alt Hacker NewsPetrol is just too cheap to justify the cost unless you drive massive amounts. I do 3,000 miles a year, that costs £400 a year
The cheapest electric car I can see is £2500. It would take me 6 years to get the money back even if the electric was free
Average car does twice that mileage but that’s still a small part of the total cost of ownership.
I got petrol Friday for £1.45 a litre. In July 2022 it was £1.90 a litre, or £2.20 inflation adjusted. In 2012 it was £1.40 or £2.05 a litre inflation adjusted.
Maybe if petrol was in the £2-2.50 a litre it would make sense
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I think the real way I've lost money is on depreciation - that's more severe than anything else that happened - even though I always buy second hand.
If you're buying second hand, like it would appear from the price you quoted, then reliability could be the thing that makes the price worthwhile.
I also don't do high mileage but as our petrol car gets older, it's starting to be less reliable. I've had brake issues - EV regenerative braking should ease that problem - and the engine is starting to use more oil. My car has a reputation for gearbox issues from the Uber drivers that I know.
Every time there is some problem my wife gets more freaked out. To avoid total disaster I'm going to have to get something and if it's an EV I just hope that it will give us some years of plain sailing.
3,000 miles a year is very low, I think the average in the UK is 7,200. Interestingly that has declined since the nineties (presumably because we have more two car households).
I drive a bit more than you at 4000 miles a year but most of that is outside the UK so would like to see more details on the recent proposals to tax electric cars on annual mileage.
Current petrol car is 13yo so will need replacing eventually.
You are comparing against a free ICE car? And it still works out financially after just a few years for the average driver?
And you think this reflects badly on the EV transition?
A car's assumed lifecycle is around 15-20 years. Practical suburban EVs have been around for around half that, practical ICE-replacement EVs for about a third. Consequentially, EVs have not yet arrived in the econo-shitbox segment of the used car market, and it will still take some time for them to get there - this is simply a lifecycle question and not a "new product introduction question" (which most of the press gets wrong for obvious incentives).
That being said, there's an argument that even basic EVs are often much more pleasant to drive and less hassle overall, which could be a reason for them to command a sustained premium on the used market.
Petrol has never been £1.90 a litre for any length of time
It doesn’t much change your calculations, but if you charge at home in the UK (we trail a cable across the pavement with a low-profile cover) then the electricity _is_ all but free.
We pay 7.5p/kWh for 6 hours overnight, but we also get £5 per month back (if we charge at least 10 hours) in return for having charging interrupted for up to an hour each night when the grid has least capacity. I drive about 7000mi/year, which means I’m paying about 1p/mile on average for home charging.
(The £5/month is from the charger manufacturer, SyncEV).