Electric Car Economics 101

Some of you asked how I can justify buying an electric car today, I hope I will be able to answer your questions.

My conclusions are based on my own driving habits, the vehicles my family owns, and the available 100% electric vehicles (EVs) in Canada.  

Here are my conclusions:

1. If you need a dedicated city car, it only makes sense to buy EV. You can find below my financial justification.

2. If you like to only own one car and are willing to rent a car for your trips outside of the city, it only makes sense to buy EV.

3. If you choose to own only one car and want to drive often outside of the city in your own car, it does't make sense at the moment to buy EV...unless 

• you love the environment and like to do something better, 
• you support the guy who really wants to change the world...yes, Elon Musk,
• you like to experience the luxury and unbelievable performance of TESLA Model S, 
• you have the required financial independence to do it... it is just a tad too expensive today, 
• you are impatient and unwilling to wait another 2 years for your new EV with a 400km range ... yes ... they are coming to a neighbourhood near you.

Below are my evaluations.

Last 2 years' statistics for my Xterra 2010: 

• 67.6km/day, with over 80% kms or 53km/day in the city
• 12.9l/100km fuel consumption and $1.16/l average cost of gasoline
• All scheduled and unscheduled oil changes and maintenance: $1,000/year 

Our city vehicle (Rogue 2010) is a little less expensive (estimated as my wife has a life and does not track everything like I do): 

• ~60.0km/day, with over 95% kms or 57km/day in the city
• 10.5l/100km fuel consumption and $1.16/l average cost of gasoline
• All scheduled and unscheduled oil changes and maintenance: $600/year 

Lets first compare two new city vehicles with similar size (but not similar performance)

2015 Nissan Rogue SV

Purchase price: $28,148

Gasoline (10 years): 10 years x 365 days x 57km/day x 9.2*l/100km/100 = 19,141l

Gasoline cost (10 years): 19,141l x $1.16/l= $22,204

Maintenance (10 years): 10years x 600/year = $6,000

*our own data is 10.5l/100km, Nissan specifies 9.2l/100km

Total Cost (10 years): $56,352   (Capex + Opex) 

Direct Emissions: 19.141m3 x 2,351kg/m3 = 45,001kg CO2e

Technical Data:

Power: 170Hp

Curb Weight: 1,610kg

Acceleration: 0-100km/h: N/A, above 12sec

Standard material (mostly steel)

Powertrain warranty: 100,000km/5years

All wheel drive, winter tires are recommended for Calgary driving

City range: 597km  (best case, based on own own data it is 14% less)

BWM i3

Purchase price: $44,950

Charging station at home (installed): $1,500

Electricity (10 years): 10 years x 365 days x 57km/day x 12.9kWh/100km/100 = 26,839kWh

Electricity cost (10 years): 26,839kWh x $0.12/kWh*= $3,221

Maintenance (10 years): 10years x 300/year = $3,000**

* average price expect over the next 10 years (currently is less than half)

** there are no oil changes, break pads to replace, etc.

Total Cost (10 years): $52,671  (Capex + Opex)

Direct Emissions: 24,550kWh x 0.82kg/kWh (Alberta Grid) = 20,131kg CO2e

Technical Data:

Curb Weight: 1,195kg

Power: 170Hp

Acceleration: 0-100km/h: 7.2sec

Aluminium chassis, plastic (25% recycled) and carbon fibre body, 100% recycled interior textile materials and certified wood from responsible sources

Battery warranty: 160,000km/8 years high-voltage lithium ion 

2 wheel drive*, winter tires are recommended

City range: 160km (190km in ECO PRO+ mode)

*very sophisticated torque distribution, drives almost as well as all wheel drive

I have no idea why I would buy another internal combustion engine city car!

And how about my Xterra, lets see how much it cost me to drive for 10 years in the city

Gasoline (10 years): 10 years x 365 days x 53km/day x 12.9*l/100km/100 = 24,955l

Gasoline cost (10 years): 24,955l x $1.16/l= $28,948

Maintenance (10 years): 10years x 800/year** = $8,000

*our own measured data

**prorated for 80% city use

Total Cost of City Driving and Maintenance (10 years): $36,948  (Opex only)  

Direct Emissions: 24.955m3 x 2,351kg/m3 = 58,669kg CO2e

What if I buy a smart fortwo electric to drive in the city and park my Xterra?

2015 smart fortwo electric

Purchase price: $27,280

Charging station at home (installed): $1,500

Electricity (10 years): 10 years x 365 days x 53km/day x 8.9kWh/100km/100 = 17,217kWh

Electricity cost (10 years): 17,217kWh x $0.12/kWh*= $2,066

Maintenance (10 years): 10years x 300/year = $3,000**

* average price over the next 10 years (now is less than half)

** there are no oil changes, break pads to replace, etc.

Total Cost (10 years): $33,846  (Capex + Opex)

Direct Emissions: 17,217kWh x 0.82kg/kWh (Alberta Grid) = 14,118kg CO2e

Technical Data:

Curb Weight: 900kg

Power: 70Hp

Acceleration: 0-100km/h: 11.5sec

Standard material (mostly steel)

Warranty 80,000km/4 years 

2 wheel drive, winter tires are recommended

City range: 138km 

So it really makes sense to park my Xterra,

and this is exactly what I did...

except I bike to work now.

Can you imagine driving an electric car every day?

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