Here’s how I figure the costs of owning electric vehicles (EVs) that they are pushing on us. The present cost of gasoline doesn’t even figure into the calculation.
COST: EVs are running about $50,000 or more, with comparable gas-powered vehicles running about $30,000. So, you are buying the equivalent of a $30,000 car for $50,000.
MILES BEFORE FUELING: An average SUV can go about 350 miles on an 18-gallon tank, but reports are that EVs can go only about 100 miles or so per charge.
REFUELING TIME: A gasoline-powered vehicle takes about five minutes to refill. EVs can take four hours or more to recharge. If you are waiting in line at a public recharging station, add an hour or more to the time.
COST OF REPLACEMENT: Gasoline vehicles can easily hit 250,000 miles without major repairs. EVs will need a $15,000 battery replacement at about 30,000 miles or less.
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RECYCLING: Parts from gas vehicles can be recycled conventionally when they are scrapped. EV batteries have no known method of safely recycling.
TRADE-INS: Gas vehicles are given trade-in value according to industry standards, e.g., Kelly Blue Book. What trade-in allowance will be given for an EV with equivalent mileage but with a battery that needs replacement (my guess is that owners will likely trade in their low mileage EVs rather than replacing the costly batteries)? Will car owners be assessed a huge “disposition fee” because of the batteries involved?
ROUTINE COSTS: With gasoline prices now about double or more from January 2021, and electric rates rising dramatically this year, will there be any savings in routine costs of recharging EVs at home or a public station?
INSURANCE: Because of the fire danger for EVs and the difficulty in knocking down those fires, will insurance rates for EVs be much greater than gas vehicles?
Based on the above considerations, I will not be purchasing an EV any time soon. If and when technology evolves to make EVs both economical and practical (such as shorter charge times, greater battery capacity, a solution for recycling used batteries, etc.), I may consider one. Until then, I’ll keep my reliable, trusty gas machine.
(H/T: Matt)
