Wednesday, September 5, 2012

Electric Car

With gas going up, I took a look at the Tesla S model, entry level:

$49,999 (after $7500 credit(
125 mile range (optimum)
Recharge: 2 hours

Let's say a 5% interest rate, 8 year payment plan, that's a $633/month payment.  $7596/year.

I pay $1920/year car payment + $3200/year in gas.  $5100/year total for my car that "recharges" (with gas) in 3 minutes.  And my car is slower, older, less cool looking, etc.

But I have to add electricity cost.  A 4 cylinder efficient BMW was 3x more expensive to drive than the Tesla, i think my 6 cylinder Sonata is probably 4x.  

So the numbers are: $5100 vs $8396.  That's 70% more expensive, without the wild cards. 

A couple other important things: cost to repair is going to be much more expensive for the Tesla, and how long the $20k battery lasts is a total wild card right now, delivering diminished range and efficiency over time (probably 30-40% less after 5 years, which means a range of only 87 miles).  And as hard as I drive, I'll likely see a lower range sooner.

I like that the car is heavy for snow and accidents, but with 125 mile range I'd never make it to Michigan again.  And my insurance would go up in the Tesla.

But if gas hits $7gal, the numbers change dramatically...all of a sudden, the two options are on par.  Maybe in a couple years!  Sorry, Tesla.

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