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With high gas prices, is an EV or gas car more affordable?

According to AAA Colorado, gasoline prices approached $ 5 per gallon last week, which means that the average person will spend a year driving an electric car compared to a traditional car with very high fuel prices. It’s time to analyze in detail. With the help of traffic analyst and spreadsheet enthusiast Matt Frommer, including the Southwest Energy Efficiency Project, Colorado Auto Dealers Association, and AAA, here’s a quick guide that includes five comparisons.

EV fuel costs and gasoline

If you drive 11,000 to 12,000 miles a year on a compact EV like the Nissan Leaf, the electricity bill will be around $ 470 if the car is charged primarily at home using standard 120V wall outlets. Frommer says that 90% of the charges over the past year have been done at home. Public fast chargers are expensive, but obviously convenient and necessary for long-distance expeditions and voluntary excursions.

Frommer calculates that driving the same number of miles on a petrol car with an average fuel economy of 25.7mpg for $ 5 per gallon will cost $ 2,212. His numbers are reflected in the Chevrolet Bolt EV Chevrolet dealer’s calculations at the same cost and performance as Nissan.

Cost per gallon

Frommer paid $ 1.07 per gallon for EV “fuel” for all EVs. This is an 80% discount from the current gasoline price.

Also, the first few years of EV ownership are usually repair or maintenance free. No $ 80 oil change required. The most expensive thing EV owners tend to do is spin tires for $ 30 to $ 50.

The cost of a gallon depends on which region of Colorado you are in and which utility provides electricity. Prices per kilowatt hour per location can change to double digits. Note the usage time pricing that Xcel currently uses for more than 300,000 people who have installed smart meters. Connections after 7 pm at night will cost 10 cents per hour at 4 pm on weekdays. The peak cost is 27 cents per kilowatt hour. Illustration? Frommer calculates that they spend 78 cents per gallon on a high-priced fast-charging station, but only 61 cents per gallon when charging at home during off-peak hours of Xcel.

Again, keep this in mind as gasoline prices can vary significantly from state to state.

Taking into account the difference in power consumption of the motors of all models on the market, you can find the equivalent fuel economy of various EVs of the federal government here.

Cost of purchasing a new EV and a new petrol car

EVs are arguably cheaper to operate the moment you roll off a lot, but even after government incentives, they often cost up to $ 10,000 more to buy than a comparable petrol model.

For many buyers these days, buying a new car looks surprisingly expensive, but buying an EV can shock your stickers. Hot but hard-to-find Rivian trucks are backordered for over $ 90,000. Hummer has added $ 6,000 to the electric muscle model, which was already $ 100,000, said Tim Jackson, CEO of the Colorado Automobile Dealers Association.

Chevy has announced a price cut for an overlooked and reliable EV hatchback called Bolt. Nissan also keeps the Leaf in that price range.

The EV market is even more confused as government tax credits are no longer available on all models. The federal tax credit, which can be up to $ 7,500 for EVs, doesn’t apply once the manufacturer sells 200,000 units, so Tesla and Chevrolet Bolt are coming out and others are approaching the limit. Also, you are only eligible to receive the full $ 7,500 if the federal income tax for a particular year is very high. This is not a “refundable” tax credit.

At the state level, Colorado’s tax credit for EVs is currently $ 2,500 and will drop to $ 2,000 on January 1.

With inflation slightly lower than EVs, the price of new petrol cars has also risen significantly. According to the Kelley Blue Book, the average total price in May was $ 47,148, up more than 13% year-on-year. It was the second highest monthly average on record, they added.

Do you really have a lot of cars?

In other words, can you get it when you want it?

You will probably have to wait. Here is an example: Nissan dealers throughout the Rocky Mountain region sold less than 200 Nissan LEAFs in the first quarter. According to CADA’s Jackson, each of these dealers would have been able to sell 200 on their own if they could get them.

According to Jackson, microchip production and other supply chain issues continue to plague car manufacturing and delivery for all engine types. CADA’s Toyota dealers talk about the difference between the shocking present of $ 5 for gas and the shocking high of over $ 4 per gallon in the month of 2008. In 2008, the hybrid Toyota Prius was relatively new and popular, and when inflation-tired consumers flocked to it, Toyota increased production to meet demand. Now, Jackson said that no one can actually increase the production or delivery of anything.

“We’re running out of everything, so we don’t have the same comparison. Our parcels are empty,” he said.

According to dealers, many models of petrol cars are also in short supply throughout Colorado. The difference is that the gas engine still powers 85-90% of all new car sales, so if your favorite model is backordered, you have more equivalent options.

Other details you need to know

Environmental protection advocates want to keep in mind that if the $ 5 gas really disappoints you and you don’t receive a new EV, you have other options. They mention improved bike lanes and private passes in many cities in Colorado. In the Denver Metro area, RTD is planning a way to carry out the proposed August bus fare vacation, freeing all vehicles with an infusion from the Colorado State Parliament.

The price of used cars is now “reddish,” says Frommer. This is bad if you buy it, but great if you sell it. He proposes to take advantage of these high prices to completely sell off car transport and replace it with a combination of telecommuting, biking, walking and transportation. Denver is preparing to resume applying for a substantive electric bike rebate, and the state is considering details of its own electric bike rebate plan.

“I think this year will be a really interesting year for transportation,” Frommer said.



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