CODA Says Electric Car Benefits A Good Deal To Many
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.
It’s All About Added Convenience. Another benefit that rarely makes it in the calculation is added convenience. It’s not easy to calculate the true cost of plugging in at home, not wait in line for a gasoline pump or look for the cheapest gasoline available. How much are people willing to pay to not be stuck in traffic? Not only would many pay for toll roads but EVs have access to carpool lane access in California. It’s hard to quantify the time saved, the increase productivity and added quality of life this brings.
Free Parking, Home Charging. Free preferred parking, as with the Los Angeles airport, means a real savings of $30 a day. Add to this 96% EV owners conveniently charge at home overnight, never to stop at a gas station, calculating the time and energy saved is difficult.