EV vs ICE costs thread.

Bachelorplace

Has anyone calculated EV vs ICE car comparison? 

I am thinking of using an example of a typical trip say Brighton to Blackpool in a new Tesla Model 3 and its costs. VS say a desiel or petrol 5 series. 

Now... if you are buying NEW on both - is the Tesla cheaper? 

Taking into consideration say either a journey - or say 20,000 miles for 3 years... including costs. ....

Which do you think is cheapest?

Grumpy_chap

Life cycle cost of the ev will be the most favourable

DrEskimo

Tesla has more equipment as standard, so if you compare like for like, the cost of a BMW is likely to be higher.

Tesla also has better residual value, so depreciation tends to be much lower too.

So before you even get to the savings through fuel, VED and servicing (no requirement to have Tesla serviced to maintain warranty), the Tesla has a cheaper cost of ownership.

Herzlos

Didn't we just cover this in https://forums.moneysavingexpert.com/discussion/6327154/evs-are-we-going-to-be-forced-into-this-before-time/p1 ?

EVs currently cost a bit more to buy but cost a lot less to run (fuel, tax, maintenance), tend to have better residuals and also also exempt of some additional costs like congestion charging and sometimes parking.

Like for like, the EV version is almost certainly cheaper in terms of total ownership cost.

Grumpy_chap

Thanks @Herzlos - I was sure we had but did not locate the thread earlier.

The OP's choice to compare the TM3 vs 5 series is one that makes the EV equation easy:

Base TM3 is £43k

Base 5 series is £40k
Add driving assistant professional £2k
The 5-series still has less equipment than the TM3, but the delta in new price is negated.

Add the lower running costs of the EV, and the case is absolutely proven

Petriix

Blackpool to Brighton is not a typical journey, nor is 20,000 miles typical usage. While fossil fuels have minimal variation in cost, EV charging attracts vastly different pricing - ranging from free to over 70p per kWh.

Many people are paying just 5p per kWh for home charging whereas rapid charging on the motorway is commonly 10 x that price. So the overall cost will be vastly different depending on the charging profile. A single long trip usually costs a fair bit more per mile than your regular driving.

The 11,000 miles I've covered in the last 13 months have cost around £120 with just £33 spent on maintenance. Depreciation has been minimal due to unusual market forces. For me an EV is proving cheaper than the ICE equivalent. Do your own sums based on your own unique circumstances.

Chris_English

Grumpy_chap said:

Life cycle cost of the ev will be the most favourable

It depends on usage. There’s a crossover point in terms of mileage below which an ICE car is likely to be the better choice.

Thrugelmir

As cars age and cover mileage additional maintenance costs will come into play.  New cars don't remain new forever. The more gadetry the greater expense of the repair. Days are gone of buying a Haynes manual and fixing it yourself. Greatest cost is likely to be specialised trained labour. 

Herzlos

Thrugelmir said:

As cars age and cover mileage additional maintenance costs will come into play.  New cars don't remain new forever. The more gadetry the greater expense of the repair. Days are gone of buying a Haynes manual and fixing it yourself. Greatest cost is likely to be specialised trained labour. 

Those will largely be comparable though - an EV will have pretty much the same cabin electronics as an ICE equivalent. It'll have some different menus for the EV control and no menus about ICE control. They'll likely be running on the same chassis, same bodywork, same suspension, wheels, lights, etc.

The EV will be heavier, so a bit more wear in that regard, but also has a lot less moving parts so there should be less to go wrong in that regard. There will be a lot less engine sensors but some more battery sensors so that's probably about even.

Servicing on an EV is a lot cheaper because there's a lot less to do (basically just air filters as there's no oil).

Grumpy_chap

Chris_English said:

Grumpy_chap said:

Life cycle cost of the ev will be the most favourable

It depends on usage. There’s a crossover point in terms of mileage below which an ICE car is likely to be the better choice.

Not in this case where the OP is comparing an EV plus an ICE with virtually the same capital starting point.