as much in repairs and parts as it uses in fuel. Remember your refrigerator? Is it 10 or 20 years old? Who cares? It’s still running well because it’s electric and not trying to shred itself on every trip.

An ICE was a wonderful invention compared to horses and buggies but it’s outlived its usefulness. We have a much more efficient means of transportation with a further order of magnitude improvement in cost of operation compared to doing away with horses. I think EVs cost about five times less to operate in cost of energy and about that in repairs/parts too. It almost doesn’t matter what the purchase price of an EV is. If you drive it long enough you will be ahead in the game. My Solo EV will break even in about five years. After that, it’s performance is all gravy.

About Robert Pogson

I am a retired teacher in Canada. I taught in the subject areas where I have worked for almost forty years: maths, physics, chemistry and computers. I love hunting, fishing, picking berries and mushrooms, too.
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