Petrol or EV for low mileage driver?

DrEskimo

gandalftheking said:

DrEskimo said:

Comparing purchase price relative to running costs is flawed. Fuel is a 100% sunk cost, the car itself retains value.

A higher priced EV (or indeed higher price car in general) retains a higher value than a lower cost ICE. They don't suddenly become both worthless or worth the same as soon as you buy them.

You need to look at the total cost of ownership, where you compare expected depreciation, fuel costs, VED, insurance, servicing and maintenance.

I've only done ~15k miles in the 3yrs I've had my used EV, but when I total up all the costs above (on the assumption I trade the car in today), I can tell you the total cost of ownership is substantially less than an equivalent ICE.

Not to mention a much nicer driving experience.

What do you have?

I bought the 41kWh, battery owned (no lease) Renault Zoe. Was 2-yrs old from a main Renault dealer with 5,000 miles on the clock.

ComicGeek

I bought a new Skoda Enyaq 80 through our limited company, and it's offset against profits so reduces our corporation tax bill. The company paid to install the home charger and covers all insurance, breakdown cover, charging for business usage. So total cost to me for the last 3 months is £36 in tax - for the next 12 months is about £350 in total as the BIK rates slowly start to creep up.

I do 8-10k business miles a year. 

Thrugelmir

DrEskimo said:

.

A higher priced EV (or indeed higher price car in general) retains a higher value than a lower cost ICE.

Once there's adequate stock on the secondhand market then prices will begin to fall. The premium car market is only so large. Insurance is going to be a high cost for the average motorist.  Given the performance of the vehicles. 

RichardD1970

Thrugelmir said:

DrEskimo said:

.

A higher priced EV (or indeed higher price car in general) retains a higher value than a lower cost ICE.

Once there's adequate stock on the secondhand market then prices will begin to fall. The premium car market is only so large. Insurance is going to be a high cost for the average motorist.  Given the performance of the vehicles. 

Just done a quick comparison on a Leaf, approx. same age/spec/value etc as my current ICE and insurance is about £120pa more. 

Grumpy_chap

That £120 will be recouped in energy cost savings.

DrEskimo

Thrugelmir said:

DrEskimo said:

.

A higher priced EV (or indeed higher price car in general) retains a higher value than a lower cost ICE.

Once there's adequate stock on the secondhand market then prices will begin to fall. The premium car market is only so large. Insurance is going to be a high cost for the average motorist.  Given the performance of the vehicles. 

OK but my general point is that a £40k EV is going to be worth more than £20k ICE in 3, 5, 10-years. You can't take the difference in purchase price and equate that to running costs. It's the difference in depreciation that matters.

If after 5-years the EV is worth £25k and the ICE is worth £10k, then the savings on running costs over 5-years for the EV needs to be £5k (£15K depreciation vs £10k depreciation), not £20k (£40k purchase vs £20k purchase).

Petriix

Buying a brand new MG5 has saved me £2k over keeping my 16 year old diesel car on the road for 16 months, 13k miles. The depreciation has effectively been zero, while I've avoided about £1k in maintenance and £1700 in fuel. That's cost me about £400 in interest, £150 in electricity, £150 in additional insurance.

majorstare

Similar situation my wife in 2020.
She only does 2000-2500 miles a year, all local.
We sold her ICE diesel for a Kia Soul EV (MY 2019). It was a little high on milage for a 2 year old car (30k miles) but still had 5 years warranty. Had it for 18 months and its now on 32k miles.
Road tax has gone to nil from £120 something per year.
It costs about £12 a month in electric vs £30-£40 a month in diesel.
Had a major service in February for just £62. Her ICE car would have been £250+.
We charge it for free from the local Aldi every week when we go shopping and get home with more range than when we left!

Cost us £14k and the dealer offered us the same amount to buy it back a few weeks ago.

gandalftheking

OP here - spanner in the works... All the views here.... what if I'm leasing not buying?....

Am 64 this year and next car could be the last lease I do. I've leased for years now. A throwback to some harrowing car repair bills as a younger man. I guess the wisdom will be to buy this time around??

born_again

majorstare said:

Similar situation my wife in 2020.
She only does 2000-2500 miles a year, all local.
We sold her ICE diesel for a Kia Soul EV (MY 2019). It was a little high on milage for a 2 year old car (30k miles) but still had 5 years warranty. Had it for 18 months and its now on 32k miles.
Road tax has gone to nil from £120 something per year.
It costs about £12 a month in electric vs £30-£40 a month in diesel.
Had a major service in February for just £62. Her ICE car would have been £250+.
We charge it for free from the local Aldi every week when we go shopping and get home with more range than when we left!

Cost us £14k and the dealer offered us the same amount to buy it back a few weeks ago.

No offence. But £30 @ 1.70 a Litre. & doing 40 mpg is 8K+ miles a year.

But Soul EV is a nice car 😁