Evaluating the True Cost of Electric Vehicle Ownership: An Insider's Perspective

After years of experiencing the unique benefits and costs associated with electric vehicles (EVs), the decision to switch or stay remains a personal calculus. Today, I'll share my insights on the true cost of ownership of electric vehicles, drawing from my multi-year experience with Teslas and other energy-efficient alternatives.

Electrifying My Ride: Tesla Model 3 and Model S

My journey with Teslas began in 2018 when I acquired my first Model 3. Recognizing that electric vehicles evolve, I traded in my Model 3 for a Model Y after nearly six years. Meanwhile, my Model S, which spanned seven years and had accumulated 93,000 miles, provided a worthwhile terabyte of data on the cost of ownership. I found an interesting paradox—despite expecting to encounter common issues like tire wear and battery degradation, these experiences highlighted the longevity of high-quality EV components.

Cost Breakdown

Insurance: Solar and Energy Trust of California offers options at similar rates to traditional vehicles, making insurance less of a concern. Tires: Interestingly, tires on my EV lasted significantly longer than those on my conventional cars, requiring replacement only after 30,000 miles in my Model S. Battery Degradation: While battery degradation exists, it's often within expected parameters provided by the manufacturer, thus often covered under warranty. Part Replacements: Small components like windshield wipers were mostly covered by the warranty, minimizing unexpected costs.

Electricity Cost Savings

For leases, the inherent efficiency of EVs can significantly cut the electric consumption compared to conventional counterparts. For example, if you drive 70-90 miles per day, an EV can almost pay for its lease and electricity costs, whereas a gas car quickly exhausts its fuel budget. As my personal driving habits don't meet this heavy use scenario, the savings are more modest but still substantial—around $150 per month compared to gassing up a Toyota Corolla ICE.

Leasing a Toyota Hybrid

Leasing a Toyota Hybrid also yielded mixed results. After two years with a Toyota Yaris Hybrid, the savings on fuel were a mere 720 Euros per year. However, the higher upfront costs and additional service requirements challenged the total cost of ownership assessment. Specifically:

Reduced Fuel Costs: While the Toyota burned 5.1 liters per 100 km, about 30% less than the Citroen, the higher fuel cost (1.5 EUR per liter) made up the advantage. Service Costs: Annual maintenance led to higher service expenses, although the Toyota had longer-lasting brake pads and required fewer inspections. Life Expectancy: The Toyota’s 3-year-old age at purchase meant that significant maintenance was still required, increasing costs.

Current Analysis and Concluding Thoughts

Despite these costs, the Toyota Hybrid provided a driving experience that was comparable to that of an electric car. The car was quieter at low speeds, and its seamless transmission was a feature that did not come with gas-only versions. Additionally, its reliability made long road trips relatively easy, with minimal preparation needed for such journeys.

The recent rise in fuel prices has added a new layer to this analysis. With fuel now significantly more expensive, the high costs of maintaining hybrid vehicles become even more apparent. My recent experience of bringing my Toyota Yaris Hybrid to the workshop for maintenance twice over two years, each costing $700, reaffirmed my initial assessment. While fuel savings alone may not justify the premium of a hybrid, the reliability and ease of maintenance offer substantial advantages.

Ultimately, while the total cost of ownership of EVs and hybrids remains a crucial consideration, the driving experience, reliability, and environmental benefits cannot be ignored. In conclusion, the decision to switch or stay with an EV or hybrid should factor in both financial and experiential aspects.