EV's - Good for the Environment, Good for the Budget
An electric vehicle is good for the environment and also much cheaper to operate than a gasoline-powered car, so this should be attractive to the frugal-minded. Cost of electricity is much less than gas (I used to spend over $200/month on gas and now only spend about $60/month on electricity for my EV). With an EV, you also have lower maintenance cost. There are less parts to wear out and no oil changes, since there is no engine. Brake wear should be less since these cars use engine braking which puts charge back on the battery while slowing the vehicle down. Of course, you still have to replace tires. Other than batteries, electric motor, drive train and electronic components (which should be covered under warranty), there's not much to worry about mechanically.
So for someone who watches their budget and also cares about the environment, getting an electric car makes a lot of sense. Now maybe you are ready to buy an electric car, but don't want to spend a lot of money. Well that could be a challenge, especially if you are looking at luxury cars like the Tesla or BMW. It is early days in the electric car market and new models are coming out regularly, but there are some good values out there now if you are in the market for a new car today.
Here are the top 8 best cars and their prices (for 2018, as ranked by US News & World Report):
Chevrolet Bolt EV* - $36,620 - Range: 238 mi ($154/mi)
Tesla Model S* - $74,500 - Range: 259 mi ($288/mi)
Hyundai Ioniq EV* - $29,500 - Range: 124 mi ($238/mi)
Tesla Model X* - $79,500 - Range: 237 mi ($335/mi)
Volkswagen e-Golf* - $30,495 - Range: 125 mi ($244/mi)
Nissan Leaf* - $29,990 - Range: 151 mi ($199/mi)
BMW i3* - $44,450 - Range: 114 mi ($390/mi)
Kia Soul EV* - $33,950 - Range: 111 mi ($306/mi)
*Also included on Autobytel.com's 10 Best Electric Cars for the Money List; on this list but not on the USN report:
Tesla Model 3 - $44,000 (basic model, before Federal / State tax credits and estimated gas savings of $10,550) - Range: 264 mi ($167/mi)
Ford Focus Electric - $29,120 - Range: 115 mi ($253/mi)
Other than the Chevy Bolt and the Teslas, the other cars on the list are really only suitable for people who have relatively short commutes to work. Based on new purchase cost per mile of range, the two best values of the bunch seem to be the Chevrolet Bolt EV and the Tesla Model 3 (highlighted in blue above). Both of these cars have a very good range of well over 200 miles. I struggle a bit with the Tesla total price tag, however. So if my goal was to buy a new car with the best value and lowest price, I would go with the Chevy Bolt.
If the price tag of a new car is too high, a pre-owned car might be a better option. I found, for example, that the BMW i3 prices for certified pre-owned cars are about half the cost of a new car and you can find similar values in the other makes. Certified pre-owned cars are generally only two or three years old, were leased to one owner, have low mileage, may even have original manufacturer's warranty remaining and are generally a great bargain. But there are some cautions in buying a used EV.
Batteries can be very expensive to replace and are a concern when buying a pre-owned EV. The older the car, the bigger the concern. It's not yet clear how long they will hold a maximum charge before starting to drain more rapidly and ultimately need to be replaced, not unlike your iPhone. Battery life is likely a big factor in the unusually high depreciation in value of pre-owned electric vehicles. Also, the technology is moving rapidly, so the older the car the less safety and other features included in the car (like driver assist, radar / cameras, front / rear sensors, blind spot protection, etc.).
I hope this post helps you sort through the many options available and find the best EV for your budget.