Skip to main content

Cost Savings per Mile: EV versus Gasoline Car?

After several weeks of owning my EV I was thinking about how much I save using an EV versus a gasoline car. In California the gas prices are close to $6 a gallon. Electricity is about $0.30 per kWh. So let's take a look and compare the Model Y with the Honda Element I had before, plus another popular SUV from Toyota, the 4Runner.

Let's start with a per mile comparison and then calculate a yearly and 5 year difference. Tesla offers some guidance on savings on their website, but let's take a look at the official numbers published by the fuel economy.gov website. 

Model Y: Cost 25 miles: $0.97. Annual fuel cost: $600. Over 5 years ownership: $3,000

Honda Element: Cost for 25 miles: $4.62. Annual fuel cost: $2,750. Over 5 Years: $13,750

Toyota 4Runner: Cost for 25 miles: $5.71. Annual fuel cost: $3,400. Over 5 Years: $17,000

Of course, this is an average number since gas prices and energy price vary by state. However, the differences are stunning. Model Y "fuel" costs for 5 years are $3,000 versus $13,750 for the Element and $17,000 for the 4Runner. And that's just fuel. In an earlier post I also highlighted the reduced maintenance (oil, SMOG, brakes, etc.) cost of an EV. 


In California, the gas prices are close to $6 per gallon. That would increase the 5 year number of the Element to $21,600. With $0.30 per kWh in CA the Model Y would would cost $6,300 for 5 years. That's a $15,000 difference. These 5 year savings alone would pay for half of your next car. 

And it gets better if you have solar on your roof. Some people say it is free - well not really. You paid for the solar system - it is an investment. However, many solar systems have a positive return on investment after 6 to 9 years. This means after that time period, your electric energy is close to being free. And you are totally independent from increases in gasoline or electric energy prices in the future. And as we all know, most things are not getting cheaper over time.   




Comments

Popular posts from this blog

Cargo Liner for Tesla Model Y trunk

Because I have to transport stuff for my work, I decided to get a cargo liner for the trunk of my Model Y. It is kind of funny and similar to a phone case - you have this beautiful iPhone (machined and polished metal and glass) and then you cover it with plastic case. But I have to say that the cargo liner is not just protecting the cargo area, but also it makes it so much easier to clean the trunk. You can just remove the cargo liner, fold it up, and then "empty it out". The dirt, sand and other debris just falls out when you shake it a bit. Then you just put it back. You can also vacuum on a flat surface if necessary.  How did I decide on the cargo liner? Well, I looked a the Tesla accessory vendors (Tesmanian, Teslarati, EV Base, etc.) and also at Amazon. When comparing I was looking at size, material, 60/40 split and price. I was aiming for a price of less than $100. Amazon had low price offerings, but they seemed a bit flimsy.  Other vendors were more expensive. By readi...

Charging Options for my Tesla Model Y

Many people that are not familiar with EVs still consider "range anxiety" as something to worry about when owning an electric vehicle. Of course, there is a bit more planning involved in road-tripping with an EV, but that is not necessarily bad since you have to take breaks anyway. But, let's first discuss the various charing options and how I use them: Home charging: The advantage of an EV is that you can charge it at home (if you have a place to park within 20 feet of electricity) and no need to spend time at gas stations for daily driving. There are three options for charging a Tesla at home using Tesla equipment (there are other home chargers that I don't discuss here) Wall Connector: This connector has to be installed by an electrician, requires 240V/48Amp and delivers up to 44 miles per hour. It costs $475 plus installation. There is a new variant "Universal Wall Connector" that has a connector for non-Teslas. Great if you have different brand EVs.  M...

My new Tesla Model Y

Early in August 2023, I finally decided to place an order for a Model Y - from the App. No dealership, no haggling, no waiting, I just configured it and placed an order on the iPhone.  A couple weeks later, I got the text - it's ready. I had decided to pick it up in Fremont - where the car is made. And I have to say this car is amazing. It's not only my first new car (my whole life I saved money by buying used cars, mostly Honda's) it is an amazing car. It's beautiful, it is quiet, it is luxurious, it is fast (really fast), it has amazing audio (love Spotify streaming!) and the interior is so sporty/comfortable/simple you just want to sit in there. But most important was that I can charge it almost everywhere (SuperCharger network) and that it has lots of cargo space for my work. Everyday, when I see it in my driveway I still cannot believe that this is my car now.  I have been waiting for this for almost 10 years (I will explain in a later post why I waited to buy a Te...