Nathan Lamont

Notes to Self

Electric Car

Car and Driver on cost of ownership of EV vs gas

Calculators include depreciation and interest on loan. With those, and the sub-average amount of driving you do, the cost of ownership of electric is unlikely to be lower than gas. But what if you intend to drive the car for 10 years and pay cash?

It appears that Hyundai Kona has 10-year/100K mile electric battery warranty. Statements that the battery warranty is unlimited are false (may have once been true).

Tesla's is 8 years/100K miles (for 3).

Fanboys for both Kona and Tesla make it hard.

Tesla 3 has standard "autopilot" (roughly adaptive cruise control) Kona does not - that option comes with "ultimate" trim ($45,400). That price is $1.6K below Tesla 3 "Long Range" which has 322 mile range and AWD (no Kona has AWD). That lack of cruise control is a dealbreaker for you.

It appears more or less like a wash at best, with electric costing up to several thousands more at worst. This spreadsheet includes resale value after 5 years; Teslas high resale value skews the cost of ownership in its favor — that is, if you aren't selling it after 5 years, its cost of ownership is $6.6K more than Camry SE; excluding loan interest it's "only" $5K more). Assuming no interest, no resale value, after 10 years it's even though. If no interest and no resale, but electricity is free, then after 5 years Tesla is $3K more, but after 10 it's $2k less. Those numbers assume gas returns to $3/gallon. If it stays at say $2.50, then it's about $1K more in Camry's favor.

Some reddit thread on "what should I know before buying my first EV?"