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Electric Cars: More Expensive to Own than Gasoline Models?

U.S. News Rankings & Reviews -- One of the big selling points of electric vehicles is that, while they cost more upfront, over time you can save money, since you’re not buying gas. New analysis is questioning that math.

The BBC writes that “over three years, electric cars could be more expensive to run than their petrol equivalents.” What’s surprising is where the figures come from: Mitsubishi, which is getting ready to launch its own electric car, the Mitsubishi i-MiEV. According to the BBC, “The high purchase price, and the rapid depreciation, are what may make electric cars uncompetitive financially."

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Submitted Aug 31, 2010 By: ziyulu

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SVmike Champion Author California Posts:1,426 Points:307,850 Joined:Dec 2009	Message Posted: Aug 31, 2010 1:37:53 PM Ignore SVmike Report Abuse Dr Gas says: "And why - because it takes YEARS to make up the high purchase price. " But if there was a magical technology that allowed a vehicle to go 150K miles using no gas, no fuel, no electricity of any kind how much more would you pay for a car like that? If you assumed if was like a car that got 30 mpg, that would be like 5000 gal of free gas...or about $15K. Would you pay $15K more for such a car? (Of course you'd want to discount that by the fact that you have to pay up front, but then you'd want to add back in somegas price inflation, so its about a wash) I'm guessing that most people would pay $15K more for such a car (i.e. $40K instead of $25K). And that would be a rational decision. Now would you pay $7.5K more if the car just cur your fuel bill in half?
mynt Champion Author Ottawa Posts:2,945 Points:607,280 Joined:May 2010	Message Posted: Aug 31, 2010 1:02:49 PM Ignore mynt Report Abuse I won't be touching one until the technology is proven ... probably about 10 years or so ;)
MAC48 All-Star Author Dallas Posts:728 Points:499,925 Joined:Dec 2006	Message Posted: Aug 31, 2010 10:50:49 AM Ignore MAC48 Report Abuse We probably have a dozen wonderful rechargable electric screwdrivers, flashlights, drills, etcetera in forgotten niches around the house and in the garage. All of these items will no longer charge thus no longer perform the tasks they were intended for. Obviously battery technology has improved over the years since these items were purchased, used & their rechargable batteries died but the memory of these tools & flashlights no longer accepting a charge when they were last needed lingers on. When you couple the memory of dead rechargable items acquired over the years with the very limited utility and high acquisition cost of the electric vehicles on or soon to be on the market, there is no way we are going to buy an EV new. Right now we cannot imagine buying a used EV since we will have no way of knowing how well the vehicle & its components were treated by its prEVious owner or owners. Maybe succeeding generations of EVs will change our perspective but not this generation.
Night Owl Champion Author Toronto Posts:5,265 Points:1,333,725 Joined:Jul 2004	Message Posted: Aug 31, 2010 10:48:25 AM Ignore Night Owl Report Abuse The price of technology for electric cars still has to fall quite a bit to really become affordable.
peakkeller All-Star Author Colorado Springs Posts:676 Points:448,135 Joined:Dec 2009	Message Posted: Aug 31, 2010 10:27:55 AM Ignore peakkeller Report Abuse At first electric cars will be useful as second cars for driving around town, not for long trips to Granny's house - those long trips will only be possible with non-electrics, either traditional gas powered cars or plug-in hybrids.
JuliusRex Champion Author Orlando Posts:1,689 Points:308,610 Joined:Aug 2004	Message Posted: Aug 31, 2010 9:45:55 AM Ignore JuliusRex Report Abuse I think the point is that the electrics come with a giant maintenance bill already baked in. I if I am buying a used electric car, I have to be very concerned as to how the original owner treated the batteries. Was the car stored in a cool place or a warm one. Heat ages batteries even when they aren't being used. Was the car regularly driven to the limit of its range, or mostly for short trips. Deep cycling can affect battery life in different ways depending on the battery chemistry. I have two high mileage cars that would have needed battery replacements if they were electrics. I think all these articles miss the bigger point of why I would ever want an electric car when a plug in hybrid makes so much more sense. There are plenty of little around town type electric vehicles already available, but the idea that someone might replace their regular car with one of these is laughable. I am sorry kids, but we can't visit Grandma anymore -- Dad bought a Nissan Leaf and Granny lives 150 miles away.
GingoutMD Champion Author Maryland Posts:2,302 Points:473,680 Joined:Jan 2010	Message Posted: Aug 31, 2010 9:35:25 AM Ignore GingoutMD Report Abuse For those people who buy an EV when the technology is still new, are not buying it to save money, but save the environment and reduce our dependency on oil. They are making a point not a return on investment.
Bussman Champion Author Dallas Posts:3,864 Points:992,595 Joined:Nov 2008	Message Posted: Aug 31, 2010 8:51:23 AM Ignore Bussman Report Abuse I understand the increased upfront costs but why will electric cars depreciate faster?
car253 Champion Author Ohio Posts:4,195 Points:1,031,620 Joined:Oct 2008	Message Posted: Aug 31, 2010 8:44:55 AM Ignore car253 Report Abuse Not a surprise.
VDubBill Champion Author Jacksonville Posts:2,692 Points:871,040 Joined:May 2008	Message Posted: Aug 31, 2010 8:40:11 AM Ignore VDubBill Report Abuse Reality rears its ugly head.
Dr Gas Champion Author Twin Cities Posts:2,411 Points:300,760 Joined:May 2004	Message Posted: Aug 31, 2010 8:37:17 AM Ignore Dr Gas Report Abuse Gee, so if a car company says it we believe them, but people have been saying this all along by NOT buying one! It costs MORE to drive a battery powered car - period! And why - because it takes YEARS to make up the high purchase price.
ggt49 All-Star Author Grand Rapids Posts:603 Points:381,350 Joined:Apr 2010	Message Posted: Aug 31, 2010 7:45:59 AM Ignore ggt49 Report Abuse I agree! The cost of these cars are way too high for what we may be saving!