Calculating cost benefits to electric cars is tricky

CODA Says Electric Car Benefits A Good Deal To Many

CODA’s Aaron Cohen, Senior Director of Marketing at CODA Automotive says determining cost/benefit analysis is trickier than with a traditional gasoline car but achievable nonetheless.

Rates, Projected Savings. Aaron says that by driving 75,000 miles over a five-year period and using the current average gasoline price of $4.67 per gallon here in California, don’t smirk, your price hike will come too, if you calculate electricity at around $0.12 per kWh, then CODA’s total cost of ownership is $1,374 cheaper than a compact gasoline car like a Honda Civic EX and $3,110 cheaper than a hybrid like a Toyota Prius.

CODA feels confident it has taken the most reasonable, holistic approach by factoring in all of the key TCO elements and uses the Edmunds True Cost to Own calculator. Of course, not everyone drives 75,000 miles in five years with an average 125 mile range but for many, this is feasible.

By including depreciation, fees & taxes, incentives, financing, insurance, maintenance, repairs, charger purchase & installation, and fuel costs, most current analysis omit was costs of depreciation. It’s a critical factor for any consumer’s buying a car and the real problem comes with predicting gas prices rise, and comparing it to how much an EV drivers would save in the future. Another point not often made is that of fuel efficient cars’ value on the used market appreciates as gasoline price rises. This explains why used hybrid prices have remained comparatively high.

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