The Carbon Code: How You Can Become a Climate Change Hero by Brett Favaro

Author:Brett Favaro
Language: eng
Format: epub, pdf
Tags: Nature, Environmental Conservation & Protection, science, Environmental Science, Earth Sciences, Meteorology & Climatology, Global Warming & Climate Change
Publisher: JHU Press
Published: 2017-04-22T00:00:00+00:00

PURCHASE COST

The first challenge with current EVs is the initial cost of buying them. EVs targeted at the mass market are more expensive than an “equivalent” ICE car. For example, a Toyota Prius with plug-in capability is about $6,000 more than a normal Prius. A Chevrolet Volt is about $40k to buy new, as is a Nissan Leaf (although very affordable used EVs are available). Both those vehicles, on paper, are arguably comparable in features to ICE vehicles in the $20–30k range. When you get to the high-end long-range EVs, value gets a little murkier. The cheapest Tesla Model S is US$70,000, which is clearly more expensive than most family sedans. But this is not just an EV—it is also a luxury vehicle, with the best safety rating ever recorded, and with a wide range of internal gadgets and features that target the luxury car market. The fancier Model S vehicles have incredible acceleration that rivals rare and expensive supercars.

I would respond to the EV price issue three ways. First, the initial purchase price is not the full story. Rather, the total cost of ownership (TCO) must be considered. Electrical energy is far, far cheaper than gasoline, and its price is more stable. So the fuel for an EV will save you money right off the bat. Maintenance is cheaper too, particularly for BEVs like the Leaf. Compare its maintenance schedule with any ICE vehicle and you’ll immediately see what I mean—there are far fewer things to maintain on the car, at far longer intervals, than on an ICE vehicle. It doesn’t take much searching online to find intrepid people who have computed TCOs for their own electric vehicles. One of the most comprehensive can be found at http://www.teslacost.com/. Here, an author named Paul Lee decided to evaluate how the TCO of the Tesla Model S compares to a number of modest ICE vehicles like the Honda Odyssey minivan over an eight-year period. The findings of this analysis were striking. The Model S was only a couple thousand dollars more expensive than the minivan over eight years of ownership, and the Model S has an eight-year warranty, covering its maintenance costs completely for that period of time. So while an EV may cost more up front, savings over time can greatly offset this purchase price.

Second, there are new EV products coming down the pipeline that stand to drastically alter the cost-benefit equation. For example, Tesla’s Model 3 is supposed to be priced at around $35,000, before tax incentives. Nissan’s next-generation Leaf is reported to have a longer range. Even Chevrolet has some tricks up its sleeve, with the pure-electric Bolt that promises a 300-plus km range and the second-generation Volt filling the plug-in hybrid role. By the time you read this book, there will doubtless be more options. As competition flourishes, and as battery costs decrease, selection will only get better.

Third, there is a robust used market for EVs, and as with any vehicle, purchasing a used car is a great way to save money.

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