Electric Vehicles Cost Less!

January 15, 2014

Five Year Total Cost of Ownership is Less Than Many Gasoline Vehicles

Electric vehicle (EV) prices have dropped and Federal tax credits of up to $7,500 are in effect. Looking at total cost of ownership over five years, a number of electric vehicle models are now less expensive than some popular gas-powered cars.

Total Cost of Ownership over 5 Years (including federal tax credits)

Plug-in Electric Vehicles

 

Gasoline and Hybrid Vehicles

2012 Ford Focus Electric

$23,336

 

2013 Toyota Corolla

$33,242

2013 Nissan Leaf

$25,813

 

2013 Ford Focus  Sedan

$33,647

2013 Chevy Volt

$30,635

 

2012 Ford Fusion Hybrid

$33,930

2012 Toyota Prius Plug-in

$31,759

 

2013 Toyota Prius

$43,688

Thinking about a new car? We encourage you to consider different options, including electric vehicles. Do research online and  visit dealerships to test drive different models. Please contact Drive Electric Vermont if you’d like to connect with current Vermont EV owners for answers to your EV-related questions.

Sources

Data for this cost comparison was sourced from the Edmunds True Cost to Own (TCO®)* calculator on January 6, 2014 and is shown in the table below. Edmunds did not consistently subtract the EV tax credit for all EV models. Anyone purchasing an EV is eligible for a Federal tax credit of up to $7,500. In this comparison, the correct tax credit was always applied to the Edmunds estimates.

The calculator assumes vehicles are driven 15,000 miles per year and adds the annual costs over five years for depreciation, sales taxes & fees, car loan financing, fuel, auto insurance, maintenance, and repairs and subtracts the Federal tax credit for EVs. Edmunds uses regional average rates for car loans to compute financing cost, and uses state and regional averages to compute taxes & fees, insurance, and fuel costs.  For this comparison, the Montpelier Vermont ZIP Code was entered in the TCO®. You can check the calculator for any differences in rates and prices in your area.

Models

  Depre-
ciation 

  Sales Taxes 
& Fees

Car Loan
  Financing 

Fuel

Auto
  Insurance 

  Mainten- 
ance

  Repairs 

  EV Federal 
Tax Credit

5 Year
  Total Cost   

2012 Ford Focus Electric

$12,232

$1,840

$3,175

$1,898

$7,410

$3,242

$1,039

($7,500)

$23,336

2013 Nissan Leaf

$16,884

$2,119

$3,711

$1,726

$6,494

$1,802

$577

($7,500)

$25,813

2013 Chevy Volt

$20,282

$2,570

$4,654

$2,032

$6,076

$2,023

$498

($7,500)

$30,635

2012 Toyota  Prius Plug-in

$12,333

$1,814

$3,120

$3,046

$9,411

$3,637

$898

($2,500)

$31,759

2013 Toyota Corolla

$8,088

$1,336

$2,071

$9,964

$8,403

$2,803

$577

$33,242

2013 Ford Focus Sedan

$7,493

$1,288

$1,972

$9,636

$9,336

$3,255

$667

$33,647

2012 Ford Fusion Hybrid

$8,266

$1,391

$2,221

$7,420

$9,528

$4,065

$1,039

$33,930

2013 Toyota Prius

$18,846

$2,361

$4,218

$5,782

$8,870

$3,034

$577

$43,688

 

Prices for car models of new vehicle technologies are dropping as these national markets are evolving. Edmunds updates their TCO® data regularly, so keep checking the costs and consider whether an electric car will save you money and work for your lifestyle. Be sure to double check that the Federal tax credit is included for EVs. While you’re there, click on “More about TCO®” link to see all the details on how the costs are calculated.

Guest post by Karin McNeill, Energy Policy and Program Analyst at the Vermont Public Service Department. Karin can be reached at karin.mcneill@state.vt.us