Mad Mike
Well-known member
OK, so your $5K wasn't what you achieved by switching vehicles -- not what you saved by choosing an EV over an ICE.Just to note, I have two EV's a Volt and a Bolt, and they replaced a 2015 Colorado pickup and a 2006 Cadillac CTS-V. So my fuel savings are based on the same amount of driving vs those two vehicles. The Colorado was averaging 11.5L/100km and the CTS-V was closer to 13L/100km of premium gas. In one year we have a combined 60K on the two EVs. The Volt now has 20K on it and only 2K has been on the ICE. We fill it up so rarely that we pretty much pay for all fill ups with air miles collected from buying groceries so our net fuel costs for the year are practically zero, not including the motorcycles, mower, and snowblower.
So lets look at the Volt vs Cruze decision at 24,000km/year. A Volt costs at least $20K more than than a Cruze, her ICE sister so we start with $20K additional capital cost for the Volt.
A Volt uses about 0.15kwh/km at an average cost of $0.12/kwh for Hydro, so the total fuel cost is about $430/year (assumes no use of gasoline).
A Cruze uses about 7.4l/kmm, at last year's average $1.18/l the cost of fuel is $2100
Net savings for Volt: $1670 (this year that savings forecast is $1300)
Let's assume the cars are traded in after 5, years and 125,000km. A 2013 VOLT with 125K sells for $17500, the same year Cruze $7500. So, tallying the cost of fuel and capital cost of each cars, the Volt cost $28660, the Cruze $23200 -- at 5 years the Cruze is cheaper by $5460.
It gets trickier as the cars get older - OR - if you're a high miler. At the guess is the Volt starts to become cheaper at about year 7 or 160k kilometers for 2 reasons: they hold resale value longer which eliminated the capital cost advantage for the Cruze, and 2) they continue to deliver annual fuel savings.