Cost of Ownership

[stevedee]

As we get older, I expect my wife and I to drive less. And if we don't get banned, or consider one another too dangerous to continue, I wondered at what point it would no longer make financial sense to carry on buying & driving a car.

So this analysis is both very simple & crude, but I thought I'd at least start by comparing the cost of running a new MG S5ev, compared to the cost of just taking a taxi everywhere.

This shows costs when using the car for; 1000, 2000, 2500 & 3000 miles per year. I'll probably add in Service costs, once I have some sensible figures to go on.

Mileages in red mean it would be cheaper to use a taxi, green means the car may be cheaper.

Obviously some journeys could be taken using buses or trains, rather than a taxi, but taxi journeys more closely match the convenience of having a car (...in fact, I look forward to the day when we just use an App to call for an autonomous taxi, and when car ownership & human drivers become a thing of the past ...except I don't think that will happen in my lifetime).

Anyway, for the moment, we still seem to cover 10,000 - 12,000 miles per year, so we are still a ways off.

 

[Ian Key]

Car ownership isn't just about making financial sense, it's also about convenience and enjoyment.

I'm retired and do less than 3000 miles a year but while I am able to afford it and my health allows me to do so I will continue to have a car. It's one of my hobbies and now I have an EV the enjoyment has returned.

 

[stevedee]

Car ownership isn't just about making financial sense...

...It's one of my hobbies and now I have an EV the enjoyment has returned.

I don't have a problem with that Ian.

Two of my hobbies are analysing data and winding people up!

 

[TimothyN]

I fear that that analysis is too crude.

Journeys range from popping out for milk on a rainy evening in rush hour, to going with the grandchildren to the Isle of Lewis for a week.

It also fails to take into account self drive hire.

It is the balance of requirements that's ultimately going to make the difference.

However, I have many friends who live in London who would never dream of owning a car, using only tube and bus and occasionally renting a car

 

[Ian Key]

I don't have a problem with that Ian.

Two of my hobbies are analysing data and winding people up!

Have you done a spread sheet on who, how and what the results were of your windups?

 

[Amun]

You're using 7p per mile as a base. Charging at home with IOG the ppm is more like 2p in summer and 3p in winter.

Also, I don't understand your costs re using a taxi. You state that a taxi would cost £2.50 per mile, so surely 4000 miles at £2.50 would be £10,000.

 

[stevedee]

Have you done a spread sheet on who, how and what the results were of your windups?

Wow! What a great idea, I'm on it!

 

[stevedee]

So, I did say that this analysis was very crude ...and how did you find out that my grandchildren were in a safe-house on the Isle of Lewis, TimothyN?

It was difficult to decide on a pence/mile. I could divide 7p/kWhr by 2 or 4 or somewhere in between. There will be times when you may need to 'Boost' charge (29p/kWhr) or use a public charger. I can put in other figures if necessary, but its probably more about the principle than accuracy at the moment.

The taxi costs are simply the estimated cost of the ev divided by a typical taxi mile cost.
So for a 'sub total ev cost' such as £11,475/£2.50 = 4,590 miles, which is how far you might be able to travel by taxi at £2.50/mile.

Caution; my spreadsheet may contain nuts (& bugs).

Yes, I appreciate some people like driving, and this ev has increased my interest in driving, how the car works, and how the whole charging structure does or does not work.

We didn't buy our S5 because we thought it would be cheaper to run. The main points were for a quiet, comfortable ride, the reduction in local pollution, and no more faffing with Adblue or diesel gloves!

 

[TimothyN]

how did you find out that my grandchildren were in a safe-house on the Isle of Lewis,

You fell right into my trap, thank you for confirming what we already knew.

You can run, but you cannot hide.

 

[Everest]

Best of both worlds... just buy a 3 year old EV ex-taxi and the depreciation will be vastly reduced

 

[Tangoed Man]

You're using 7p per mile as a base. Charging at home with IOG the ppm is more like 2p in summer and 3p in winter.

Also, I don't understand your costs re using a taxi. You state that a taxi would cost £2.50 per mile, so surely 4000 miles at £2.50 would be £10,000.

Hmmm. Add 20% to those figures for charging losses and, of course, Rachel's 3p/mile. The depreciation figures probably need doubling. Both my MG4's lost half their value in the first 12-months.

 

[Ian Key]

The percentage loss for AC charging at home is nearer 12% than 20% and I don't think you can count the 3p/mile until it comes in. The taxi might be an EV paying the 3p/mile or a hybrid at 1.5p/mile.

Depreciation is a difficult one to include in the calculations as the car hasn't depreciated until you sell it. Look what happened in 2021 when we were queuing up at the pumps due to a fuel shortage. Used EV prices went through the roof.

Do you include the cost of valeting and the equipment needed to keep your car clean?
@TimothyN I know that doesn't apply to you

 

[TimothyN]

Steady on; I sometimes wash the finger I use to wipe the camera.

 

[Ian Key]

Steady on; I sometimes wash the finger I use to wipe the camera.

I'll add the cost of a packet of wet wipes for your digit to the calculations.

 

[Everest]

Tongue saves on wet-wipe costs.

 

[MG Clive]

Tongue saves on wet-wipe costs.

In that case he could just lick the camera, save getting the finger dirty, therefore saving on wet wipes.

 

[Everest]

In that case he could just lick the camera, save getting the finger dirty, therefore saving on wet wipes.

for the young ones... my back wouldn't cope with that approach though

 

[giantbike66]

Good topic. I'm in my early retirement in my second year. Last year I drove very little, only drive to public transport station and use the facilities there as here Down under we enjoy a $2.50 daily public transport cost to go anywhere. However, since bought the EV I have since driven more often due to a new car, but also the quietness of the EV makes driving more enjoyable. I agree with others that financial side of owning and using a car vs other means is less relevant, especially for us as a senior, being mobile and independent is more important than any financial out weight.

 

[dsimpkins]

What about these car club schemes where you pay per mile to drive?

 

[Everest]

What about these car club schemes where you pay per mile to drive?

Oh yes.. the Rachel Reeve's car club scheme