For one Chevy Bolt EUV owner, three years with the vehicle meant a lot more than just saving on gas.
By the driver's calculation, 39,000 miles of use produced a $6,500 gain after factoring in both avoided fuel spending and the car's value.
Here's what to know
In a post on Reddit's r/electricvehicles, the owner said a $7,500 government tax break available at the time brought the net price of their 2023 Bolt down to $27,500.
They estimated the vehicle's value was $22,000 and said it had generated just under $12,000 in fuel savings relative to their previous (gas) car.
"Clearly, some situations make an EV harder to manage," they wrote, pointing out that they benefited from free charging at work and their installation of a Level 2 charger at home.
What commenters had to say
Replies in the thread underscored how much EV economics can differ from one household to the next.
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A commenter in Massachusetts said the numbers were much harder to justify there because electricity was about 30 cents per kilowatt-hour, off-peak rates were not available, and they did not qualify for state incentives.
Another user added that the calculation can look different for people who often drive more than 250 miles at a stretch and have to rely heavily on pricey DC fast charging.
Someone else also said switching may be less compelling for people who own a paid-off gas car that gets excellent mileage or who do not have charging access at home or work.
Maximizing savings
EVs can offer even more savings if purchased used, with one person saying that a used Bolt was "high up" on their list for a second EV. Others compared electricity prices with gas equivalents to calculate whether an EV, hybrid, or efficient gas-powered car would be the cheapest option where they live.
"EVs are the future and I feel lucky that I bought in three years ago," the original poster wrote.
Where can I learn more?
The following stories take a closer look at the math behind EV ownership.
• Across the U.S., home EV charging costs averaged 5 to 6 cents a mile.
• In California's Bay Area, one EV cost far less per mile than gas.
• IRS data showed government policy saved Americans hundreds of millions of dollars on EV purchases.
• Industry estimates showed owning an EV can shift long-term costs.
• Drivers who stuck with EVs often found maintenance costs stayed low.
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