When deciding whether an electric car is for you, first you need to know that it makes financial sense first of all. Below we have made a few calculations on a typical mileage and overall fuel consumption of the average car. You might come above or below these figures because they are averages only.
First of all we forget about the purchase price of a vehicle or any loan outstanding as this can be neutralised by selling the vehicle and obtaining a rolling shell for conversion.
Average miles driven per year 12,000 (32 miles per day average)
Average real fuel consumption of 30 miles per gallon (not a fake mpg from certain manufacturers data, remember your speedometer is 10% over reading and hence your calculated mpg is 10% underestimated by your car computer )
12,000 / 30 = 400 gallons
£40.00 per week spent in the petrol garage, sound familiar?
400 * 4.5 litres to the gallon = 1800 litres
1800 Litres * £1.16 price per litre (May 2016) = £2,088.00
Electric vehicle 350 wh/mile (converted Calibra with new cd 0.21)
12,000 * 350 = 4,200 kWh
4,200 * £0.065 (Economy 7 rate) = £286.55 (incl. VAT)
Net fuel saving £1,801.35
Service charge Internal combustion engine extras only (oil change, filters, spark plugs, injector cleaning, electronic management reset etc) £150 year
car tax £150 year (average) electric vehicle = £0,00
Depreciation (average 10% per annum average value of car = £ 7,500) = £750
Electric vehicle, 20 years at £325 straight depreciation per year cost
Net balance £425,00
Total extra ownership costs per annum for the privilege of owning an internal combustion engine and not a gensis electric powered one is £2376.35
gensis controller, gensis display, gensis BMS, gensis charger, lithium 150 Volt pack and Kostov dc motor capable of 68 mile round trip from home to work and back home.
Total price £6500,00 + VAT = £7,800.00
Payback period 7,800 /2,376.35 = 3 years and 3 months after which you save £2376.35 each and every year for the next 17 years.
Are you convinced now?
A 10% increase in petrol diesel fuel prices decreases the payback period by 3 months 20% 6 months 30% 9 months etc.
The official and long standing business decision to invest in a project or not, is that the project pays back its total investment in a three year period and creates a return on investment of at least RPI plus 3% (Retail Price Index)
Investment total = £7,800.00
Payback period 3 years 3 months
Return on Investment 2376/7800 = 31% annually compounded for 17 years
Total savings of £40,392.00 plus compound interest (3%) = £53,256.72
You cannot get a better return on your money (legally) anywhere else.
Remember you have not given up anything including your personal transport
this is the "free" money you get by driving electric