Consumers may like to feel like their prime motivation for purchasing an electric vehicle is to reduce their carbon footprint, studies show that fuel costs is often the motivating factor for purchasing one of these vehicles. Unfortunately, this urge to save on fuel costs is often offset by the significantly larger price tags of most electric vehicles, so demand for these vehicles hasn’t increased as much as you would think. Now,Let us calculate a purse.
The typical driver puts about 15,000 miles per year on his car. This works out to 1250 miles per month.
If this driver's car gets 25 miles per gallon, this represents 50 gallons of gasoline. At $4.00/gallon, our typical driver spends about $200 on gasoline every month.
An electric car uses kilowatt-hours (KWH) of electricity instead of gasoline. Typically our EV might get from 3 to 7 miles per KWH. So, for this example, we'll use 5 miles/KWH. In my city, there is a special off-peak electric rate of just 7 cents/KWH (ask your utility about off-peak rates.) But let's use the national average of 11 cents.
Using these numbers, the same 1250 miles per month - that cost our typical driver $200 for gasoline - only costs $27.50 in electricity for our electric car - a savings of $172.50!
If you were buying an electric car, and your car payment was $400, try subtracting the fuel savings from it: it becomes $227.50. This means you can afford a better EV with a bigger car payment!
And how about this: The Chevy Volt and Nissan Leaf EVs both lease for just $350/month. Apply the fuel savings from above, and it's equivalent to leasing a conventional car for just $177.50.
Definitely not unaffordable!
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