With more price information now available for the Slate Auto Pickup, we decided to run the cost of ownership numbers for it versus the Ford Maverick Hybrid XL. Both of these electrified trucks have a very low cost of ownership.
The Maverick will be much better equipped than the “blank Slate,” as its maker terms it. And you can buy a Maverick Hybrid XL today, almost anywhere in America, if you wish to. Let’s break down the cost of ownership categories using the best available information available to us.
Up-Front Costs
The Maverick Hybrid XL FWD has a purchase price, including Ford’s $1,845 Destination Charge, of $29,990. The Slate Auto Pickup with no options has a price of $26,400, including Slate's $1,450 Destination Charge. Each vehicle will also have a Doc fee. In the case of Slate Auto, the consumer will pay Slate. In the case of the Maverick, the Doc fee is paid to the dealer. We’ll assume they are equal.
Depreciation
iSeeCars did a recent overview of the depreciation costs of various vehicle and powertrain types. The Maverick Hybrid and Slate Auto Pickup were not on the lists, but the powertrain averages were. We applied the 35.4% five-year depreciation average to the Maverick Hybrid and the 57.2% five-year depreciation average to the Slate Auto Pickup, which is assigned based on its powertrain. Yes, EVs have terrible depreciation rates, which is well known to all shoppers. It’s why used EVs are so cheap.
Energy
The cost of energy is hyper-local. Only you know your electricity cost and what you would pay for gas in your area. We’ve used the EPA’s average, and it accounts for a lot of driving. 15,000 miles per year. In areas with low electricity costs, the Slate Auto Pickup will have a bigger advantage. In areas where gas is priced about average, and electricity is expensive, this advantage could go away. You should do your own calculation to see how it works for you. As this story is written, the national average cost of regular unleaded is about $3.80. The Maverick averages 38 MPG, so its cost per mile is easy to calculate. Ten cents. Let us say one last thing here. If the owner of the Slate Auto Pickup cannot charge at home and actually does drive 15K miles each year, it means that DC charging will be required. In that scenario, the Maverick Hybrid is going to be much less expensive to power.
Insurance
We reached out to Insurify to get estimates of the insurance costs for each of these vehicles. The Maverick has an overall average in the U.S. of $2,350. Comparable EVs cost a bit more, but we want to lean toward the EV here since the actual value is unknown at this point, since Slate is not selling any trucks yet. We’ll call this equal.
Maintenance
Maintenance is one area where the Slate Auto pickup truck will have an advantage over the Ford Maverick XL Hybrid. Both vehicles will need tire rotations twice per year. Each will also need a cabin air filter, and at the three-year mark, it would be wise to change the brake fluid. Since these costs are all the same for each truck, we’ll just leave them out. So what will the Maverick need that the Slate Auto Pickup will not? Oil changes twice per year, an engine air filter every 2 years, and we’d change the transmission fluid once during the first five years to be safe. That adds about $1,780 to the cost of ownership of the Maverick above and beyond what a Slate Autos owner will pay. Since both vehicles use regenerative braking, pad and rotor life should be quite long for each, so we’ll call them equal. Likewise, each will need tires once, but let’s just call that equal as well.
The Five-Year Cost Difference Between the Ford Maverick Hybrid and the Slate Auto Pickup
The total cost advantage that Slate will offer its buyer in the first five years is about $2,300. There are a lot of assumptions here, and the energy cost and insurance costs will be specific to individual owners. One way to look at the result here is that the Maverick Hybrid will cost about $38 more per month to own. Would you pay that price for the many features the Maverick offers, compared to a blank Slate? Tell us in the comments below.
About the Author:
John Goreham is a 14-year veteran of Torque News. An accomplished writer and a long-time expert in vehicle testing, Goreham also serves as the Vice President of the New England Motor Press Association and has a growing social media presence. He’s also a 10-year staff writer and community moderator for Car Talk. Goreham holds a B.S. in Mechanical Engineering and an undergraduate Certificate in Marketing. In addition to vehicle and tire content, he offers deep dives into market trends and opinion pieces. You can follow John Goreham on X and TikTok, and connect with him on LinkedIn.
Top of page graphic created by John Goreham. Slate Auto price screenshot courtesy of Slate Auto.
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