Is the Electric Car’s price finally worth It? Looking at the 2014-2015 Chevy Volt for example, which was a very successful electric car upon its initial 40k to 50k plus release, has now come down to a very affordable used car value of around $17k or in most cases less than that.
This is finally making the Electric Car worth taking a second look. With an estimated payment of around $275 a month minus the whopping 95% less gas bill one would have driving an EV as opposed to a standard car, then perhaps these electric cars a practically free to drive!
I have personally spent over $275 a month on gasoline filling up my large SUV. That, plus factoring in my car payment had me spending upwards of $500 a month for just one vehicle. You may be paying around that now or more for yours also. With the electric car, which can be charged over night with as little as a 110v outlet, the electric bill is the only other factor one must consider. In my area my kilowatt charge is less than most @ .0895 per kilowatt hour (The national avg is .12) If you drive 1,000 miles per month, your car (The Chevy Volt) gets 2.7 miles per kilowatt hour (EPA estimated average), and you pay $0.12 per kilowatt-hour (national average) That means: 1000 miles / 2.7 miles per kilowatt-hour = 370 Kilowatt-Hours. So 370 Kilowatt-Hours * $0.12 Per Kilowatt Hour = $44.44 in Electricity per month.
So paying around $40 dollars a month to replace a $100 or $200 plus gas bill would be certainly worth it. (If you’re really green then adding a solar panel or wind generator, hooked to a 110v inverter could make that charging price eventually free!) The last consideration that scares most people about the Chevy Volt or any EV for that matter, is what happens if the battery pack goes down. Well the good news is that the battery pack on a Chevy Volt is totally covered up to 100k miles. So as long as you buy a used Volt with low mileage then its still covered until 100k. Even so, if it goes down afterward, GM will replace the battery packs for around $2500. So the upside is still totally worth the risk in my opinion. I think its safe to say, that the Electric Car has finally found it’s value.
