The calculator is good for new cars, but it uses a 5 year loan for the full cost of the car for the first five years so it isn’t helpful for cars that have already been paid off. If you buy a new EV that cost is going to be the same, but the price of buying a new vehicle is part of the cost.
If one spends only a couple thousand a year on a 10+ year old paid off vehicle between tags, gas, and maintenance then switching to a used electric is going to take a decade to be more economically competitive because buying a new vehicle plus tags and maintenance is going to offset the fuel savings as long as the ice vehicle is running reliably.
Yes, if someone is already buying a vehicle they should get an EV or a hybrid or something better than just ice. It doesn’t make economic sense if they are not.
I don’t understand people who buy a new car that loses 30% value driving off the lot and 50% after 3 years.
EVs make sense used. Devaluation is more math people don’t do, because they want something smelly and shiny.
I have owned a dozen used cars and bought two new ones. The first one lasted me 17+ years and I replaced it with a new one four years ago during covid when used car prices were frequently higher than used because I needed a different type of vehicle. The new one will most likely last me another 20+ years in excellent condition and the extra cost will be averaged over those two decades.
Someone has to buy the new cars or there wouldn’t be any used cars. The ones who are losing out are those who buy new every few years.
The calculator is good for new cars, but it uses a 5 year loan for the full cost of the car for the first five years so it isn’t helpful for cars that have already been paid off. If you buy a new EV that cost is going to be the same, but the price of buying a new vehicle is part of the cost.
If one spends only a couple thousand a year on a 10+ year old paid off vehicle between tags, gas, and maintenance then switching to a used electric is going to take a decade to be more economically competitive because buying a new vehicle plus tags and maintenance is going to offset the fuel savings as long as the ice vehicle is running reliably.
Yes, if someone is already buying a vehicle they should get an EV or a hybrid or something better than just ice. It doesn’t make economic sense if they are not.
I don’t understand people who buy a new car that loses 30% value driving off the lot and 50% after 3 years. EVs make sense used. Devaluation is more math people don’t do, because they want something smelly and shiny.
I have owned a dozen used cars and bought two new ones. The first one lasted me 17+ years and I replaced it with a new one four years ago during covid when used car prices were frequently higher than used because I needed a different type of vehicle. The new one will most likely last me another 20+ years in excellent condition and the extra cost will be averaged over those two decades.
Someone has to buy the new cars or there wouldn’t be any used cars. The ones who are losing out are those who buy new every few years.