Electric vehicles are touted as the way to drastically reduce the nation's transportation carbon footprint, especially once we have managed to transition our electricity grid away from fossil-fueled utilities, such as coal-burning plants. But so far sales of EVs have been anemic.
The disappointing sales figures partly stem from the driving public's doubts about the batteries, that are optimised within a narrow temperature range, and which are expensive to replace. But even without this concern, the hefty price premium on most EVs are a real deterrent, even if you take into account the $7,500 support the Federal government offers towards the purchase of an EV.
That is about to change, as several manufacturers of EVs have decided to drastically cut the MSRP of their EV offerings. The Nissan Leaf went from $35,200 to $28,800, and the monthly lease on a Honda Fit EV went from $389 to $259 a month. With these hefty cuts, EVs come into range for a lot more people.
So let us sit down and see if now it makes sense to buy an EV rather than a conventional gasoline-powered car. Obviously, there is some math involved here, but I promise it's nowhere near as bad as, say, your Federal tax return. If you've passed middle school, you can do this.
Like all good tutorials, from building a tool shed to sewing cloth diapers, I will show the finished product up front. (Sorry, no pretty pictures in this post: this is a cost estimate. After all, there are no pretty pictures on your tax return forms, either).
| Nissan Leaf | Honda Fit EV | |
|---|---|---|
| 10-year ownership | 3-year lease | |
| Purchase Cost | $ 21,300 | $ 9,324 |
| Operation Cost | $ 4,854 | $ 1,567 |
| TOTAL | $ 26,154 | $ 10,891 |
| Comparison Vehicle (gasoline) | Nissan Versa Hatchback | Honda Fit (1.8S Auto) |
| Purchase Cost | $ 15,460 | $ 7,700 |
| Operation Cost | $ 21, 429 | $ 5,806 |
| TOTAL | $ 36,889 | $ 13,506 |
| EV Savings | $ 10,735 | $ 2,615 |
| Annual Savings | $ 1,074 | $ 872 |
Figuratively speaking, this forms a pretty picture indeed: in the long term, there are big savings to be had from choosing an EV over a conventional car. Read on to see what assumptions go into these numbers, and how to do this estimate for yourself.








