Do EVs really save $$ - Our results with a Mach-E

[sotek2345]

So we just hit 6,000 miles in our Mach-e GT, so I thought I would do a little math (Note: we picked our Mach-e up on 12/31/21 - we have been driving it a lot.

Basic Facts (all numbers rounded to make the math easier - does not skew the results in any meaningful way)
- 6,000 miles driven over the last ~4 months (and a week)
- ~75% of charging done at home via an L2 EVSE (4,500 miles), ~25% (1,500 miles) done via fast charging on road trips
- No garage - car kept outside in an upstate NY winter (pretty much worst case for efficiency)
- Average highway travel speed - 75mph
- Cost of home electricity - between 13 cents and 15 cents per kWhr

Results:
- Home electric bill increased by ~$80/mo. x 4.25 months = $340
- DC fast charging costs = ~$200 (note: this includes costing out the 250 free kWhrs that Ford gave us at $0.40 per kWhr.)
- Total Cost = ~$540 for 6,000 miles

How does this compare to ICE? Our Mach-e replace a Mini Cooper Countryman S that got ~30mpg and took premium fuel. For 6,000 miles it would burn ~200 gallons. Average price for premium in our area is ~$4.80. Total gas cost would have been ~$960

Just in fuel - the Mach-e saved us over $400 during it's least efficient season and against a fairly efficient car.

So - how would this translate to a Lightning

- The Lightning would use about 30% more electricity than the Mach-e for the same miles (~2.3 miles per kWhr vs. 3.0 miles per kWhr to hit the EPA range for each)
- The Lightning would replace a truck that is much less efficient than our car. (I get around 15mpg). However, most trucks can use regular gas which is a bit cheaper (~$4.30 around me)

So - electrical costs go up by 30% - $540 x 1.3 = ~$700

Gas usage doubles to 400 gallons (30 vs 15 mpg) but we are using cheaper gas. 400 gallons x $4.30/gallon = ~$1,720

Over $1,000 saved with the Lightning! In the winter!

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[TaxmanHog]

Imagine, how I'll save with a F250 PSD burning diesel at 12 MPG and refueling the tank at $5.499/g towing 206 miles, 17 gallons $93.50 fill-up aka 45c mile
vs A Lightning recharge at $0.25/KWH my local costs, projecting 18c mile towing

 

[sotek2345]

Imagine, how I'll save with a F250 PSD burning diesel at 12 MPG and refueling the tank at $5.499/g hauling 206 miles, 17 gallons $93.50 fill-up aka 45c mile
vs
A Lightning recharge at $0.25/KWH my local costs, projecting 18c mile HAULING

Exactly. You can either bank the savings or use it to move up the trim levels like I did!

 

[Roy2001]

You won’t get 2.3 miles per kWh, it would be 1.8-2 miles.

 

[sotek2345]

You won’t get 2.3 miles per kWh, it would be 1.8-2 miles.

I agree, I don't get 3.0 on the Mach-e either, I just used the EPA range baseline as a point to ratio from. We have been getting between 2.1 and 2.5 miles per kWhr in the Mach-e on road trips and I would expect the Lightning use about 30 percent more energy, so 1.5 to 1.8 miles. Since I used actual costs, that is what the Lightning savings is based on.

 

[davidf01]

You forgot to add on maintenance that you will no longer need to do.

 

[sotek2345]

You forgot to add on maintenance that you will no longer need to do.

I know, trying to keep it as simple as I could.

 

[monsterlag]

As somebody with 2 EVs in Upstate NY and soon to be 3 EVs with the Lightning, take advantage of our solar incentives. The state is giving about $10k in incentives on top of the Fed Credit, it’s a no brainer to get solar even if you only have one EV.

 

[Avocadodude]

I'm really going to have to sharpen the pencil here soon. I have to upgrade my inverters and batteries at farm to to handle charging the lightning(waiting for those part is almost as a bad as waiting for truck and ~$5k in cost). Gas in San Diego ~$5.69 for regular unleaded, was $135 to fill up and I do that about 6* a month. I haven’t wrapped my head around amortizing the cost of charging improvements, I guess I could say charging is free and call it part of the cost of the vehicle.

Well gives me something to think about vs refreshing the module page to see if they “popped”.

Nice to see the costs savings from OP.

 

[astricklin]

My car is paid for and although I spend about $200 a month in fuel, I'd have to lease something cheaper than a leaf to save money by purchasing a new vehicle

 

[hturnerfamily]

I think the 'convenience factor' is also something to heavily consider, as we'll no longer need to 'run' to get some gas straight out of the driveway, but will normally already be FULL of power, from our OWN homes.
After traveling 2,000 miles this week, in a Model 3, and using Tesla's supercharger network, I can attest that it's not only POSSIBLE, but also can be more enjoyable than most might assume, especially when those chargers are in easy to access locations, and maybe even next to a favorite restaurant or gas station.
I think we'll also see much more improvement from the 'other' charging manufacturers as time progresses, especially as the LIGHTNING hits the streets, with TOWING involved.

 

[sotek2345]

As somebody with 2 EVs in Upstate NY and soon to be 3 EVs with the Lightning, take advantage of our solar incentives. The state is giving about $10k in incentives on top of the Fed Credit, it’s a no brainer to get solar even if you only have one EV.

Yup, we have solar as well, but I didn't count that reduction. Unfortunately our solar setup only covers a small portion of our usage. We have an older home and the roof on the majority of it can't support the weight of panels, so we are limited to a 2kw system. We have had it for about 6 years now and love it, but it isn't worth reframing our whole roof to add more.

 

[sotek2345]

As somebody with 2 EVs in Upstate NY and soon to be 3 EVs with the Lightning, take advantage of our solar incentives. The state is giving about $10k in incentives on top of the Fed Credit, it’s a no brainer to get solar even if you only have one EV.

Yup, we have solar as well, but I didn't count that reduction. Unfortunately our solar setup only covers a small portion of our usage. We have an older home and the roof on the majority of it can't support the weight of panels, so we are limited to a 2kw system. We have had it for about 6 years now and love it, but it isn't worth reframing our whole roof to add more.

 

[beatle]

Though the savings in fuel are notable, it's important to consider the total cost of ownership: depreciation, maintenance, repairs, and insurance. I think the Lightning will be better than most in that regard, but I have to laugh when I see people rave about how much money they saved on their Tesla compared to their Accord which holds its value very well, rarely needs repair, and is still not all that expensive to maintain and insure. Insurance and depreciation can be absolutely brutal on a luxury vehicle, and insurance is also disproportionately higher. My P85D was originally a $130k car and I picked it up 4 1/2 years later (from Tesla) with 47k on it for $50k. Wow! Repairs and tires are also very expensive.

Regarding the Mini vs. MachE comparison, even buying the JCW Mini @ $45k, you're still paying $15k more for the MachE GT. After 4 years if they each retain 40% of their MSRP, you're looking at a $9k difference in depreciation cost with the Ford.

My Model S has cost me $1628.13 to charge it (home @ $0.12/kwh and supercharging) over 31 months and 29,640 miles, so about $0.055/mile. This factors in charging for free at some public stations and at family members' homes where I also fill up for "free" (as long as you can take some friendly ribbing for "stealing" electricity). Here is the mpg you'd need to have for equivalent per mile cost based on gas prices alone:

$3/gal = 54.6 mpg
$4/gal = 72.7 mpg
$5/gal = 90.9 mpg

All that said, the benefits to switching to EV are not always calculated with an equation, especially if you've ever driven one. Convenience, power, silence, handling, safety, environment, etc. all have a value that varies based on the owner's perception.

 

[RickLightning]

My car is paid for and although I spend about $200 a month in fuel, I'd have to lease something cheaper than a leaf to save money by purchasing a new vehicle

Yeah, when people compare costs, they forget about acquisition cost. "Hey look, I'm saving $XXX a month in fuel!" "Yeah, but you're spending $80,000 over 4 - 6 years to save that".

There is no analysis that shows buying a new car saves money over a older car, pre-EVs or with EVs, unless you look at a very long period.

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