wturber wrote: ↑
Aug 03 2018 10:44pm
Was the Honda Fit owned outright or were you still making payments?
Did you sell the Honda Fit, trade it in on the Spark or what?
Do you own the Spark outright, or are you making payments?
Are registration and vehicle license taxes different for the two cars? New cars tend to pay a higher license tax. OTOH, electrics and hybrids might be given a substantial break.
I guess what I'm driving at is that I'm not convinced that just using the vehicle depreciation is a good way to account for the cost of the vehicle and calculate savings. In order to answer the question well, you probably need to be clear about defining what someone means by "save." My inclination would be to add up the actual out of pocket expenses for buying and operating the EV and selling/trading in the ICE - and then compare that to all of the likely out of pocket expenses of keeping and operating the ICE. If you can't point to a net amount of money that you avoided spending, did you really save any money? Note, just because you might not save money short term ( I'm not with my e-bike) does not mean that you won't save in the long run ( I should after about a year and a half).
I was answering the question asked by the OP "how much did you save last year?".
To address some of your questions: We leased a 2014 Spark EV before buying the 2016 Spark EV. We had a 1994 Accord (DX, manual) with over 250,000 miles on it that we sold to the Bay Area Air Quality District to be crushed when we got the first Spark. We did the detailed analysis you are asking for then. We determined that our $229 lease on the 2014 Spark all costs included meant it cost only $45 per month more than to continue driving the 20 year old Accord. IFF nothing went wrong with the Accord for three more years. Of course at the end of the lease we would not have a car whereas otherwise we would have a 23 year old Accord.
I'll note that when we bought our 2016 Spark EV they could be also be leased for $90 per month. At that price it would have been a net gain of $140 per month over keeping the Accord. We purchased because we wanted to keep the Spark EV more than three years and they were being discontinued.
We bought the 2013 Fit (Sport, manual) new and paid it off in 36 months. We paid cash for the second Spark EV. The $10,600 quoted above was the full cost net of subsidies. That includes all taxes, fees, registration for a year and includes the $7500 federal tax credit and the $2500 CA cash subsidy. It does not include the $500 we got from GM for installing an EV charger nor the $500 we got from PG&E for being just that awesome, nor the fact that the EVA rate plan saves us a few dollars per month for electricity not used in the electric car. Insurance costs are comparable. Annual registration cost is under $200 for both cars. The Spark EV gets a discount on toll bridge crossings and can use the carpool lane.
We still have both the Fit and the Spark EV, we just don't drive the Fit much unless we both need to drive or we need to go more than 80 miles without a fast charge opportunity. So our five year old Fit has less than 10,000 miles on it. We put about 36,000 miles on the two Spark EVs over that time. Maintenance on the Fit has been filters and oil change three times, wiper blades, and an AC recharge, plus the airbag recalls and one other minor recall. If we drove it more, It would have had more oil and filter changes and tires. We just found out that we may need to replace the tires on the Fit in the next year or two anyway due to age. Apparently tires either wear out or rot. Maintenance on the Spark EVs over the same period has been wiper blades, a pair of front tires, and a free firmware update.
If we drove the Fit more we would also be looking at spark plugs, fuel filters, cam belt, valve adjustment, brake pads, and possibly brake rotors and water pump before 120,000 miles. Certainly over $2000. The Spark EV will never need any of these things
My main point here is that the Honda Fit is a great little car that is fun to drive and has a strong reputation for low total cost of ownership (https://www.autobytel.com/car-buying-gu ... ip-131901/
). But the Spark EV given the pricing and subsidies we got (or the price of a newish used one) and the negligible operating costs is much less expensive. When we considered the purchase of the second Spark EV we estimated a ten year total life cycle cost of Spark EV and compared it to the same cycle for the Fit. Since no one knows the resale value of 10 year old Spark EVs I assumed it would be zero. I'm sure it's not really zero, but even with that assumption the projected total cost including everything of the Spark EV is about 1/3 the total cost of the Fit over a ten year life cycle. If we drove more it would be even better.
Another observation is that my wife and I haggle over who gets to drive the Spark EV. Even though the Fit is in many ways a nicer car, the brilliant electric drive train in the Spark EV makes up for all of that. Once you get used to one pedal driving and instant silent thrust it spoils you for gas cars.