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Another Nifty tool - Compare full costs of EV (model 3) vs ICEV costs

Discussion in 'Model 3' started by Khan3, Sep 21, 2017.

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  1. Khan3

    Khan3 Member

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    Dallas
    This tool was built based on a number of threads i've read about cost of EV vs ICEV cars (usually purchase costs vs comparable cars, maintenance costs and of course fuel/electricity running costs). I've tried to do an impartial and fair year-by-year analysis/comparison of costs which properly accommodates the different circumstance each owner would have with respect to annual miles driven, years planned to own, financing, state/federal incentives, driving style, maintenance schedules/costs, gas/electricity costs, insurance costs, etc.

    I limited my comparisons to what i'd term 'comparables' : BMW, Audi and Mercedes - specifically including those cars in the same price bracket as the M3 (i.e. BMW 2 series, 3 series, Audi - A4, Mercedes - C Class). A few approximations had to be made because not all the data is fully available (i've included all my raw data sources so you can drill down and see specifics if you are interested)

    Some interesting results which i've summarized below:
    1. When you compare Tesla prices for various car options against comparables like BMW, Audi and Mercedes, the costs are pretty close
    2. Electricity vs Gas savings make up a smaller ratio of the lifetime savings of migrating to an electric car than I had expected. Don't sweat finding the super cheapest electricity provider or time to charge ... really doesn't impact much
    3. Insurance payments have an outsized impact on actual operating (monthly) costs at 60-70%. Your insurance provider is definitely going to be more impactful in your electricity provider (sounds like the basis for a future Nifty tool). My thinking is that as EAP gets better and better, insurance will drop to match the improved safety record.
    4. EV incentives also play an outsized role is lifetime savings between EV vs ICEV. Take advantage of them while they last! However, even without the incentives the lifetime costs of EV's are slightly better or equal to ICEV's. If the costs are so comparable at this point, then this should really scare the ICEV industry ... with the momentum of on-going battery/EV research this gap can only continue to grow in favour of EV's. The change to EVs will be driven by the economics for most people.
    Have a look at the tool at the link below and let me have any of your feedback (omissions, errors, suggestions, etc.)

    Link:
    www.model3guru.com/ev-vs-ice

    Screen Shot 2017-09-21 at 10.28.42 PM.png
     
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  2. seattlite2004

    seattlite2004 Member

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  3. vinnie97

    vinnie97 Member

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    Feature request: A third column with hybrids would be revealing as well.
     
  4. insaneoctane

    insaneoctane Member

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    Very cool and helpful tool!
    I didn't see the Tesla service contract working
    I also kept getting the tool to break after a little tweaking, ironically that is the point of this type of tool!
    It always went haywire at year 4:
    ANNUAL COST] - YEAR 4 TOTAL 1537203212160
     
  5. PoitNarf

    PoitNarf Member

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    Your insurance cost drop down menu only goes to a minimum of $100. I’m in NJ and only pay around $90 for my current car. NJ insurance rates are pretty high, so if I’m not even paying $100 a month for insurance I’m sure there are others paying even less. Lowest value should probably be $70 or $80.
     
  6. aaelghat

    aaelghat Member

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    Libertyville, IL
    Cool tool! Out of curiosity what is it built in? Google Sheets? Wordpress? Something else?

    I’d like to create an online calculator for a completely different purpose.

    Thanks!
     
  7. internalaudit

    internalaudit Member

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    Does this only go out as far as four years when the warranty will have expired?
     
  8. Khan3

    Khan3 Member

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    @PoitNarf - I've extended up to $70 per month, but based on comparables you couldn't get full coverage for a premium vehicle like BMW/Audi/Mercedes at those levels ... but I've included it if it's helpful for your analysis

    @internalaudit - You can modify the "Years to Own" input to any number of years up to 10. The tool will calculate lifetime cost for the number of years you have choosen.

    @insaneoctane - fixed the tesla maintenance option so it works now (thanks!). trying to reproduce the other bug you found

    @vinnie97 - i'll take a look to see if i can find enough data to include hybrids in the comp

    Thanks all for the feedback!
     
    • Helpful x 1
  9. Khan3

    Khan3 Member

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    @aaelghat - sorry, missed responding to your question. I used webflow.io for the UI (really great tool). Code/logic is done in pure javascript. If its something you are interested in, send me a DM and I can help.
     
    • Like x 1
  10. insaneoctane

    insaneoctane Member

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    Thanks

    The loan portion seems to break it for me . it shows -6500 asset cost and the loan costs go crazy

    ANNUAL COST] - YEAR 1
    Loan financing 12600 8760
     
  11. Khan3

    Khan3 Member

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    For those who have asked me directly about supporting additional countries in the tools, the main impediment is that Tesla has not released any pricing for non-US locations (correct me if I'm wrong). I'll update the tools once they release more pricing information
     
  12. T34ME

    T34ME Active Member

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    For those of us who charge at home and have solar panels, our energy cost is essentially zero which is not included on the spreadsheet.
     
  13. Khan3

    Khan3 Member

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    @T34ME - You are living the dream! ... have updated with zero cost electricity
     
  14. AceSkywalker

    AceSkywalker Member

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    Ran my numbers. All in all, I'd be saving a marginal amount compared to my current luxury ICE German car (<5%).

    Prom a personal finance perspective, I'm better off keeping my German car and getting a used Model 3 when the time comes. It would be a better cost saving measure to install solar (and energy storage) instead of trading the ICE for an EV. I use home electricity a lot more than a car.

    Furthermore, the setup costs are going to be expensive. The 100A setup is saturated. I'd have to run a fair amount of cable to the garage, whose only electrical hookup is the garage door opener and a light. Expensive upgrades and tearing up the walls. :/ I've been quoted in excess of $5000, while saying it was for a Leaf.
     
  15. Nuclear Fusion

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    What about depreciation costs?
    What about servicing by non-Tesla entity?
    How is the fuel usage calculated?

    My guess is the difference is far greater & hence the EV is a lot cheaper.
     
  16. AceSkywalker

    AceSkywalker Member

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    It likely is, but I'd rather spend on upgrades to my house before buying an EV. There are days where the car is never turned on. There are zero days where I will not be using electricity save going on vacation. Power bills go beyond $300/month from May-October if I'm staying at home.

    A decent rooftop PV + battery storage is comparable cost to a Model 3. Choose one. IMHO the former is the smarter choice for someone who has neither.
     
  17. Khan3

    Khan3 Member

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    @Nuclear Fusion , depreciation at this point would be a random guess. We don't even have an idea of what the resale value for a car that's barely released would be. A bigger question would be , what happens to BMW, Audi resale values when there are used Model 3's on the market? Remember what happened to those cool Motorola flip phones after the iphone was released and became popular? Why would anyone buy a dumb used car when there are smart used cars available?
     
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  18. N5329K

    N5329K Member

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    My hybrid numbers suggest you will probably save a little, but not a lot. Payback will have to happen by adding in the non-monetary advantages.
    Robin
     
  19. Dynastar

    Dynastar Member

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    Is that for a 50 amp circuit? A 30 amp 240 V curcit should be plenty for a 3- you could even make do with 20 amp 240v. The new mobile charger has lots of options.
     
  20. JoaoD

    JoaoD Member

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    Well that is because fuel is relatively cheap over there. I made the conversion from liters to gallons and € to $ and got a price of 7$ per gallon while the options in the tool only go up to 4.20.
    It would be useful to be able to change this values as well as the others like insurance for example. Other than that it can be very useful, great work!
     

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